The Gujarat government has appointed Uday Suresh Kotak as the new Chairman of Gujarat International Finance Tec-City Company Limited, commonly known as GIFT City. The appointment takes immediate effect, according to a government resolution issued on February 13, 2026.
Kotak succeeds Hasmukh Adhia, who had been serving as the Non-Executive Chairman of GIFT City since June 2023. The state government’s move to bring in one of India’s most respected banking leaders is seen as an effort to further strengthen the city’s position as an international financial centre.
Uday Kotak is the founder of Kotak Mahindra Bank, one of India’s leading private sector banks. Over nearly four decades, he built the institution into a diversified financial services group covering banking, insurance, asset management, investment banking and stockbroking. He stepped down as Managing Director and CEO in 2023 and currently serves in a non-executive role at the bank.
GIFT City, located in Gandhinagar, Gujarat, is India’s first operational International Financial Services Centre (IFSC). It was developed to compete with global financial hubs such as Singapore and Dubai by offering tax incentives, regulatory benefits and world-class infrastructure to international businesses. The centre hosts banks, insurance firms, capital market entities and fintech companies operating in foreign currencies.
Recently, the central government extended tax benefits for businesses operating in GIFT City, further boosting its attractiveness for global investors. With over a thousand registered companies and growing international participation, the financial hub is a key part of India’s strategy to expand its presence in global financial markets.
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