Ahmedabad: Financial services major Reliance Capital plans to set up a global commodity exchange in International Finance Service Centre at GIFT City here, along with a host of other international business units.
Besides, Gujarat International Finance Tec-City (GIFT), a state-run project to showcase the centre as a financial hub of India, has alloted 5 lakh square feet space to Anil Ambani-led Reliance Capital Limited (RCL).
"The company was allotted this space in the International Finance Service Centre (IFSC) Special Economic Zone, being set up under the GIFT project," says a joint BSE filing today by Reliance Capital and GIFT.
This is the largest space taken by any private sector company in IFSC under GIFT till date, it added.
"... Reliance Capital has shown keen interest in setting up operations under GIFT. The Board of GIFT Company today approved their request. We look forward to more such corporates building their presence here.
"This allotment is expected to bring in investment of around Rs 200 crore and generate employment for around 2,500 persons in next 3 years," GIFT MD and Group CEO Ramakant Jha said in a statement.
Reliance Capital's Alternate Investment business has already raised a corpus of Rs 2,000 crore in the last two years.
"The AIF fund has been rated as CRISIL Fund Management Capability Level1 indicating it possesses highest standards in fund management capability and investment processes.
"The rating reflects the significant experience of our real estate investment team, strength of investment management processes and presence of adequate client servicing practices and disclosures," Reliance Capital Executive Director Sam Ghosh said.
The other international businesses to be set up include alternate investment funds, commodity exchange business and other international business in GIFT facility, subject to requisite approvals from regulators, he added.
Reliance Capital will also use the GIFT facility to set up its international commodity exchange business.
"We plan to set up the largest international commodity exchange at GIFT, apart from expanding the international footprint of various existing businesses," said Ghosh.
The company also plans to use a part of its allotted space under GIFT for offering housing for its employees, the release added.
