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Eighteen banks, financial institutions and insurance companies are setting up their facilities at the upcoming 50-acre IFCI Financial City at Devanahalli near Bengaluru.
Indian Overseas Bank, Syndicate Bank, Canara Bank, Bank of Baroda and United India Assurance are among those that have taken space in the IFCI Financial City.
IFCI Infrastructure Development Ltd (IIDL), a subsidiary of IFCI, is developing the project that is coming up close to the hardware park at Devanahalli.
Malay Mukherjee, CEO and Managing Director, IFCI, said the first of such facility that may house a training or a back office unit of these banks would be operational in about a year.
He said the Karnataka Industrial Areas Development Board (KIADB) is in the process of handing over 15 acres for the second phase of the project where residential units for the staff working in the Financial City would come up over the next few years.
Mukherjee told reporters that the sale of land in the Financial City has fetched about Rs 152 crore, while the total costs were about Rs 135 crore.
IFCI shares ended up 2.65 per cent at Rs 38.70 on the BSE on Friday.
Further, Mukherjee said the proposed sale of IFCI's 2.65 per cent stake in NSE would be completed by the end of this financial year.
"We are in advanced talks for sale of 1.1 per cent stake in NSE that should happen any of these days. The remaining stake in NSE will be sold off before March 31," he added.
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