Current Affairs PDF

Hasmukh Adhia appointed as Chairman of GIFT City; Airavat Capital launches global technology fund at GIFT City

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Hasmukh Adhia appointed Chairman, GIFT CityHasmukh Adhia, former union finance & revenue secretary, has been appointed Chairman of GIFT City Ltd (Gujarat International Finance Tec-city co. ltd.), in Gandhinagar, Gujarat, replacing Sudhir Mankad, who has been serving as the Chairman of GIFT City since 2007.

  • Hasmukh Adhia was also appointed as the non-executive Chairman of the Vadodara(Gujarat) based Gujarat Alkalies & Chemicals Ltd (GACL) and Ahmedabad (Gujarat) based Gujarat Mineral Development Corporation Ltd (GMDC).

GACL, is a chemical substance manufacturing company owned by the Government of Gujarat and GMDC is a minerals and lignite mining company owned by the Gujarat government.

About Hasmukh Adhia:

i.Hasmukh Adhia, retired Gujarat cadre IAS (Indian Administrative Service) officer of the 1981 batch,  is currently serving as the advisor to the Gujarat Chief Minister (CM) Bhupendra Patel.

ii.He was part of the panel appointed by the Gujarat government to recommend measures for the post-COVID-19 economic revival of the State.

iii.He is currently serving as the non-executive Chairman of Bank of Baroda(BoB), and also the Chancellor of Central University of Gujarat. He serves as a member of the Board of Governors of the Indian Institute of Management Bangalore(IIMB), Bengaluru, Karnataka.

iv.He also serves as Vice-President of Gujarat Energy Research and Management Institute (GERMI) and Pandit Deendayal Energy University, Gandhinagar.

Note – GIFT City Ltd is an entity responsible for developing India’s first smart city Gujarat International Finance-Tec City in Gandhinagar.

Airavat Capital launches global technology fund at GIFT City

On 20th June 2023, Airavat Capital, a public equities investment firm, launched a global technology fund, Airavat Global Technology Fund R (AGTF R), based in Gift City to invest in top listed technology companies around the globe.

  • AGTF R is a category III alternative investment fund. At present, the open-ended fund has received interest worth USD 40 million from a range of investors.
  • The fund will offer Indian HNIs (High Net-worth Individuals) and institutional investors the opportunity to leverage Indian technology ecosystem insight to capitalise on the growth potential of top-listed technology companies worldwide.
  • Airavat Capital is also launching GTF NR (a sister fund of AGTF R) aimed at raising capital from investors in South-East Asia (SEA) and the Middle East (ME).
  • Airavat also recently redomiciled a Foreign portfolio investment (FPI) vehicle to India with the launch of Airavat Capital India Fund (ACIF) in GIFT city.

About Gujarat International Finance Tec-city co. ltd. (GIFT-City Ltd):
Headquarters – Gandhinagar, Gujarat
MD & Group CEO – Tapan Ray