Hari Sankaran is a happy man. As joint managing director of Infrastructural Leasing & Financial Services Ltd, he knows his company has made a wise choice by investing Rs 5,000 crore (Rs 50 billion) in the Gujarat International Finance Tec-City, inauguration of which took place in Ahmedabad on Thursday.

IL&FS has proposed to develop one million square foot of the estimated total built up area of 25 million square foot.

In an informal chat with Senior Associate Editor Indrani Roy Mitra, Sankaran spoke about his company's vision of this financial hub.

Is GIFT Ahmedabad's reply to Mumbai's proposed financial hub?

Let's put it this way - GIFT can be complimentary to and a feeder to the financial hub that Mumbai is planning. Whichever way you see it, it's the best thing that could have happened to Gujarat.

Whose idea was it?

GIFT is solely the Gujarat government's brainchild. It is Mr (Narendra) Modi's vision and we took up the responsibility of giving it a proper shape. The support and commitment that we got from the government is enormous.

Do you think GIFT will take over from Mumbai in course of time?

Let's not think that way. India, to be honest, is still a tiny spot on the global financial map. So more financial hubs we have across the country, the better. If we have one in Mumbai, we should have another in Chennai, a few more in Bangalore or Hyderabad.

Instead of posing a challenge to each other, they should work together to help India grow.

Is there any particular model you followed while planning this city?

We virtually went through the financial hubs that are there in Singapore, Shanghai, and Dubai before concretising our plan for Gujarat. East China Architectural Development Institute, an architect firm, which transformed Shanghai into a dream city, is designing GIFT. The result won't be disappointing, I can vouch for it.

Where will this business district be located?

It will be located on the banks of Sabarmati river, Gandhinagar.

How is it different from any other special economic zone?

A special economic zone will definitely be a part of the hub but it will have a lot of other things on offer - residential complexes, commercial buildings, services sector, technology park etc. It will be totally self-sufficient in all possible ways.

Has the land required for the same been acquired already?

We are working solely with land that belongs to the government of Gujarat. So we don't need to bother about acquisition at all.

What are the incentives for companies to move to this place from their established locations?

Incentives are countless. Major ones will be space at competitive, rather reasonable rates; wi-fi connectivity throughout the city; an integration of business and residential townships; road, rail and air connectivity from major cities; superior infrastructure of internal standards�the list just goes on.

Where are you getting the funds from?

We are blessed with anchor investors like Kotak, Punj Loyld, Fairwood Associates, Sembawang Engineers and Constructors Pvt Ltd, Singapore. In fact, we have received such a huge response that we are confident that the entire 25 million square foot of the built up area will be signed up before completion of the first phase of the project in 2010.

Do you think the project may suffer if there is a change in governance of Gujarat?

Not at all. Why should any government interfere with a project, which will reap in so much benefit for the state? No chief minister will thwart the development of a financial hub of this stature.