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Embracer Group is splitting itself up into three different companies. Here's what each of them controls.

Ahmedabad-based Savvy Group wins bid to develop GIFT SEZ's largest project, boosting social infrastructure in GIFT City. The project aims to attract foreign corporations, accommodate 20,000 employees, and contribute to the city's expansion into a global financial activity hub.

The project - spread over 2.8 million sq ft and entailing an investment of more than ₹1,200 crore - will also include an innovation and startup hub. The company has pipped three other bidders to bag the proposed project that surpasses all existing developments within the GIFT City, which previously boasted the largest development covering a million sq ft.

Companies are staring at wait times of several months to a few years before new office space opens up for leasing.

Gujarat's GIFT City is aiming to become India's first international financial hub, with over 500 companies already operating there. However, some critics argue that the city lacks the cosmopolitan atmosphere necessary to compete with global financial centers like Singapore and Dubai. The government is making efforts to address these concerns by developing infrastructure, extending the metro line, and allowing alcohol consumption within the city. | Latest News India