Prohibition an excuse for those who don’t want to set up shop in Gujarat & those who criticise govt for everything : GIFT City MD

Responding to a question by The Indian Express, Sanjay Kaul, said the response to the ‘wine and dine’ policy is “very good”.

“Response is very good. Hotels are doing well. If you are not getting (liquor) outside and it is available here, which is a big thing. But liquor should not be an issue. You talk to anyone. It is just one factor, some people do not want to open an office here and they make an excuse. When you talk to them, those who are serious come here. What do they need, tax savings and low office costs.

Liquor (unavailability) is an excuse for people who do not want to set up office here and those who want to criticise whatever the government does. That is how I see it,” Kaul said.

“I went to meet some guests part of a senior delegation recently at the two ‘wine and dine’ hotels at GIFT City at 10 am. I asked them how it was doing. I was informed that the service will open at 11 am. I asked why are they opening at 11 am and who will come there so early? They told me that from 11 am till the time it remains open, people are there. So, since the process is smooth, now people are there since 11 am, people who are guests of the employees, be it a social purpose, meetings, lunch or a get-together,” Kaul explained.

GIFT City expansion

Speaking on the expansion plans of GIFT City, Kaul said that the target is to achieve what was originally planned and expansion would be considered as and when required.

“Our target for 2030 is 62 million square feet. I have planned for 31 million square feet by mid 2028. So that is based on our projection. If the government gives us more land, we will definitely expand. Now, 50 per cent development has already been done. If required, we will see at that point in time,” Kaul told The Indian Express.

There was an expansion plan of GIFT City for which surrounding villages were to be acquired. However, it was later kept in abeyance.

Of the 62 million square feet target, as of September 2025, development rights of 29.45 million square feet have been allotted – 15.9 million square feet of DTA (Domestic Tariff Area), 9.8 million square feet of SEZ, 3.8 million square feet of dual (permission).

With over 1,034 entities in total and employment for over 27,000, the key sectors at GIFT City include banking, capital markets, fund management, insurance, aircraft and ship leasing, FinTech, sustainable finance, global treasury operations and education.

Of a total 71 buildings, 37 are under construction, 25 operational, 6 under planning and 3 under development permission, GIFT City authorities said.

The key tech companies are Google, TCS, Infosys, Wipro, Cognizant, IBM, Capgemini, Technip, Hexaware, Intellect Design, Infineon Technologies, Oracle. While over 18 are core finance companies (lending/export finance), number of IFSC Banking Units (IBUs) is 38 including leading global banks like HSBC, Standard Chartered, Barclays, JP Morgan, BNP Paribas, Citibank, Deutsche Bank, MUFG, DBS, Bank of America and Indian banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, Bank of Baroda, Indian Bank, IndusInd Bank, RBL Bank, the authorities said.