Ahmedabad Stock Exchange (ASE), the country’s second oldest bourse, has drawn an ambitious plan of a multi-storied building complete with all the attributes of a financial hub. Its board of directors has decided to revive the existing incomplete structure near Gandhigram station off Ashram Road for the purpose, a never-before feature in the mega city.
Mukesh M Patel, Chairman , ASE, is hopeful of the project being completed in the next 18 months so that it can coincide with the golden jubilee celebrations of Gujarat’s statehood in 2010. “Our board of directors has granted the in-principle approval to this project and an architect has also been finalised for it,” he said.
He said the board was of the view that the ASE should have its own premises to operate from. Since 1994, it has been operating from the Kamdhenu Complex near Panjra Pol.
He said the incomplete structure is lying in a limbo for the last 12 years, forcing the 115-year-old stock exchange to function from a place, which does not befit its stature. He said it was difficult to give the estimated cost of the project now, “but we are very active on this plan so that the city gets its first major financial hub, complete with all capital market related activities at one place”.
In the past, finance was a major hurdle whenever the exchange authorities thought of reviving the building. But now things are changing and we “have the resources,” he said.
Meanwhile, it is also becoming evident that things are moving in a positive direction as far as revival of the new building goes. Noted city-based architect Bimal Patel has been engaged to work out the design of the new building using the existing structure. The area has been cleaned up as well. At present, the inventory of old and reusable material is being completed.
The original stock exchange was started in 1894 under a tree in the Manek Chowk area. It functioned from there for almost 98 years before moving to its present office in the Kamdhenu Complex.
Courtesy : www.indianexpress.com
Mukesh M Patel, Chairman , ASE, is hopeful of the project being completed in the next 18 months so that it can coincide with the golden jubilee celebrations of Gujarat’s statehood in 2010. “Our board of directors has granted the in-principle approval to this project and an architect has also been finalised for it,” he said.
He said the board was of the view that the ASE should have its own premises to operate from. Since 1994, it has been operating from the Kamdhenu Complex near Panjra Pol.
He said the incomplete structure is lying in a limbo for the last 12 years, forcing the 115-year-old stock exchange to function from a place, which does not befit its stature. He said it was difficult to give the estimated cost of the project now, “but we are very active on this plan so that the city gets its first major financial hub, complete with all capital market related activities at one place”.
In the past, finance was a major hurdle whenever the exchange authorities thought of reviving the building. But now things are changing and we “have the resources,” he said.
Meanwhile, it is also becoming evident that things are moving in a positive direction as far as revival of the new building goes. Noted city-based architect Bimal Patel has been engaged to work out the design of the new building using the existing structure. The area has been cleaned up as well. At present, the inventory of old and reusable material is being completed.
The original stock exchange was started in 1894 under a tree in the Manek Chowk area. It functioned from there for almost 98 years before moving to its present office in the Kamdhenu Complex.
Courtesy : www.indianexpress.com