Ahmedabad

Gujarat International Finance Tec-City (GIFT), a project of the state government, on Wednesday said it has allotted 5 lakh square feet of space to Anil Ambani-led Reliance Capital Limited (RCL).

The company was allotted this space in the International Finance Service Centre (IFSC) Special Economic Zone, being set up under the GIFT project. This is the largest space taken by any private sector company in IFSC under GIFT till date.

The allotment was announced by Ramakant Jha, managing director and group chief executive officer, GIFT Company Limited and the letter of allotment was handed over to Sam Ghosh, executive director, Reliance Capital, on Wednesday.

“This allotment is expected to bring in investment of around Rs.200 crore and generate employment for around 2,500 persons in the next three years,” Jha said.

“We are starting the process for requisite approvals from regulators, and expect to launch the proposed businesses here shortly,” Ghosh said.

Reliance Capital said it plans to set up a host of emerging business — including Alternate Investment Funds, Commodity Exchange Business and other International Business — in the GIFT facility, subject to requisite approvals from the regulators.

The company said it has developed a strong Alternate Investment business, and has already raised a corpus of Rs.2,000 crore in the last two years.

Reliance Capital will also use the GIFT facility to set up its International Commodity Exchange Business.

IANS