More than 100 companies have engaged with JPMorgan Chase over the past year to explore banking and payment services for corporate treasury operations in India's Gujarat International Finance Tec-City (GIFT City), Bloomberg News reported Friday.

The companies are expected to establish treasury centers in GIFT City over the next 12 to 18 months, the report quoted Guhaprasath Rajagopal, managing director and head of payments at JPMorgan India, as saying.

Prospective clients include multinational corporations, as well as insurance companies and fintech firms, according to the report.

GIFT City, an initiative of Indian Prime Minister Narendra Modi aimed at developing a global financial hub, had more than $100 billion in banking assets as of September 2025, double the level two years earlier, Bloomberg said.

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