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Uday Kotak Appointed Chairman of Gujarat's GIFT City, Replaces Hasmukh Adhia

The Gujarat government has appointed veteran banker and industrialist Uday Suresh Kotak as the Chairman of Gujarat International Finance Tec-City Company Limited. He replaces former IAS officer Hasmukh Adhia, who had held the non-executive chairman position since June 2023. Kotak is the founder of Kotak Mahindra Bank and has led the group's growth into a major financial services conglomerate over 38 years. GIFT City is India's first operational smart city and International Financial Services Centre, serving as a global hub for financial and IT companies.

Key Points: Uday Kotak Named Chairman of GIFT City by Gujarat Govt

  • Kotak replaces Hasmukh Adhia
  • Appointment via Feb 13 govt resolution
  • Founder of Kotak Mahindra Bank
  • GIFT City is India's first IFSC hub
  • Terms of appointment to be decided later
2 min read

Uday Kotak appointed Chairman of GIFT City

Industrialist Uday Kotak appointed Chairman of Gujarat International Finance Tec-City, replacing Hasmukh Adhia, to lead India's premier financial hub.

"The Government of Gujarat hereby appoints Shri Uday Suresh Kotak as Chairman... with immediate effect - Official Resolution"

Gandhinagar, February 14

The Gujarat government has appointed industrialist and banker Uday Suresh Kotak as Chairman of Gujarat International Finance Tec-City Company Limited, according to an official resolution issued by the Urban Development and Urban Housing Department.

The appointment was made through a government resolution dated February 13, 2026.

Kotak replaces Hasmukh Adhia, IAS (Retd.), who had been serving as Non-Executive Chairman of the Board of Directors of Gujarat International Finance Tec-City Company Limited since June 19, 2023.

"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," the resolution read.

Uday Kotak is the Founder and Director of the Bank. He has played an important role in the growth of the Kotak Mahindra group over the past 38 years. He was the Managing Director & CEO of the Bank till 1st September, 2023, prior to becoming a Non-Executive Non-Independent Director, with effect from 2nd September, 2023. Under his leadership, the Kotak Mahindra group has emerged as one of India's leading diversified and integrated financial services conglomerates.

The terms and conditions of Kotak's appointment will be decided at a later stage.

GIFT City in Gujarat is India's first operational smart city and hosts India's first and only International Financial Services Centre (IFSC).

It's a hub for financial and IT companies from around the world, offering an ideal ecosystem for both local and international businesses. The IFSC at GIFT City enables onshore and offshore financial services, and its mission is to offer cross-border financial products and services within a competitive tax environment.

- ANI

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Reader Comments

R
Rohit P
Good appointment, but I hope this isn't just another high-profile name for a government project. The real test is whether he can cut through the bureaucracy and get things moving faster on the ground. GIFT City has potential but needs execution.
A
Aditya G
From a banking legend to leading GIFT City. This shows Gujarat's serious intent. Hopefully, his connections and credibility will attract more foreign investment and top financial firms to set up shop here. A big win for 'Make in India' in the finance sector.
S
Sarah B
Interesting to see a private sector veteran take over from a retired bureaucrat. It signals a shift towards a more business-oriented approach. The terms of his appointment will be key – hope it's performance-linked.
K
Karthik V
As someone from Ahmedabad, it's great to see such developments in our state. GIFT City can create so many high-quality jobs. Kotak Mahindra's success story gives me confidence he'll deliver. All the best to him!
M
Michael C
A strategic appointment. Kotak understands both Indian markets and global standards. For GIFT City's IFSC to truly become international, this kind of leadership is crucial. The competitive tax environment he can help shape will be a game-changer.

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