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SBI likely to buy 200K sq ft space in GIFT City

Source : BUSINESS_STANDARD
Last Updated: Fri, Sep 14, 2012 22:11 hrs
People walk in front of signboard displayed at head office of State Bank of India in Mumbai

State Bank of India (SBI) is soon likely to sign up 200,000 sq ft of space at the Gujarat International Finance Tec-City Co. Ltd. (GIFT City). According to RJ Jha, director, GIFT City, the nationalised bank has sought for a separate tower of 200,000 sq ft for setting up its regional headquarters there.

"SBI has sought for an entire tower for itself. However, the talks are in advanced stages and SBI may soon sign up for 200,000 sq ft sized tower at GIFT City. Once signed, we would also be offering around 100 residential units to SBI for its personnel," said Jha, adding that another seven nationalised banks including Dena Bank, Bank of Baroda and Syndicate Bank are also likely to sign up for space.

"As of now, we are focusing on nationalised banks for offering space at GIFT City," Jha added.

The GIFT City has made allotment of development rights to India International Textile Machinery Exhibition Society (IITME) for the development of what would be arguably India's largest in built international exhibition complex. To come up in two phases at a total cost of Rs 500 crore, the international exhibition complex would have a built up area of 36,000 sq mtrs in first phase and 104,000 sq mtrs in second phase totalling to 140,000 sq mtrs.

"While the first phase will be completed by 2014, the second phase will be built three years after 2014. With an exhibition centre of this size and with international facilities, we are looking to tap global exhibitions in sectors like plastic, auto, gems and jewellery, construction, textile machinery, shipping and logistics, chemical and pharmaceuticals, and travel and tourism, among others," said Seema Srivastava, executive director, IITME.

GIFT City and IITME are in the process of allotting construction work to either of L&T, Shapoorji Pallonji and Dubai-based AMC soon. In order to augment hospitality sector as well, GIFT City is also planning to set up projects with 5,000 rooms.


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