BSE brokers forum to make addl investment of Rs 800m in GIFT City

AHMEDABAD, Nov 29 (Business Standard): BSE Brokers' Forum, the association of brokers of the Bombay Stock Exchange (BSE), has been allocated an additional space of 0.15 million square feet of Built Up Area (BUA), at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar, taking the total BUA to 0.45 million square feet.

Initially, the forum was allotted 0.3 million square feet of BUA by GIFT to build the iconic Tower at GIFT City.

The forum decided to take up an additional space of 0.15 million square feet of BUA in GIFT following overwhelming response from member brokers. BSE Brokers' Forum will invest an additional about Rs  800 million, thereby taking the total investment at GIFT City to about Rs  2.0 billion.

The allotment letter was handed over to BSE brokers' forum's chairman Siddharth Shah by Gujarat finance minister Saurabh Patel, a statement issued by the company said. Welcoming the forum's decision to commit additional investment, Patel said that the overwhelming response from the members of the forum indicates the potential of GIFT City to emerge as a preferred business destination for the financial services.

He added, "We welcome decision of BSE Brokers' Forum to set up their operations in GIFT City. The Gujarat government with the help of Central government is taking all necessary steps to fast track the development of GIFT City which will transform Gujarat as a global financial hub and create large number of jobs."

Commenting on the development, Siddharth Shah, chairman, BSE Brokers' Forum, said, "We intend to build an iconic tower like the BSE Building, which is not only the "Barometer of the Economy", but a symbol of the capital markets in the country. GIFT City is fast emerging as most the preferred destination for financial sector in our country."

Ramakant Jha, managing director and Group Chief Executive Officer (CEO), GIFT Company Ltd. said, "In the coming years we expect to have stock exchanges from across the world to come and set up operations at GIFT City.