The Gujarat Government has appointed veteran banker Uday Kotak as the Chairman of Gujarat International Finance Tec-City Company Limited (GIFT City) with immediate effect. The appointment was announced through a resolution issued by the Urban Development and Urban Housing Department.
Kotak succeeds Hasmukh Adhia, who had been serving as Chairman (Non-Executive) of the Board of Directors of GIFT City since June 19, 2023. As per the resolution, Kotak’s appointment will remain valid until further orders, while the detailed terms and conditions of his role will be decided separately.
The order was issued from Sachivalaya in Gandhinagar in the name of the Governor of Gujarat and signed by Ankita Shah, Deputy Secretary to the Government, Urban Development and Urban Housing Department.
About GIFT City
GIFT City, spread over 886 acres, is India’s premier greenfield smart city developed as a global financial and technology hub. It offers world-class infrastructure, a plug-and-play business environment, and single-window clearances designed to attract global and domestic companies while integrating sustainability and advanced urban planning.
Uday Kotak’s Experience
Uday Kotak is the founder and former Managing Director and CEO of Kotak Mahindra Bank, which he established in 1985 as a small bill-discounting firm. Over the years, the institution evolved into a diversified financial services group and became the first non-banking financial company in India to convert into a bank in 2003.
Starting with a modest loan of ₹30 lakh from family and friends, Kotak built the organisation through a focus on transparency, disciplined growth, and low-risk lending. Today, Kotak Mahindra Bank ranks among the country’s largest private sector banks.
In recognition of his contribution to India’s financial sector, Kotak was also honoured with the Padma Bhushan for 2026.
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His appointment is expected to bring deep financial expertise to GIFT City as it continues to position itself as a key gateway for international financial services and investment.
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