Dubai: Dubai-based Pure Gold Jewellers recently announced its plans to invest $25 million in the Gujarat International Finance Tec-City (GIFT) City project, which will create the first global financial hub in India.
GIFT City is a 50:50 joint venture between the Gujarat Urban Development Company Limited (GUDCL) and Infrastructure Leasing and Financial Services (IL & FS) Limited. The project was proposed by Prime Minister Narendra Modi in 2007 when he was Chief Minister of Gujarat.
“An investment friendly tax regime like the GIFT opens endless possibilities for India’s economy and the cost of transaction for businesses like ours will be more affordable,” said to Firoz Merchant, founder and chairman of Pure Gold Jewellers.
“We decided to invest in the various projects of GIFT City as we see a huge potential in this for jewelry companies like ours in the commodity sector to avail of cost effective operations that will aid us in our expansion plans in India and also globally.”
The project will provide and electronic platform for facilitating trading, clearing and settlement of securities. It will also explore possibility of starting trading facilities in different asset classes such as equities, interest rates, currencies, among others and their derivatives, once the guidelines are issued by the government and the regulators.
Last month, Pure Gold Jewellers announced its intention to invest $150 million in India over the next three year.