PAYTM GIFT CITY DEVELOPMENT CENTRE
GIFT City's ambitious Formula 1 track plan comes to a grinding halt
ET had reported on 11 March that Gujarat Sports Authority had invited top international F1 racetrack designers to make presentations on the feasibility of building a F1 racetrack at GIFT City.
GIFT City-like hub for Karnataka, state IT minister Priyank Kharge tells FM
Karnataka IT-BT minister Priyank Kharge told finance minister Nirmala Sitharaman that such a central business district in Karnataka will foster economic growth and create jobs, and also attract foreign investment.
Karnataka seeks Gujarat’s GIFT city-like facility for state from Centre ahead of Union Budget
Pushing for a Central Business District akin to GIFT City, Karnataka seeks rapid project approvals and funding for infrastructure, emphasizing economic growth, job creation, talent development, and research initiatives.
PhonePe in talks with top smartphone brands to pre-install Indus Appstore
PhonePe launched its own Android-based app store, challenging Google's billing policy and commissions. It onboarded popular apps and gaming majors, offering zero listing and platform fees.
Bank of India acquires over 6 pc stake in CCIL IFSC
Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country's only operational international financial services centre.
Ixigo IPO fully subscribed; more layoffs at Paytm
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today's ETtech Top 5.
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RBI to boost rupee's internationalisation, liberalise norms for non-residents
The Reserve Bank of India (RBI) is intensifying efforts to internationalize the Indian Rupee (INR) by making regulatory changes for non-residents and enhancing the appeal of the GIFT City as an international financial center. The RBI plans to liberalize regulations related to INR accounts for non-residents and allow them to open rupee accounts outside India.
IREDA may float FPO this FY
Separately, in March, the lender's board had approved a proposal of Rs 24,200-crore borrowing for 2024-25. The amount will be raised through taxable bonds, green taxable bonds, perpetual debt instruments, green masala bonds, green foreign currency bonds and external commercial borrowings, among others.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
IREDA incorporates subsidiary in GIFT City, Gujarat
Pradip Kumar Das, Chairman & Managing Director of IREDA, said, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth." He added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.
Uber’s hyperlocal push; Paytm Bank’s bill pay biz transferred
Happy Thursday! Ride-hailing platform Uber is strengthening its hyperlocal deliveries from neighbourhood stores. This and more in today’s ETtech Morning Dispatch.
Is PM Modi's promise for Madiga sub-quota in Telangana just a 'jumla'?, asks Congress
Congress general secretary Jairam Ramesh questioned Prime Minister Narendra Modi's stance on various promises made in Telangana, including the sub-quota for the Madiga caste, the establishment of a rail coach factory at Kazipet, and the Bayyaram Steel Plant and Hyderabad Information Technology Investment Region (ITIR) projects. Ramesh criticized Modi for not fulfilling these promises and accused him of making empty commitments.
GIFTwrap for golden return visa
Golden visa offers citizenship to wealthy Indians. Concerns over exploitation led to restrictions in EU countries. GIFT City in Gujarat provides an 'anti-golden visa' alternative. Mumbai branch proposal aims to attract businessmen back.
Allianz Partners becomes first foreign reinsurer to launch operations in GIFT City
Allianz Partners launched IFSC Insurance Office at GIFT City, becoming the first foreign reinsurer. AWP P&C SA aims to transform India's reinsurance landscape, catering to diverse customer segments. Tapan Ray highlights international players collaboration, GIFT City's strategic advantages.
GIFT City may see India’s first regulated global realty, infra-asset tokenisation platform
India's first regulated real estate and infrastructure asset tokenisation platform at GIFT City aims to provide fractional ownership opportunities to small investors using blockchain technology. IFSCA has approved entities like Realdom India Pvt Ltd to commence operations on the platform.
GIFT City gets in pole position for F1 track
GIFT City in India is taking steps to develop a Formula 1 motor racing circuit and hopes to host the Olympics in 2036. Six teams of renowned race track designers are competing to design the circuit, which could cost up to Rs 10,000 crore.
Hermann Tilke-led team may design GIFT City F1 track
A consortium of German Formula 1 racetrack designer Tilke, real estate consultancy CBRE, and architecture firm Arcop has been ranked highest on a list of six international consultants competing for designing a racetrack in Gujarat's GIFT City. The Tilke-led consortium scored 98% marks in an evaluation conducted by the Sports Authority of Gujarat. The project could cost up to ₹10,000 crore.
