GIFT City’s Multi-services SEZ grants approval to 17 units in one-day

NE BUSINESS BUREAU

AHMEDABAD, MARCH 19

The Unit approval committee meeting of GIFT City’s multi-services SEZ held on Monday, received 18 new applications for setting up SEZ units in the ready to move – plug and play offices at GIFT SEZ and approved 17 applications on a single-day. The Development Commissioner’s office and GIFT SEZ are facilitating to obtain all approvals on a fast-track basis to get the unit started before March 31, 2020, says a committee release.

With the sunset clause for Special Economic Zones (SEZ)’s coming into play from April 1, 2020, the GIFT SEZ plug & play ready offices along with high-quality infrastructure at competitive cost has attracted a large number of companies. A record number of applications have been received. Considering the rush to set up units in GIFT SEZ, the Development Commissioner, GIFT SEZ announced holding one more unit approval committee meeting on March 24, 2020, to accommodate demands of new units.

GIFT SEZ IFSC is one of the fastest-growing services SEZ with 180 approved units having total exports of Services at around Rs 3740 Cr in FY19-20 for 11 months up to Feb 2020. Recently GIFT SEZ also received the award for “Best SEZ in Services Sector” by Kandla SEZ, Ministry of Commerce and Industry.

Commenting on this overwhelming response, Tapan Ray, MD & Group CEO, GIFT City said, “The approval of 17 units in a single day is testimony to the benefits that GIFT City offers for the services sector industry. The world-class infrastructure at a very competitive cost is making GIFT SEZ a most preferred destination for the services sector. The recent award by the Ministry of Commerce and Industry is a recognition of the efforts being made to make GIFT SEZ a world-class business zone.”

A K Chaudhary, Development Commissioner, GIFT SEZ said, “GIFT SEZ has been the fastest-growing SEZ in the state. It has witnessed significant growth in exports of services due to the rise in foreign currency transactions. This has increased Gujarat’s contribution to the country’s exports. The office of Development Commissioner is facilitating ease of getting approvals at a fast pace for units to set up operations in GIFT SEZ”.

Dharmendra Jain, CFO & Head – HR, Yash Technologies, said, “GIFT SEZ provides a great platform for IT / ITeS companies with state of the art infrastructure at a very competitive cost. The plug and play offices coupled with great support to facilitate new units which makes GIFT SEZ the most preferred destination for IT / ITeS companies. We are thankful to the development commissioner for their proactive approach in approving our unit. We will endeavor to make GIFT SEZ base for creating large scale operations of our company.