Uday Kotak appointed GIFT City chairman

Gandhinagar | Gujarat — In a move seen as a major boost to Gujarat’s ambition of becoming a global financial powerhouse, the state government has appointed Uday Kotak as the Chairman of Gujarat International Finance Tec-City Company Limited, better known as GIFT City, with immediate effect.

The decision, announced through an official resolution issued from the Sachivalaya in Gandhinagar, places one of India’s most respected banking leaders at the helm of the country’s flagship international financial services centre. Kotak succeeds Hasmukh Adhia, who served as Non-Executive Chairman since June 2023.

Officials say the appointment signals a clear intent to accelerate GIFT City’s global outreach and investor confidence. “His vast experience in banking and financial services will guide the next phase of growth and help position GIFT City as a world-class financial ecosystem,” a senior government source said.

Kotak, the founder of Kotak Mahindra Bank, is widely credited with building one of India’s strongest private banking institutions from scratch. Beginning in the early 1990s with a modest bill discounting business backed by a ₹30 lakh loan from family and friends, he expanded into auto loans, investment banking, and stockbroking as India liberalised its economy. That small venture eventually evolved into a financial conglomerate with a global footprint.

Market observers believe his entrepreneurial mindset and regulatory insight could play a pivotal role in attracting multinational firms, fintech companies, and foreign capital to GIFT City. “Kotak understands both global investors and Indian markets. That combination is exactly what GIFT City needs right now,” said a financial analyst based in Ahmedabad.

The government clarified that the terms of his tenure will be finalised separately and that the appointment will remain in force until further orders.

With Kotak now steering the project, expectations are high that GIFT City will fast-track its transformation into India’s gateway for international finance and innovation.