Uday Kotak appointed new Chairman of GIFT City, replaces Hasmukh Adhia

The Gujarat government has appointed industrialist and banker Uday Suresh Kotak as the new Chairman of Gujarat International Finance Tec-City Company Limited (GIFT City), replacing Hasmukh Adhia with immediate effect.

The Gujarat government has appointed industrialist and banker Uday Suresh Kotak as Chairman of Gujarat International Finance Tec-City Company Limited (GIFT City Co. Ltd.), according to an official resolution issued by the Urban Development and Urban Housing Department.

The appointment was made through a government resolution dated February 13, 2026. Kotak replaces Hasmukh Adhia, IAS (Retd.), who had been serving as Non-Executive Chairman of the Board of Directors of Gujarat International Finance Tec-City Company Limited since June 19, 2023.

"The Government of Gujarat hereby appoints Shri Uday Suresh Kotak as Chairman of Gujarat International Finance Tec-City Co. Ltd., vice Dr. Hasmukh Adhia with immediate effect, till further orders," the resolution read.

About the New Chairman

Uday Kotak is the Founder and Director of the Bank. He has played an important role in the growth of the Kotak Mahindra group over the past 38 years. He was the Managing Director & CEO of the Bank till 1st September, 2023, prior to becoming a Non-Executive Non-Independent Director, with effect from 2nd September, 2023.

Under his leadership, the Kotak Mahindra group has emerged as one of India's leading diversified and integrated financial services conglomerates.

The terms and conditions of Kotak's appointment will be decided at a later stage.

What is GIFT City?

GIFT City in Gujarat is India's first operational smart city and hosts India's first and only International Financial Services Centre (IFSC). It's a hub for financial and IT companies from around the world, offering an ideal ecosystem for both local and international businesses.

The IFSC at GIFT City enables onshore and offshore financial services, and its mission is to offer cross-border financial products and services within a competitive tax environment. (ANI)

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