Gujarat International Finance Tec-City Company (GIFTCL) has achieved financial closure of Rs 1,157 crore for Phase-I, Gujarat International Finance Tec-City (GIFT City), at Gandhinagar in Gujarat.

The company has achieved financial closure for the debt requirement of Rs 1,157 crore by tying up with a consortium of five banks, led by Syndicate Bank. The other consortium banks include Bank of India (BoI), Bank of Baroda (BoB), Punjab & Sindh Bank, and Corporation Bank.

GIFTCL is planning to invest another Rs 661 crore through equity and internal accruals over the next three years, for the estimated cost of Rs 1,818 crore for development of various infrastructure in Phase-I.

The funds will be utilised for developing state-of-the-art infrastructure planned for the city, which includes road network, district cooling system, automated solid waste management system, utility tunnel, smart ICT, master balancing reservoir, water and sewerage treatment plant, power distribution system, and infrastructure components.

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