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AHMEDABAD: An information technology (IT) company Monarch Innovation Private Limited will become the first entrant into the the special economic zone in the upcoming financial hub Gujarat International Finance Tec (GIFT) City.

The Unit Approval Committee of the SEZ recently gave to Monarch Innovation engaged in engineering and design services, making it the first occupant in GIFT which has received an approval as an International Financial Services Centre two months ago IFSC is a liberalised zone for conducting international transactions in foreign currency.

It will enable foreign and Indian banks, non-banking financial institutions, stock exchanges and commodity exchanges to conduct transactions in foreign currencies from India.

A part of GIFT has already been notified as a SEZ by the Board of Approvals (BoA) of SEZ under the central Commerce Ministry.

"The committee gave approval to Monarch to set up its centre in the SEZ of Gujarat International Finance Tec (GIFT) City," committee head and zonal development commissioner Pravirkumar told ET.

Monarch Innovation Private Limited (MIPL) is promoted by Pritesh Patel, an alumni of UK-based Hertfordshire and Harsh Joshi, an alumini of Ahmedabad-based L D College of Engineering. The company will provide 3D Computer Aided Design (CAD) modeling, CAD conversion, tools and mold design, product design, analysis and optimization, Rapid Prototyping, Industrial design and consultancy amongst others.

MIPL has projected net foreign earnings of Rs 35 crore in the fifth year of its operation and will employ over 100 people.

Being developed over an area of 886 acre, the Rs 72,740-crore GIFT city project will house a financial services-based multi-services SEZ, a centre for domestic financial sector, corporate offices, regional offices of companies, a trade centre, housing colonies, social infrastructure and other associated amenities. The project is expected to create 10 lakh new jobs in 10 years. The Vibrant Gujarat Global Summit, 2011 saw investment commitments worth Rs 11,700 crore in the GIFT project.

Financial Technologies Limited, Kotak Bank, ICICI Bank, Banks from Singapore, State Bank of India, Central Bank of India, Union Bank and Vijaya Bank have already shown interest to set up their offshore centres in GIFT. Stock exchanges of London, Tokyo and Singapore are interested to set up offices at one premises and GIFT is the ideal option for them, believe GIFT officials.

Gujarat has 58 SEZ of which 15 are functional, 17 are notified but non-functional, 13 have received formal approval and 13 have received in-principle approval.