Ajay Kumar Pandey will take over as the Managing Director and Group CEO of Gujarat International Finance Tec-City (GIFT) Co. Ltd with effect from 1 August 2015, replacing Ramakant Jha.
GIFT Co. is a 50:50 joint venture between Infrastructure Leasing and Financial Services Ltd (IL&FS) and Gujarat Urban Development Co. (GUDC).
Jha will move to Mumbai as CEO of IL&FS Smart City initiative.
GIFT City is set up on the banks of the Sabarmati near Gujarat’s capital, Gandhinagar.
GIFT, which is considered to be one of Prime Minister Narendra Modi’s pet projects, was proposed as an international financial services centre (IFSC) in June 2007 by then Chief Minister Narendra Modi.
