JP Morgan, PNB, KPMG among latest additions at GIFT City

The Gujarat International Finance tech-City, commonly known as GIFT City is witnessing a surge in applications from multinational and national companies to set up their operations in GIFT IFSC. JP Morgan, Punjab National Bank

BY Realty Plus
Published - Friday, 10 Sep, 2021

JP Morgan, PNB, KPMG among latest additions at GIFT City

The Gujarat International Finance tech-City, commonly known as GIFT City is witnessing a surge in applications from multinational and national companies to set up their operations in GIFT IFSC. JP Morgan, Punjab National Bank, and KPMG are the latest members who had applied in the latest round, to start operation in the GIFT City. The unit approval committee of GIFT City met on Wednesday to consider the 18 applications that it received recently. India's oldest depository NSDL's unit, 'NSDL Database Management' has applied for setting up an ancillary, professional, and IT services unit in GIFT multi-services. "Ease of doing business coupled with a competitive tax regime and state-of-the-art infrastructure makes GIFT IFSC an attractive value proposition not only for Indian companies but also global players," said Tapan Ray, MD and Group CEO of GIFT City. The total number of firms at the GIFT City has increased from 140 in 2019, to 265 this year. He also added that the total banking transactions value at GIFT City has crossed $125 billion by August, as global banking companies such as Deutsche, HSBC, Citigroup, Bank of America have already started their operation from the facility.