Gujarat Government Appoints Uday Kotak as Chairman of GIFT City Company Limited
The Gujarat government has officially appointed prominent industrialist and banker Uday Suresh Kotak as the Chairman of Gujarat International Finance Tec-City Company Limited (GIFT City Co. Ltd.). This significant appointment was confirmed through an official resolution issued by the state's Urban Development and Urban Housing Department.
Details of the Appointment Resolution
The appointment was formalized via a government resolution dated February 13, 2026. According to the resolution, Kotak replaces Hasmukh Adhia, IAS (Retd.), who had been serving as the Non-Executive Chairman of the Board of Directors since June 19, 2023. The resolution explicitly states: "The Government of Gujarat hereby appoints Shri Uday Suresh Kotak as Chairman of Gujarat International Finance Tec-City Co. Ltd., vice Dr. Hasmukh Adhia with immediate effect, till further orders."
Uday Kotak's Professional Background
Uday Kotak brings a wealth of experience to this pivotal role. He is the Founder and Director of Kotak Mahindra Bank and has been instrumental in the growth of the Kotak Mahindra group over the past 38 years. His career highlights include:
- Serving as the Managing Director & CEO of the bank until September 1, 2023.
- Transitioning to a Non-Executive Non-Independent Director role effective September 2, 2023.
- Leading the Kotak Mahindra group to become one of India's leading diversified and integrated financial services conglomerates.
The specific terms and conditions of Kotak's appointment as Chairman will be determined at a later stage, according to the government resolution.
Significance of GIFT City
GIFT City, located in Gujarat, holds a unique position in India's economic landscape. Key aspects include:
- It is India's first operational smart city.
- It hosts India's first and only International Financial Services Centre (IFSC).
- The city serves as a global hub for financial and IT companies, providing an ideal ecosystem for both local and international businesses.
The IFSC at GIFT City facilitates onshore and offshore financial services, with a mission to offer cross-border financial products and services within a competitive tax environment. This appointment underscores the government's commitment to leveraging Kotak's expertise to further enhance GIFT City's role in the global financial arena.
