Uday Kotak appointed Chairman of GIFT City | Finance News

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

Kotak will replace the former bureaucrat and chief advisor to Gujarat Chief Minister Hasmukh Adhia, who takes over as non-executive chairman in June 2023.

Kotak, who founded Kotak Mahindra Bank, served as managing director (MD) and chief executive officer (CEO) until September 1, 2023, and played a key role in the growth of the Kotak Mahindra group over the last four decades. He currently serves as a non-executive and non-independent director of a private sector lending company.

The government decision stated that Kotak’s appointment comes with immediate effect, with terms and conditions to be determined later.

Located between Gandhinagar and Ahmedabad, Gift City is home to the first International Financial Services Center (IFSC), a growing financial center aimed at bringing offshore businesses onshore.

Kotak will assume the role at a time when GIFT-IFSC is gaining momentum with the presence of both domestic and international banks, fund management institutions and a vibrant capital market. In addition to fintech and insurance activities, it also offers services in aircraft and ship rental.

As of September 2025, total banking assets were over $100 billion.

The Gift City has two zones: the domestic tariff area and the special economic zone (SEZ) with IFSC.

Currently, Gift City’s board includes four independent directors and several nominees from the Gujarat government.

According to the decision, the new appointment will remain in effect until further notice.

(Disclosure: Entities controlled by Kotak family have a significant stake in Business Standard Pvt Ltd)