India's first smart city, the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Friday announced the association of brokers of the Bombay Stock Exchange (BSE), has been allocated an 150,000 square feet additional space taking its total built-up area to 450,000 square feet.
The BSE Brokers' Forum was last month allotted 300,000 square feet to build a tower at GIFT City.
Following an overwhelming response from its members, the forum will now invest an additional Rs.80 crore, taking its total investment at GIFT City to around Rs.200 crore.
The allotment letter was handed over to the forum chairman Siddharth Shah by Gujarat Finance Minister Saurabh Patel, GIFT City said in a statement here.
The forum intends to build a tower here comparable to the iconic BSE building in Mumbai.
"We intend to build an iconic tower like the BSE building, which is not only the 'Barometer of the Economy', but a symbol of the capital markets in the country. GIFT City is fast emerging as most the preferred destination for financial sector in our country," Shah said.
"In the coming years we expect to have stock exchanges from across the world to come and set up operations at GIFT City," said Ramakant Jha, chief executive of GIFT Co.
BSE Brokers' currently have 742 trading members in the equity segment and 93 trading members (associate) of the commodity segment as its members. The forum holds around 40 percent equity in the BSE.
Earlier this month, GIFT City was conferred with the e-LETS award for the smart city's command and control centre by the National Association of Software and Services Companies (Nasscom).
Leading banks like the State Bank of India, Bank of Baroda, Bank of India, Syndicate Bank, Corporation Bank and HDFC have been allotted space in GIFT City.
