IL&FS ready to Sell Gift City Office Space

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IL&FS (Infrastructure Leasing and Financial Services) has invited buyers for his office space in Gift City Gujarat. GIFT CITY (Gujarat International Finance Tec-City) was developed by the Gujarat government to promote business situated in Ahmadabad on the bank of Sabarmati river.

It is accessible from city airport which 12 km away and four to Six lane state and national highways.

It is an operational city with all the basic facilities for commercial as well as residential purposes.

IL&FS mainly involved in major infrastructure building projects including India’s longest tunnel, Chenani-Nashri Tunnel etc.

It is expected that they will sell it at 480 crores. They have two towers in gift city and both are is on sale.

In July 2018 company reported having trouble in paying back the loan. After which, RBI took cognizance and asked its major investors to save it from going bankrupt.

In October the government took the initiative and take control of the company.

The government also formed a new board of members as the previous one failed to deliver.

Which includes Kotak Mahindra Bank managing director Uday Kotak, former IAS officer & Tech Mahindra boss Vineet Nayyar, former Sebi chief G N Bajpai.
Former ICICI Bank chairman G C Chaturvedi former IAS officers Malini Shankar and Nand Kishore has made part of it.

The investigation also put on which found that lavish salaries at the expense of public money

Still, the investigation is going on and so far has revealed many ups and down in finance.

This sale of the tower is also a step to improve the financial condition of the company

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