The Gujarat government has appointed veteran banker Uday Suresh Kotak as chairman of Gujarat International Finance Tec-City Company Limited, the company behind GIFT City.
The appointment takes effect immediately and will stand “till further orders”, according to a 13 February resolution issued by the state’s Urban Development and Urban Housing Department.
Kotak replaces Hasmukh Adhia, IAS, who had served as the board’s non-executive chairman since June 2023.
Kotak founded Kotak Mahindra Bank and has been closely associated with the wider Kotak Mahindra group for over four decades, playing a central role in its growth into a diversified financial services group. He served as the bank’s managing director and chief executive until 1 September 2023, and became a non-executive, non-independent director from 2 September 2023.
The leadership change comes as GIFT City’s International Financial Services Centre continues to attract fresh (re)insurance capacity, with a steady stream of new branch set-ups and approvals involving names such as Saudi Re, Korean Re, Abu Dhabi National Insurance Company (ADNIC), and MAPFRE Re.
