One97 Communications Limited (OCL), the parent company of payments firm Paytm, said its planned investment of Rs 100 crore in GIFT City in Gujarat to build a global financial ecosystem will be complete in the next six months.
"We wish to inform you that the Board of Directors has also been updated that the Company is initiating the process to seek the necessary approvals for the formation of the subsidiary in GIFT City IFSC, Gujarat. This process is expected to be completed within the next 6 months, subject to the required approvals," the firm said in its annual report on August 21.
The Noida-based firm told exchanges on January 10 that the firm will invest Rs 100 crore in GIFT City in Gujarat to build a global financial ecosystem.
“The strategic investment in GIFT City represents a pivotal step towards building an artificial intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities,” Paytm founder and CEO Vijay Shekhar Sharma had said earlier.
The development centre which the firm intends to set up with the investment is said to create jobs and have engineers dedicated to offer financial services, the company said.
Also Read: Paytm to invest Rs 100 crore in GIFT City, to offer AI-driven cross-border remittance
Gujarat International Finance Tec-City (GIFT) is India's first global financial hub.
The Economic Survey tabled by the Union Finance Minister Nirmala Sitharaman last month said that the GIFT City IFSC is envisaged to be a unique international financial jurisdiction located inside onshore India, set up with a dual objective of onshoring India centric international financial services business as well as serving as a preferred gateway for channelising global capital flows into and out of the country.
The announcement comes after the regulator for Gujarat International Finance Tec-City said that the approvals for family investment funds are halted after feedback from the central bank as the Reserve Bank of India is being cautious of Money Laundering.
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