The Gujarat government has appointed veteran banker and industrialist Uday Kotak as the Chairman of Gujarat International Finance Tec-City Company Limited (GIFT City) with immediate effect.The appointment was announced through a resolution issued by the Urban Development and Urban Housing Department on Thursday. Kotak succeeds former chairman Dr Hasmukh Adhia, who had been serving as non-executive chairman of the GIFT City board since June 2023. The government stated that the appointment will remain valid until further orders, while detailed terms and conditions will be notified separately.The official order was issued from the Sachivalaya in Gandhinagar in the name of the Governor of Gujarat and signed by Deputy Secretary Ankita Shah.Kotak’s journey Kotak began his financial services venture in the early 1990s, when economic liberalisation opened new opportunities for private financial institutions in India. Starting with a modest loan of ₹30 lakh borrowed from family and friends to launch a bill-discounting business, the enterprise gradually expanded into auto loans, investment banking, and stockbroking. Over the years, this small initiative grew into one of India’s largest private banking groups.
