The decision was announced on Friday through an official government resolution. Kotak succeeds Hasmukh Adhia, former bureaucrat and principal advisor to the Gujarat Chief Minister, who had taken charge as non-executive chairman in June 2023.
Founder of Kotak Mahindra Bank, Uday Kotak served as its managing director and chief executive officer until September 1, 2023. Over the past 4 decades, he played a pivotal role in building and expanding the Kotak Mahindra group. He currently serves as a non-executive non-independent director at the private sector bank.
According to the resolution, Kotak’s appointment is effective immediately, while the detailed terms and conditions of his role will be decided later.
GIFT City, located between Gandhinagar and Ahmedabad, is home to India’s first International Financial Services Centre (IFSC). The financial hub aims to bring offshore financial services businesses back onshore and position India as a global financial center.
Kotak assumes leadership at a time when GIFT-IFSC is witnessing strong momentum. The centre now hosts domestic and international banks, fund management firms, and an active capital market ecosystem. It also supports aircraft and ship leasing operations, along with fintech and insurance services.
His appointment comes at a crucial phase as GIFT City continues to expand its global footprint and strengthen its position in international financial services.
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