In a first, 11 entities get approval for units at GIFT SEZ virtually

Topics GIFT City | GIFT City IFSC | SEZ

According to Tapan Ray, MD & Group CEO, GIFT City, amidst the current lockdown, GIFT City occupants are running several business continuity operations.
At a time when the entire country is locked down due to coronavirus (Covid-19) outbreak, a new approval process was created for the first time in the history of unit approval in special economic zone (SEZ).

Around 11 entities bagged approval for setting up units in the Gujarat International Finance Tec-City (GIFT City)'s SEZ virtually.

Amid the current lockdown, the SEZ development commissioner, GIFT SEZ and GIFT SEZ authorities met up with all the members of unit approval committee via teleconference, with each entity getting connected turn by turn through the dial-in mechanism. All the application documents and the details were submitted online by the units, with the entire agenda prepared and circulated online to all the committee members.

"The most important job for the Ministry of Commerce at this important junction of Covid 19 situation is to provide all possible support to enable businesses to obtain all the approvals sitting at their own premises. We are glad that today through teleconferencing we could approve 11 new units in GIFT SEZ and have innovated new processes for the approval of units in the country," said A K Choudhary, Development Commissioner, GIFT SEZ.

The approved 11 new units carry a potential of generating around 500 jobs. With this, the total number of units in the GIFT SEZ now stands at 210.

According to Tapan Ray, MD & Group CEO, GIFT City, amidst the current lockdown, GIFT City occupants are running several business continuity operations. "We at GIFT are always ready to provide solutions to the businesses so that in the difficult times  they get all the required support for setting up of new units in GIFT City ensuring business continuity for the operating units," Ray said.

Meanwhile, commenting on the virtual approval process via teleconferencing, Dr. Bhaskar Shah, Interventional Cardiologist,  Esperanza Healthcare Pvt. Ltd. said "I have never seen such a proactive support and response even in the global markets. Approval to our unit through teleconferencing today is testimony to the way Government of India and GIFT SEZ authorities are working to support entrepreneurs in these difficult times with restricted movement for businesses. We are very confident to achieve substantial growth in our business with the support of excellent infrastructure of GIFT City."


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