Uday Kotak appointed Chairman of GIFT City

Kotak succeeds Hasmukh Adhia as non-executive chairman of Gujarat's IFSC hub, with appointment effective immediately

The Government of Gujarat on Friday announced the appointment of Uday Kotak as the chairman of Gujarat International Finance Tec (GIFT) City.

 

Kotak will succeed the former bureaucrat and principal advisor to the Gujarat Chief Minister, Hasmukh Adhia, who took charge in June 2023 as the non-executive chairman.

 

Kotak, who founded Kotak Mahindra Bank, served as its managing director (MD) and chief executive officer (CEO) till September 1, 2023, and has played a key role in the growth of the Kotak Mahindra group over the past four decades. He is currently a non-executive, non-independent director at the private sector lender.

 

 

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 India’s maiden International Financial Services Centre (IFSC) — a growing financial hub aiming to bring offshore businesses onshore.

 

Kotak will take 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, the City boasted of total banking assets worth over $100 billion.

 

The Gift City has two zones — the domestic tariff area and special economic zone (SEZ), which has the IFSC.

 

At present, the board of directors of GIFT City include four independent directors, including former Sebi chairman Ajay Tyagi, and some nominees from the Government of Gujarat. According to the resolution, Kotak’s appointment will remain in force until further orders.

 

Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd