The correct answer is: A. IL & FS
IL&FS Financial Services Limited (IL&FS) is an Indian financial services conglomerate headquartered in Mumbai, India. It was founded in 1985 by Ravi Parthasarathy. IL&FS is one of the largest non-banking financial companies in India. It offers a wide range of financial services, including infrastructure financing, project development, asset management, and investment banking.
In 2018, IL&FS was hit by a liquidity crisis. The company defaulted on its debt obligations and was placed under the administration of the Reserve Bank of India. As part of the resolution process, IL&FS has been selling off its assets. In 2020, IL&FS sold its 50% stake in GIFT City to the Gujarat government.
GIFT City is a special economic zone located in Gandhinagar, Gujarat, India. It is India’s first smart city and is being developed as a global financial hub. The Gujarat government has acquired IL&FS’s stake in GIFT City for â¹1,000 crore. The acquisition will help the Gujarat government to further develop GIFT City and attract more investment to the city.
The other options are incorrect because:
- Indiabulls is a financial services company headquartered in Mumbai, India. It offers a wide range of financial services, including banking, insurance, and asset management. Indiabulls is not involved in the development of GIFT City.
- IIFCL is an Indian infrastructure finance company headquartered in New Delhi, India. It provides financial assistance to infrastructure projects in India. IIFCL is not involved in the development of GIFT City.
- IDFC is an Indian financial services company headquartered in Mumbai, India. It offers a wide range of financial services, including banking, insurance, and asset management. IDFC is not involved in the development of GIFT City.