SBI to invest Rs 150 crore in GIFT city in Gujarat

MUMBAI: Country's largest lender State Bank of India ( SBI) will invest Rs 150 crore to establish a facility in the Gujarat International Finance Tec-City (GIFT) at Gandhinagar.

"SBI's move to establish their facility at GIFT City is the testimony of GIFT emerging as the favoured destination for various financial institutions," a release from Gujarat government today said.

"SBI will develop commercial facilities of around 0.2 million sq. ft. of BUA (Built Up Area) at an investment of Rs 150 crore to support their International & Domestic operations from GIFT City," it added.

GIFT city is an initiative of Gujarat government to develop a hub for financial institutions.