Gujarat appoints Uday Kotak as GIFT City Chairman

The Government of Gujarat has appointed Veteran banker and industrialist 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 on Thursday. Kotak takes over the role from former chairman Dr Hasmukh Adhia, IAS (Retd.), who had been serving as Chairman (Non-Executive) of the Board of Directors of GIFT City since June 19, 2023.

According to the resolution, the new appointment will remain in force until further orders. The government added that the terms and conditions of Kotak’s appointment will be decided separately at a later stage.

The order was issued from Sachivalaya, 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.

Kotak's journey

In the early 1990s, Kotak Finance expanded into areas such as auto loans, investment banking and stockbroking at a time when India was opening up its economy.

The timing proved crucial, as economic liberalisation in 1991 created new opportunities for private financial institutions.

The company’s early growth was powered by a modest loan of Rs 30 lakh borrowed from family and friends, which was used to start a bill discounting business.

Over time, this small beginning laid the foundation for what would become one of India’s largest private banking groups.