The Government of Gujarat has appointed Uday Kotak, founder of Kotak Mahindra Bank, as Chairman of GIFT City (Gujarat International Finance Tec-City). He succeeds Hasmukh Adhia, former finance secretary. Kotak’s leadership is expected to accelerate GIFT City’s growth, attract global investors, and strengthen India’s position in international financial services.
On February 13, 2026, the Gujarat government announced the appointment of Uday Kotak as Chairman of GIFT City Company Ltd. Kotak, who stepped down as CEO of Kotak Mahindra Bank in 2023, brings decades of banking and financial expertise to India’s flagship international financial hub in Gandhinagar.
The appointment was issued by the Urban Development and Urban Housing Department and is effective immediately. Kotak replaces Hasmukh Adhia, who served as non-executive chairman since June 2023.
Industry experts believe Kotak’s global banking experience will help GIFT City attract foreign investment, expand fintech innovation, and enhance India’s competitiveness in international finance.
Major Takeaways
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Appointment Date: February 13, 2026
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New Chairman: Uday Kotak, founder of Kotak Mahindra Bank
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Predecessor: Hasmukh Adhia, ex-finance secretary
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Authority: Gujarat Urban Development & Housing Department
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Significance: Strengthens GIFT City’s role as India’s global finance hub
Conclusion
Uday Kotak’s appointment marks a pivotal moment for GIFT City. With his proven leadership in banking and finance, Gujarat’s international financial hub is poised to expand its global footprint and reinforce India’s ambition to become a leading player in international markets.
Sources: The Indian Express, Business Standard, ET Infra