The Infrastructure Leasing & Financial Services (IL&FS) and Gujarat International Finance Tec-City Company Limited (GIFTCL) have signed a Memorandum of Understanding (MoU) with Siemens to develop Smart Mobility Solutions for Gujarat International Finance Tec-City (GIFT).
The GIFT city in Gujarat is a 50:50 joint venture of Gujarat Urban Development Company and IL&FS, one of India's pioneering infrastructure development companies.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens speaking on the occasion said, “Smart cities are a result of intelligently addressing and integrating four core pillars for sustainable urban transformation: Integrated and Multimodal Mobility, Reliable Power, Secure and Smart Buildings, and Clean Environment. GIFT City in Gujarat, with its integrated city development approach has all these elements, and is the ideal blueprint for Greenfield Smart Cities in India. IL&FS is a pioneer in launching infrastructure projects in India and has been involved in numerous successful urban projects. We are confident that together we can help build GIFT City into a financial services hub that is above par with other global financial centers!”
Hari Sankaran, Vice-Chairman and Managing Director, IL&FS said, "GIFT city is designed to generate employment in the financial and IT services sector. It will take advantage of Gujarat and India's rich availability of skilled manpower in these sectors. International experience has shown that when such initiatives take off they have huge multiplier impacts on the regional and national economies. Both the Government of Gujarat and the Government of India gave demonstrated extra-ordinary leadership in realising the Prime Ministers vision."