Gujarat International Finance Tec-City (GIFT City), India’s first and only operational International Financial Services Centre (IFSC), has signed two memorandums of understanding to expand its ecosystem. The first MoU with Tata Communications Ltd aims to promote Global Capability Centres (GCCs) and technology-driven businesses within the IFSC. The second MoU with CEPT University in Ahmedabad will foster collaboration in research, knowledge exchange, and capacity building. These agreements were formalised at the Vibrant Gujarat Regional Conference 2026 in Vadodara.
What Is GIFT City and India’s IFSC?
GIFT City is a Greenfield smart city developed over 886 acres near Ahmedabad, Gujarat. It is India’s first operational smart city and hosts the country’s only International Financial Services Centre (IFSC). The IFSC is a special jurisdiction that provides financial services to non-residents and residents in any currency other than the Indian rupee, effectively allowing Indian firms to compete with offshore financial centres on equal footing.
The IFSC is regulated by the International Financial Services Centres Authority (IFSCA), a statutory body established in April 2020 under the IFSCA Act, 2019. Headquartered in GIFT City, Gandhinagar, IFSCA serves as a single unified regulator for banking, capital markets, insurance, and financial services within the IFSC. Before its creation, multiple domestic regulators such as RBI, SEBI, IRDAI, and PFRDA separately regulated these activities.
GIFT City has two zones: a Domestic Tariff Area (DTA) for domestic companies and a Special Economic Zone (SEZ) that houses the IFSC for international financial operations. The city offers state-of-the-art infrastructure including India’s first District Cooling System, Automated Waste Collection System, and a Tier-IV data centre operated by Tata Communications. As of March 2026, GIFT City hosts more than 1,500 entities with banking assets worth approximately $111 billion.
What Are Global Capability Centres?
Global Capability Centres (GCCs), earlier known as Global In-house Centres (GICs), are offshore units set up by multinational corporations to perform strategic functions including research and development, engineering, IT services, and business operations. Unlike traditional outsourcing, GCCs are owned and operated by the parent company itself, giving it direct control over talent, intellectual property, and strategic direction.
According to the Economic Survey 2024-25, India hosts nearly 2,100 GCCs employing over 1.9 million people. The sector is projected to reach 2,400 centres and 2.8 million employees by 2030. Major GCC hubs in India include Bengaluru, Hyderabad, Pune, Chennai, NCR, and Mumbai. India contributes 28% of the global STEM workforce and 23% of the global software engineering talent pool, making it a preferred destination for GCCs.
GCCs in India have evolved from performing routine back-office tasks to owning end-to-end global processes. Around 87% of GCC leaders report that their centres now contribute far beyond cost arbitrage, and 45% participate directly in enterprise-wide decision-making. The government has introduced targeted policies such as the GENESIS scheme (Gen-Next Support for Innovative Startups) with a ₹490 crore outlay to build GCC feeder ecosystems in Tier II and Tier III cities.
The MoU with Tata Communications: Expanding the GCC Ecosystem
The first MoU was signed with Tata Communications Ltd, a global digital ecosystem enabler and a part of the Tata Group. Tata Communications was originally established as Videsh Sanchar Nigam Limited (VSNL) in 1986 and was acquired by the Tata Group in 2002, later renamed in 2008. Headquartered in Mumbai, the company owns one of the world’s largest wholly owned subsea fibre backbones and operates a Tier-1 IP network connecting more than 190 countries and territories. It carries around 30% of the world’s internet routes and connects businesses to 80% of the world’s cloud giants.
Under this MoU, GIFT City and Tata Communications will jointly position GIFT City as a preferred destination for Global Capability Centres, treasury centres, technology enterprises, and other service-oriented businesses. The partnership includes:
- Stakeholder engagement to attract global companies to set up GCCs at GIFT City
- Market intelligence sharing on GCC trends and business opportunities
- Business development initiatives to promote GIFT City’s infrastructure and regulatory advantages
This collaboration is significant because Tata Communications already operates a Tier-IV data centre within GIFT City with 900 racks of capacity. The company brings deep expertise in digital infrastructure, cybersecurity, and cloud services that are essential for GCCs handling sensitive global operations.
