By IANS,
Chennai : Gujarat will build a financial hub like New York and Frankfurt over 500 acres of land at an estimated cost of Rs.150 billion ($3 billion), the state’s Chief Minister Narendra Modi said here Friday.
“Gujarat has traditionally been a land of entrepreneurs with strong financial acumen. Gujaratis all over the world are active in the finance sector,” the chief minister told delegates at the Pravasi Bharatiya Divas.
“Therefore, the government of Gujarat has decided to set up a finance city on the bank of Sabarmati river between Ahmedabad and Gandhinagar. With an estimated capital outlay of Rs.150 billion, this city is coming up on 500 acres of land,” he added.
“We aim to make this as an international commercial and financial hub like New York and Frankfurt.”
At the well-attended session, during which delegates listened to Modi’s speech with rapt attention, the chief minister said the project was being named Gift, or the Gujarat International Finance Tech City, and that the first phase was targeted for completion by 2010.
He said it would have modern IT facilities, in addition to landmark buildings and infrastructure.
“With huge corporate investments committed in the state, this city offers good opportunities to the foreign financial companies to set up their offices.”