"The Gujarat International Finance Tec-City Company (GIFTCL), which is the Gujarat government’s special purpose vehicle responsible for developing GIFT City, has invited global bids for the development of a commercial tower spanning 754,000 sq ft in the processing area of the special economic zone. 

The bids can be submitted by domestic or international companies, consortia, or joint ventures. The selected bidder, as a co-developer, will be required to design, finance, develop, construct, operate, and maintain the commercial tower. 

The land for the project will be provided on a leasehold basis for 99 years. The lease deed will only be executed once construction is completed, which must be done within five years. 

As per the proposal document, the bidder must have an average annual turnover of at least Rs 3.22 billion over the last three consecutive financial years preceding the bid due date. Additionally, the bidder should have a net worth of at least Rs 1.61 billion in the financial year before the bid due date. 

Regarding technical capability, the bidder must have completed at least one project of commercial, residential, institutional, or mixed-use buildings, or parking structures, with a minimum size of half a million sq ft and a height of 40 meters in the last six years. In total, the bidder should have completed a combined construction area of at least 3.77 million sq ft during this period. 

A pre-bid meeting is scheduled for December 27, and the deadline for submitting financial bids is January 31. The bids will be opened on the same day. 

The selected bidder will have the option to lease or sub-lease the units, built-up space, or premises in the project to entities engaged in activities such as banking, insurance, brokerage, asset management, commodity markets, capital markets, IT/ITeS, financial services, or other services authorized by the International Financial Services Centres Authority (IFSCA) or the SEZ authority. 

These entities will need formal approval from the IFSCA to set up units and operate. 

GIFT City, located between Ahmedabad and Gandhinagar, is India’s first operational international financial services centre. The government has set up the IFSCA to regulate all financial services in IFSCs in Gandhinagar, offering a single-window clearance facility. 

GIFT City has quickly emerged as a financial hub, housing over 500 entities, including aircraft and ship leasing companies, fintech firms, banks, fund houses, stock exchanges, and India’s first bullion exchange. Global technology companies have also established a presence there."