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Finance | June 2014

GIFT city achieves fin closure

 Our Mumbai News Bureau

The Gujarat International Finance Tec-City (GIFT City) has obtained financial closure for its Phase I development. The project worth Rs 9,000 crore will be developed in the next 10 years. Meanwhile, for the Phase I development, which was worth Rs 1,818 crore, a consortium of banks has agreed to provide a loan of Rs 1,157 crore to the project and the balance would come through equity and internal accruals in the next three years. The consortium led by Syndicate Bank, and including Bank of India, Bank of Baroda, Punjab & Sindh Bank and Corporation Bank will provide the said debt. These funds will be utilised to develop road network, district cooling system, automated solid waste management system, utility tunnel, smart ICT, master balancing reservoir, waste and sewerage treatment plant and power distribution.    

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