Uday Kotak named chairman of GIFT City with immediate effect

The Gujarat government 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, according to reports.

Kotak succeeds 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, Kotak’s appointment will remain valid until further orders, with the government noting that the detailed terms and conditions of his role will be decided separately at a later stage.

The order was issued from Sachivalaya in Gandhinagar in the name of the Governor of Gujarat and was signed by Ankita Shah, Deputy Secretary to the Government, Urban Development and Urban Housing Department.

GIFT City is India’s premier greenfield smart city, spread over 886 acres and designed as a global financial and technology hub. It offers world-class infrastructure, a future-ready ecosystem and single-window clearances under one umbrella, providing a plug-and-play environment for global and domestic businesses. The city integrates technology, sustainability and international standards of urban development, positioning itself as a key gateway for international financial services.

Uday Kotak brings decades of experience from India’s financial sector to the role. He 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, in 2003, became the first non-banking financial company in India to convert into a bank. Kotak currently serves as a non-executive director on the bank’s board.

Kotak’s professional journey is widely regarded as one of the most remarkable success stories in India’s financial services industry. In the early 1990s, Kotak Finance expanded into auto loans, investment banking and stockbroking, coinciding with India’s economic liberalisation in 1991. At the time, Kotak did not come from a well-known business family nor did he have the backing of large institutional investors, making early growth particularly challenging.

Many potential clients were initially hesitant to place their trust in a new financial firm. However, Kotak focused on building the business around principles of transparency, integrity and low-risk lending. His approach favoured disciplined decision-making over aggressive expansion, helping the company steadily build credibility in a newly liberalised economy.

The firm’s early growth was powered by a modest loan of Rs 30 lakh borrowed from family and friends to start the bill discounting business. This small beginning laid the foundation for what would eventually become one of India’s largest private banking groups. Today, Kotak Mahindra Bank ranks as the fourth-largest private sector bank in the country, reflecting decades of steady growth and conservative leadership.

In recognition of his contribution to India’s financial sector, Kotak was among 13 distinguished personalities awarded the Padma Bhushan for 2026.