Surat: The proposed $1.5 billion India International Trade Centre (IITC) which was originally planned to be set up in Ahmedabad is now expected to come up at Surat Diamond Bourse (SDB) in Surat. Those associated with the project say that closeness to Mumbai, availability of land and prime location tilted in favor of Surat.

Last year in November, city-based Kiri Infrastructure Pvt Ltd (KIPL) had signed a memorandum of understanding (MoU) with China based Jiaxing Kunlun Chuangyuan Investment Company Ltd (JKCICL) worth $1.5 billion to set up IITC project in Ahmedabad as joint venture, Indochin Development Pvt Ltd (IDPL). The project is to set up the largest wholesale market which will represent manufacturers and wholesalers of consumer and industrial goods of India as well as foreign.

IDPL had earlier planned IITC over 500 acre land in either GIFT city or in Prantij but it was unable to get such large land at one place. “We are in advanced talks with government and will be getting 300 acre land in SDB. We have only shifted the location while other provisions in the project will remain same,” said Shankerbhai R Patel, founder, KIPL.