IL&FS Transportation Networks’ wholly owned subsidiary - GIFT Parking Facilities has inked a concession agreement on January 22, 2014 with Gujarat International Finance Tec-City Company for development of a multi-level car parking at GIFT City, Gandhinagar in state of Gujarat on BOOT Basis.
The project involves Design, Development, Finance, Construction, Operation and Maintenance of Multi Level Car parking with a capacity of approximately 5400 Car Parking Spaces comprising of 16 floors including retail space at the Ground Floor for a period of 30 years. The total project cost is approximately Rs 350 crore.
The concession allows the right to allocate 80% of total parking spaces to the lessee/developers of various buildings in the GIFT City for parking use at a mutually agreed price and the remaining 20% of parking spaces shall be made available as a paid parking facility to the visitors to the GIFT City. The revenue shall also be generated from leasing of retail space.
IL&FS Transportation Networks has been involved in the development, operation and maintenance of national and state highways, roads (including urban roads), flyovers and bridges in Andhra Pradesh, Delhi, Gujarat, Maharashtra, Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan.
