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  Major Companies in GIFT City

Yes Bank – Yes Bank became the first bank to start its operations of IFSC Banking by setting up an IBU in GIFT City in October 2015. The Bank is one of the leading private sector bank and the IBU will help it in the growth plans.

The IBU will help the Bank in accessing International Financial Markets and it also provides its customers a new product for the corporate houses which require foreign currency funding.

Oracle – Oracle which is one of the world’s biggest hardware and Database Company has occupied over 105,000 sq.ft. of office space in GIFT. The Company is the 1st MNC from IT Sector which has started operations at its Product Development Center (PDC) at GIFT.

The office is spread across 3 floors in Tower 1 of GIFT City. The company has started operations with 120 professionals and is on its way to expand the operations. This office is the 10th centre which the company has opened in India. The Company plans to relocate some of its existing operations along with its employees as also hire fresh skills to set-up the full-fledged operations in GIFT.

Bombay Stock Exchange – Bombay Stock Exchange (BSE) Brokers’ Forum is coming up with its futuristic Green tower over an area of 300,000 sq. ft. BUA. This will entail an estimated investment of over Rs. 120 crores and the tower will have the back-office operations of BSE Members as GIFT is going to have world-class amenities with significantly cheaper cost of operations.

BSE Brokers’ Forum has helped BSE in the development of its capital market operations in India. The forum has an equity stake of 40% in BSE and being a major share-holder has its interest in the development of BSE. BSE is also contemplating setting up an exchange in the proposed tower.

State Bank of India – State Bank of India (SBI) which is the leading Public Sector Bank of India has been allotted 200,000 sq. ft BUA to develop an office building. The bank proposes to set-up an IBU once the office is ready. It has already received approval from RBI for the setting up of the IBU.

Federal Bank – Federal Bank having its operations majorly in Kerala is coming up with an office which will deal in Foreign Currency Transactions. Such a branch is equivalent to an overseas branch and the bank has already received approval from RBI.

Kotak Mahindra Bank – Kotak Mahindra Bank is setting up an IFSC Banking Unit to carry out offshore banking activities in GIFT SEZ-IFSC. The bank is one of the leading private sector banks in India and the set-up will be recognised as foreign operations of the bank which facilitates easy capital movement.

Some of the other banks which are setting up their operations of IBU in GIFT are:

ICICI Bank                        Corporation Bank               IndusInd Bank
Punjab National Bank          RBL Bank Ltd                     IDBI Bank

Other Notable Companies setting up operations are:

Reliance AIF Management Co. Ltd.

The New India Assurance Co. Ltd.             General Insurance Corporation of India

 

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