The State Bank of India (SBI) will be spending Rs 200 crore in developing residential and commercial towers spread over 4.4 lakh square feet of built up area at the GIFT City campus at Gandhinagar. On Monday, SBI also formally launched the International Banking Unit (IBU) at the IFSC in GIFT City and became the seventh bank to begin their IBU at Gandhinagar.
The chairperson of SBI, Arundhati Bhattacharya and Gujarat chief minister Vijay Rupani participated in the groundbreaking ceremony of the commercial tower of the bank that will be built at a cost of Rs 100 crore and will be spread over 2 lakh square feet. This commercial tower once ready by 2019 will act as SBI’s Local Head Office at GIFT City which is currently situated at Lal Darwaja in the old city area of Ahmedabad.
Apart from the commercial operations in the domestic tariff area at GIFT City, the SBI will also be constructing two residential towers spread over 2.20 lakh square feet built up area with an investment of Rs 100 crore. This residential complex will accommodate 180 families inside GIFT City. SBI will also be constructing 7 bungalows for top management at GIFT City.