37 cos set up units at IFSC in last six months

MUMBAI: International Financial Service Centre, a global special economic zone at GIFT City Gujarat, has seen a record surge in the number of firms doing business there.

The centre, which offers competitive incentives such as tax holidays and lower overhead costs to companies setting up offices there, has added 37 business units since October in several segments covering the capital market. They include Truebeacon, Kedaara Capital, Multiples Alternative Assets, ASK Investment, SBI Fund Management, Philip Capital, and some banks like Standard Chartered, Barclays, and HSBC. Aircraft leasing companies Vman and Acumen Aviation are among the new additions.

“One-fourth of the business units operating in IFSC have come to set up shop in the past seven months,” said Dipesh Shah, head of development at IFSC. “Many entities willing to take their offerings offshore from India have found IFSC a viable option considering competitive tax regime, and low cost of operations amid localised lockdowns.”


Individual companies could not be contacted for comments.

IFSC exchange average daily trading volume of index derivatives have crossed $14 billion compared to around $10 billion in September last year.