The Government of Gujarat has appointed Uday Suresh Kotak as the Chairman of Gujarat International Finance Tec-City Company Limited (GIFT City Company Ltd.) with immediate effect.
Kotak succeeds Hasmukh Adhia, who had been serving as Non-Executive Chairman of the Board of Directors since June 19, 2023.
According to an official document issued by the Urban Development and Urban Housing Department of the Gujarat government on Friday, Kotak’s appointment will remain in force until further orders. The detailed terms and conditions of his appointment will be decided at a later stage.
Uday Kotak is the founder and former Managing Director and Chief Executive Officer of Kotak Mahindra Bank, one of India’s leading private sector banks.
GIFT City — India’s first International Financial Services Centre (IFSC) — is located in Gandhinagar, Gujarat. The project has been envisioned as a global financial and technology hub aimed at attracting international financial institutions, investors, and businesses to India.