GIFT City continues to be in the news. Only recently, a news agency reported that Saudi Arabia was contemplating setting up an office of its sovereign wealth fund there.
The report reminded of GIFT City’s standing as a tax-neutral financial services centre and a key project for Prime Minister Narendra Modi. It rivals financial services centres in Dubai and Hong Kong.
Now, according to another report, Google and Capgemini will be setting up offices in the GIFT City. An announcement is expected soon.
Real estate developers believe Google’s arrival in the domestic zone will strengthen its overall development. A developer was quoted as saying, “Google is planning to start its operations in GIFT City with a centre for fintech product development in the domestic region. The company will take up around 50,000 sq feet of space and initially employ around 500 people. Its arrival will bolster the zone’s overall development. More companies are expected to start operations in the zone in the coming months.”
Sources told the media house that Capgemini will also set up its office for software products development in the domestic zone and should occupy approximately 50,000 sq feet of space. These two giants should further consolidate GIFT City’s position as the country’s emerging tech hub.
Both companies are likely to start operations in the next four months, the report said.
“GIFT SEZ has witnessed the arrival of some prominent international banks and funds and now, having prominent tech companies in the domestic zone will develop a conducive ecosystem. New commercial and residential buildings are under construction and the flow of corporate giants will fuel GIFT City’s growth,” said a leading developer.