Veteran Banker Uday Kotak Appointed as Chairman of GIFT City by Gujarat Government

The Gujarat government has named veteran banker and industrialist Uday Kotak as the new Chairman of Gujarat International Finance Tec-City (GIFT City) Company Limited, marking a key leadership change at India’s flagship international financial hub. 

Appointment And Government Order 

The appointment was cleared through a formal government resolution issued by the Urban Development and Urban Housing Department and took effect immediately.  

Kotak replaces Dr Hasmukh Adhia, IAS (Retd.), who had been serving as Non-Executive Chairman of the GIFT City board since June 19, 2023.  

The resolution was issued from Sachivalaya, Gandhinagar, in the name of the Governor of Gujarat and signed by a Deputy Secretary in the department. 

GIFT City is a greenfield smart city project spread over 886 acres and positioned as a global financial and technology services hub, offering integrated infrastructure, single-window clearances and plug-and-play facilities for domestic and international firms. 

Read More: GIFT City: The New Frontier for Global Stocks, Mutual Funds and NRI Insurance! 

Uday Kotak’s Background and Sector Experience 

Uday Kotak is the founder of Kotak Mahindra Bank, which began in 1985 as a bill-discounting venture and later evolved into a full-scale financial services group. In 2003, it became the first non-banking finance company in India to convert into a bank. 

Over the years, the group expanded into auto finance, investment banking and broking, building scale through a risk-disciplined and governance-focused approach rather than rapid balance sheet expansion. The bank today ranks among the largest private sector lenders in India. 

He currently serves as a non-executive director on the bank’s board and was recently named among the Padma Bhushan awardees for 2026 in recognition of his contribution to the financial sector. 

Conclusion 

Kotak’s appointment brings deep financial sector experience to GIFT City as it looks to scale its role as India’s global finance gateway. 

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