In a significant move signaling its continued commitment to the rapidly growing Indian economy, Gulf Finance House, yesterday signed a wide ranging agreement with the Government of Maharashtra to facilitate the creation of one of the largest development projects in the state – a state-of-the-art Economic Development Zone – just outside Mumbai, the country’s financial and commercial capital.
The 1600-acre zone, which will attract a total investment in excess of $10 billion, comes exactly a year after GFH had signed a similar agreement with the state for the development of India’s first energy business district – Energy City India. The bank had floated an immensely successful private placement initiative earlier this year that raised $630 million towards the first phase of its development. The economic development zone announced yesterday will include Energy City India, apart from incorporating three additional components – Telecom City Mumbai , Software City Mumbai and Entertainment City Mumbai.
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