Infrastructure Leasing & Financial Services (IL&FS) and Gujarat International Finance Tec-City Company (GIFTCL) signed a memorandum of understanding (MoU) with Siemens to develop smart mobility solutions for Gujarat International Finance Tec-City (GIFT), Gujarat.

This partnership is a 50:50 joint venture of Gujarat Urban Development Company Limited and IL&FS, one of India's pioneering infrastructure development companies.

Joe Kaeser, president and chief executive officer, Siemens AG, said, "India is a highly attractive market where Siemens is already very well represented. The most recent move has been an agreement to establish additional local competences, which will support the 'Make in India' program initiated by the Prime Minister. The program focuses on energy management, mobility, smart cities and health technology."

Hari Sankaran, vice-chairman and managing director, IL&FS; speaking on the occasion said, "GIFT city is designed to generate employment in the financial and IT services sector. It will take advantage of Gujarat and India's rich availability of skilled manpower in these sectors."

GIFT, a globally benchmarked smart city on the banks of the Sabarmati river in Ahmedabad is one of the most ambitious projects undertaken in the Indian infrastructure space and is being designed as a hub for the global finance services industry.

Over the medium term, GIFT expects to generate 500,000 direct jobs and another 500,000 indirect jobss.

Shares of Simens declined Rs 2.8, or 0.2%, to settle at Rs 1,367.00. The total volume of shares traded was 23,690 at the BSE (Tuesday).