TC Web Desk
IDBI Trusteeship Services has commenced operations at the Gujarat International Finance Tec-City (GIFT City)—India’s first operational smart city and International Financial Services Centre (IFSC). The move is aimed at strengthening the financial ecosystem offered by GIFT City to global and Indian companies operating out of India’s most well-planned business district. Notably, trustee operations are key enablers for the ecosystem as they provide critical support for the growth of various businesses in GIFT IFSC.
Following the grant of license, IDBI Trusteeship Services will offer facility agent services to IFSC banking units for their external commercial borrowings (ECB) transactions, trusteeship services to non-convertible debentures (NCDs) and Alternative Investment Funds (AIFs), and escrow agency services for cross border mergers and acquisitions (M&A) transactions.
Tapan Ray, Managing Director and Group CEO, GIFT City, said, “We are witnessing significant interest from distinctive business verticals to set up their operations in GIFT City and creating benchmarks in providing a conducive business ecosystem to financial institutions at par with global standards. I am sure IDBI Trusteeship Services will further strengthen the financial ecosystem offered by GIFT City.”
Padma Betai, MD and CEO at IDBI Trusteeship Services, said, “IDBI Trusteeship operating business from GIFT City tends to be cost-efficient as against high costs attached to maintaining overseas offices and will be a game changer in terms of revenues for the trusteeship business.”
Ranked among the top emerging global financial centres by Global Financial Centre Index, GIFT City is currently home to 38 funds, 23 banks, 23 insurance companies and intermediaries, two international exchanges and a slew of ancillary establishments making it a conducive business ecosystem.
