The Government of Gujarat on Friday announced the appointment of Uday Kotak, founder and former chief executive of Kotak Mahindra Bank, as the Chairman of Gujarat International Finance Tec-City (GIFT City).
Kotak will succeed former bureaucrat and Principal Adviser to the Gujarat Chief Minister Hasmukh Adhia, who took charge in June 2023 as the non-executive chairman.
Kotak’s appointment has been made effective immediately, with the terms and conditions to be decided later, the government resolution stated.
GIFT City, located between Gandhinagar and Ahmedabad, houses the maiden International Financial Services Centre (IFSC) — a growing financial hub aiming to bring onshore offshore businesses.
Kotak will be taking charge at a time when the GIFT-IFSC has gained momentum with the presence of both domestic and international banks, fund management entities and a vibrant capital market. It also offers services in aircraft and ship leasing, along with fintech and insurance activities.
As of September 2025, it boasted over $100 billion in total banking assets.
GIFT City has two zones — the domestic tariff area and the special economic zone (SEZ), which houses the IFSC.
At present, the board of directors of GIFT City includes four independent directors and several nominees from the Government of Gujarat.
According to the resolution, the new appointment will remain in force until further orders.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
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