Legal Services
Indian Law Firms Expand Presence in GIFT City Amid Growing Business Activity
As GIFT City, India's first and only planned international financial hub, keeps attracting more businesses, law firms have followed, although they are keeping their offices there small for now. The country's only international financial hub crosses $100 billion in banking assets and draws an increasingly large roster of global clients, signalling a new phase for the Gujarat-based centre.
| Banking Assets | $110 billion (as of May 2026) |
|---|---|
| Law Firms with GIFT City Offices | Khaitan & Co., SNG & Partners, Trilegal, Cyril Amarchand Mangaldas, Economic Laws Practice, and Dhaval Vussonji & Associates |
| Khaitan & Co. Team Size | Around 15–16 lawyers across Ahmedabad and GIFT City |
| Economic Laws Practice Team | One partner and four to five professionals, with specialists from Mumbai, Delhi and other offices supporting complex matters |
| Khaitan & Co. Office Launch | April 2026 |
| Fund Management Entities | 217 fund management entities |
| Insurance Companies Operating | 36 insurance companies |
| Banking Units | 37 banking units |
| Total Registered Entities | More than 1,150 entities |
What Happened: Law Firms Follow Financial Boom
Top law firms are expanding their presence in GIFT City as the country's only international financial hub crosses $100 billion in banking assets. Khaitan & Co. and SNG & Partners are the latest to open offices at the International Financial Services Centre (IFSC), joining Trilegal, Cyril Amarchand Mangaldas, Economic Laws Practice, and Dhaval Vussonji & Associates in building a permanent legal infrastructure at the site.
Indian law firm Khaitan & Co opened an office in India's Gujarat International Finance Tec-City, known as GIFT City, in April—the latest firm to bet on the fast-growing international financial hub, even as many remain cautious about committing large teams on the ground.
Team Scaling: Lean Operations Reflect Cautious Approach
Despite the growing opportunity, most firms continue to operate relatively lean teams. According to law firms, most GIFT City offices currently operate with lean teams, reflecting the market's early stage of development and the need for specialized expertise rather than large-scale staffing.
Khaitan & Co. has around 15–16 lawyers across Ahmedabad and GIFT City, while ELP's office comprises one partner and four to five professionals, with specialists from Mumbai, Delhi and other offices supporting complex matters when required.
Expanding Mandates: Fintech, Funds, and Aircraft Leasing Drive Demand
The moves reflect a sharp expansion in the breadth of GIFT City mandates, which now include investment funds and aircraft leasing, as well as insurance, fintech, and multinational treasury operations.
There are 37 banking units, 217 fund management entities, 36 insurance companies, with international exchanges, fintech firms at GIFT City. The ecosystem includes 35 aircraft lessors and 36 ship leasing entities, along with international exchanges, fintech firms and international universities.
Looking Ahead: Data Centres, AI, and Climate Finance
Cyril Amarchand Mangaldas, which has been in GIFT City since 2013, expects future mandates to come from data centres, artificial intelligence infrastructure, climate finance, digital assets, and foreign university campuses—all sectors that could further cement the centre's future as a rival to Singapore and Dubai.
About GIFT City
GIFT City (Gujarat International Finance Tec-City) is India's first and only International Financial Services Centre (IFSC) — a special zone designed to let financial, fintech, and professional services businesses operate under globally competitive rules while remaining on Indian soil.
GIFT City, which opened in 2017 and is backed by the Indian government, aims to become a hub for global financial services and emerge as a competitor to Dubai and Singapore.
Frequently asked questions
Why are law firms opening offices in GIFT City now?
GIFT City crosses $100 billion in banking assets and draws an increasingly large roster of global clients, signalling a new phase for the Gujarat-based centre. Law firms aim to meet rising demand for legal expertise in cross-border finance, regulatory advice, and complex transactions shaped by GIFT City's tax and regulatory environment.
Why are law firm teams in GIFT City so small?
Most GIFT City offices currently operate with lean teams, reflecting the market's early stage of development and the need for specialized expertise rather than large-scale staffing.
Which law firms have offices in GIFT City as of August 2026?
Khaitan & Co., SNG & Partners, Trilegal, Cyril Amarchand Mangaldas, Economic Laws Practice, and Dhaval Vussonji & Associates have offices at the International Financial Services Centre (IFSC). Dentons Link Legal, IC Legal, Nishith Desai Associates are also present.
What types of legal work are law firms handling in GIFT City?
Mandates include investment funds and aircraft leasing, as well as insurance, fintech, and multinational treasury operations.
What is the regulatory structure governing GIFT City?
The IFSC is governed by the International Financial Services Centres Authority (IFSCA), a unified regulator created under the IFSCA Act, 2019. Under Section 12 and 13(1)–(2) of the IFSCA Act, IFSCA is empowered to develop and regulate financial products, financial services, and financial institutions in the IFSC.
How large is GIFT City's financial ecosystem now?
GIFT City today hosts more than 1,150 entities operating across financial services, technology and allied sectors. Banking assets at GIFT City have crossed USD 110 billion, while capital commitments under fund management activities have exceeded USD 32 billion.
Sources
- Indian Firms Expand GIFT City Presence, But Boots on the Ground Remain Limited
- Law firms boost presence as GIFT City enters next phase
- GIFT City IFSC tops $100B as fund commitments surge
- Khaitan & Co Targets Financial Law Boom With New GIFT City Office
- Dentons Link Legal establishes office in Gujarat's GIFT City
- SNG & Partners Launches GIFT City Office, Marking Strategic IFSC Expansion
- USD 110 Bn Banking Assets At GIFT City
- GIFT IFSC – International Financial Services Centre Authority