Govt, ADB ink USD 23 mn loan pact to strengthen fintech ecosystem in India
A USD 23 million loan agreement signed between the government and ADB aims to enhance fintech education, research, and innovation at GIFT City, promoting growth in India's financial services and fintech ecosystem.
Mauritius Minister visits India to promote country as India's business gateway to Africa
The Mauritius International Financial Centre (IFC) delegation undertakes an India Business Mission to enhance the Mauritian private sector and foster a conducive environment for foreign investors. The mission aims to facilitate dialogues and partnerships in financial services, IT, private markets, the India-Africa Corridor, investment in Africa, leveraging Mauritius' expertise, networks, and investment flows.
GIFT City taps RBI for RTGS-like dollar payment system
Among the proposals currently being discussed was the establishment of a single 'settlement bank' in GIFT City, with which other entities would have dollar balances. Subsequently, debits & credits would be conducted through the settlement bank, sources said.
Paytm Q3 loss narrows to Rs 222 crore; firm to focus on large-ticket loans
Paytm's revenue from operations for the December quarter increased 38% to Rs 2,850.5 crore. Paytm said the increase in revenue was on the back of accelerated growth in gross merchandise value, payments device additions and an expansion in the financial services business.
State-owned GSPC, IGX to set up global hydrogen trading mechanism at GIFT IFSC
The mechanism is expected to enhance transparency, boost investor confidence, and facilitate the growth of the green hydrogen market on a global scale. GSPC jointly with IGX will develop a mechanism to create an index for hydrogen and attract global institutions to trade in GIFT IFSC.
Finance Minister Nirmala Sitharaman unveils GIFT city's financial landscape
At the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman highlighted the financial ecosystem within Gujarat International Finance Tec-City (GIFT City) and its strategic importance. The city has three exchanges, 26 banks, and 26 aircraft lessors, and is home to 86 fund managers and 8 ship leasing companies. The city has 580 entities and a significant presence of 86 fund managers and eight ship leasing companies.
Paytm to invest Rs 100 crore in GIFT City; focus on cross-border payment solutions
Along with the GIFT city investment, Paytm said it will establish a development centre in GIFT City to build cross-border solutions and provide a technology backbone.
ONGC Videsh incorporates subsidiary in GIFT City
ONGC Videsh Ltd (OVL), the overseas investment arm of India's Oil and Natural Gas Corporation, has established a wholly-owned subsidiary named OVL Overseas IFSC Ltd in GIFT City, Gujarat. This entity in GIFT City will serve as the global treasury center for OVL and its 25 subsidiaries, covering 15 countries.
Vibrant Gujarat Summit 2024: Nvidia India partner Yotta’s data centre in GIFT City to go live in March
Nvidia CEO and cofounder Jensen Huang, on a visit to India in 2023, expressed the company's vision of exporting AI products from its Indian arm.
ETMarkets AIF Talk: Goal congruence among regulators essential to drive foreign interest in GIFT City: Abans Group
"Technology, especially through robo-advisory platforms, has significantly shaped the development of Indian markets across asset classes. It contributes by using advanced algorithms for data analysis, pattern recognition, and algorithmic trading, enabling the creation and execution of complex trading strategies with precision. Additionally, robo advisors excel in risk management through sophisticated algorithms, operate 24/7 for continuous market monitoring, and can even incorporate behavioral analysis for a deeper understanding of market dynamics."
PM Modi seeks to revive hinterland finance hub with new sweeteners
Although 400 entities, mostly banks, operate in GIFT City, employing 20,000, it struggles to become a vibrant financial hub. Modi aims to revitalise it as a modern financial and technology center. New rules, expected in April, will allow Indian firms not listed on Indian exchanges to directly list their equity at GIFT City.
GIFT City development plan for expansion to 3,300 acres with social infra in final stages
The Gujarat International Finance Tec-City (GIFT) is set to expand to over 3,300 acres and incorporate social infrastructure from 886 acres. The second phase development plan, which includes town planning schemes, is expected to be unveiled after the state government's review and public feedback. The plan aims to make GIFT City a global financial activity hub, with PM Modi highlighting the city's vision to be the nerve centre of a new age of global finance.
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