Gandhinagar: The Gujarat Government has appointed veteran banker and industrialist Uday Kotak as the new Chairman of the 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, taking over from former chairman Dr Hasmukh Adhia, who served in a non-executive capacity since June 19, 2023.
Appointment Details
The government stated that Kotak’s appointment will remain in force until further orders, with terms and conditions to be decided later. The order was issued from Sachivalaya, Gandhinagar, in the name of the Governor of Gujarat and signed by Ankita Shah, Deputy Secretary, Urban Development and Urban Housing Department.
Uday Kotak’s Journey in Banking
Uday Kotak began his career in the early 1990s, expanding Kotak Finance into auto loans, investment banking, and stockbroking during a period when India was liberalising its economy.
- The company started with a modest loan of ₹30 lakh from family and friends, used for a bill discounting business.
- This small beginning laid the foundation for one of India’s largest private banking groups, now recognised for its diversified financial services.
Kotak’s leadership at GIFT City is expected to strengthen the financial hub’s growth and strategic positioning in India’s banking and finance sector.
GIFT City and Future Prospects
GIFT City, India’s first operational International Financial Services Centre (IFSC), aims to attract domestic and international financial institutions. Under Kotak’s chairmanship, the government expects enhanced strategic guidance, operational excellence, and investor confidence to further develop the financial hub.
This appointment underscores Gujarat’s commitment to leveraging experienced financial leaders to drive innovation and growth in the country’s premier finance city.
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