The Authorities of Gujarat on Friday introduced the appointment of Uday Kotak because the chairman of Gujarat Worldwide Finance Tec (GIFT) Metropolis.
Kotak will succeed the previous bureaucrat and principal advisor to the Gujarat Chief Minister, Hasmukh Adhia, who took cost in June 2023 because the non-executive chairman.
Kotak, who based Kotak Mahindra Financial institution, served as its managing director (MD) and chief govt officer (CEO) until September 1, 2023, and has performed a key function within the progress of the Kotak Mahindra group over the previous 4 many years. He’s at the moment a non-executive, non-independent director on the non-public sector lender.
Kotak’s appointment has been made efficient instantly with the phrases and situations to be determined later, the federal government decision said. Reward Metropolis, positioned between Gandhinagar and Ahmedabad, homes India’s maiden Worldwide Monetary Companies Centre (IFSC) — a rising monetary hub aiming to deliver offshore companies onshore.
Kotak will take cost at a time when the GIFT-IFSC has gained momentum with the presence of each home and worldwide banks, fund administration entities, and a vibrant capital market. It additionally affords providers in plane and ship leasing together with fintech and insurance coverage actions.
As of September 2025, the Metropolis boasted of whole banking belongings price over $100 billion.
The Reward Metropolis has two zones — the home tariff space and particular financial zone (SEZ), which has the IFSC.
At current, the board of administrators of GIFT Metropolis embrace 4 unbiased administrators, together with former Sebi chairman Ajay Tyagi, and a few nominees from the Authorities of Gujarat. In keeping with the decision, Kotak’s appointment will stay in drive till additional orders.
Disclosure: Entities managed by the Kotak household have a big holding in Enterprise Commonplace Pvt Ltd
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