The MoU with CEPT University: Strengthening Research and Capacity Building
The second MoU was signed with CEPT University, located in Ahmedabad, Gujarat. CEPT stands for Centre for Environmental Planning and Technology. The institution was established in 1962 as the School of Architecture by the Ahmedabad Education Society and was granted university status by the Gujarat government in 2005. It is recognised by the UGC and ranked 6th in the NIRF 2024 rankings under the Architecture category. The government of India has also recognised CEPT as a Centre of Excellence in Urban Planning and Design.
CEPT University comprises six faculties spanning architecture, planning, technology, design, management, and a foundation programme. It has exchange programmes with international institutions across the globe and a strong research focus on urban development, sustainability, and habitat management.
Under this MoU, GIFT City and CEPT University will collaborate on:
- Joint research projects on urban planning, sustainability, and financial district design
- Knowledge exchange between GIFT City’s practitioners and CEPT’s academic experts
- Executive education programmes for professionals working in and around the IFSC
- Sustainability studies focused on green building practices and smart city infrastructure
- Capacity building initiatives to develop skilled talent for the financial services ecosystem
The partnership is particularly relevant because GIFT City itself is a Greenfield smart city that requires continuous innovation in urban design, resource management, and sustainable infrastructure. CEPT’s expertise in habitat planning can directly contribute to GIFT City’s long-term development vision.
Significance of the Two MoUs
These two MoUs mark a strategic expansion of GIFT City’s role from being purely a financial services hub to a comprehensive ecosystem that also nurtures technology, talent, and research. Together with the earlier MoU signed with ANSR Global Corporation in November 2025 and a partnership with Vietnam International Financial Center-Da Nang, these agreements reflect GIFT City’s multi-pronged strategy to build international linkages and strengthen domestic capabilities.
For the GCC ecosystem, the partnership with Tata Communications addresses a critical infrastructure need. As global companies look to set up capability centres in India, the availability of world-class digital infrastructure and a supportive regulatory environment becomes a key differentiator. GIFT City offers tax incentives under Section 80LA of the Income Tax Act, which provides a 100% deduction on profits for 10 consecutive years out of the first 15 years for IFSC units.
For academia-industry collaboration, the MoU with CEPT University creates a pipeline for research-driven urban planning and trained professionals. This model of integrating a premier academic institution within the development strategy of a financial hub is similar to how global centres like the Dubai International Financial Centre and the London Financial District collaborate with local universities.
The MoUs also support the broader national vision of making GIFT City a globally competitive financial centre. The Prime Minister has articulated a vision that GIFT City should become a price-setter for major traded instruments in commodities, currencies, and interest rates within a decade.
Key Takeaways
- GIFT City is India’s first and only International Financial Services Centre (IFSC), developed over 886 acres near Ahmedabad, Gujarat, and regulated by the IFSCA established in 2020.
- Global Capability Centres (GCCs) are offshore units of multinational corporations that handle strategic functions. India hosts nearly 2,100 GCCs employing 1.9 million people, projected to reach 2,400 centres by 2030.
- Tata Communications, originally VSNL founded in 1986 and headquartered in Mumbai, signed an MoU to promote GCCs and technology businesses in GIFT City. It already operates a Tier-IV data centre with 900 racks in GIFT City.
- CEPT University, established in 1962 and ranked 6th in NIRF 2024 under Architecture, signed an MoU for research, executive education, urban planning, and capacity building with GIFT City.
- As of March 2026, GIFT City hosts more than 1,500 entities with banking assets worth approximately $111 billion.
- The MoUs were signed at the Vibrant Gujarat Regional Conference 2026 in Vadodara, alongside two other agreements with Collabera Talent Solutions and Finansham Education.
