Gandhinagar: The Government of Gujarat has appointed the founder of Kotak Mahindra Bank, Uday Suresh Kotak, as the Chairman of Gujarat International Finance Tec-City Company Ltd. (GIFT City) with immediate effect, replacing Dr. Hasmukh Adhia, IAS (Retd.), who had been serving as the non-executive chairman since June 19, 2023.

Dr. Adhia was appointed to the post through a government resolution dated June 19, 2023, in his capacity as Principal Advisor to the Chief Minister of Gujarat.

According to a fresh government resolution, Kotak will assume charge as chairman with immediate effect and will continue in the role until further orders. The terms and conditions of his appointment will be decided separately, the resolution said.

About Kotak

Uday Kotak is one of India’s most prominent bankers and entrepreneurs, widely recognized as the founder of Kotak Mahindra Bank, one of the country’s leading private-sector banks.

Born on March 15, 1959, in Mumbai, Kotak grew up in a Gujarati Hindu joint family of cotton traders, where he shared a home with around 60 extended family members.

He pursued higher education at the University of Mumbai, earning a bachelor’s degree from Sydenham College of Commerce and Economics, followed by an MBA from the prestigious Jamnalal Bajaj Institute of Management Studies (JBIMS) in 1982.

In 1985, at just 26 years old, he founded Kotak Capital Management Finance Ltd. with modest seed capital (around $80,000 equivalent, sourced partly from family and friends, along with a personal investment from industrialist Anand Mahindra). The company began with bill discounting and short-term financing, capitalizing on opportunities in India’s gradually liberalizing economy.

Later, in 2003, Kotak Mahindra Finance became the first non-banking financial company (NBFC) in India to receive a banking licence from the Reserve Bank of India (RBI), transforming into Kotak Mahindra Bank. Today, Kotak Mahindra Bank ranks among India’s top four private-sector banks, with assets exceeding $85 billion, over 2,150 branches, and a strong reputation for efficiency, prudence, and digital innovation.

Uday served as the bank’s Managing Director and CEO for decades, emphasizing sustainable value creation, risk management, and simplicity. In September 2023, he stepped down as MD & CEO (ahead of formal retirement), transitioning to a non-executive director role to comply with RBI norms on promoter shareholding and governance.

Beyond Kotak Mahindra, Uday has taken on roles such as Chairman of IL&FS (Infrastructure Leasing & Financial Services) and remains an influential voice on economic policy, banking trends, and India’s growth story. DeshGujarat