Mumbai: The Gujarat government on Friday appointed Uday Kotak as chairman of the Gujarat International Finance Tec-City Company (GIFT City). He will succeed Hasmukh Adhia, according to a statement issued by the Urban Development and Urban Housing Department of Gujarat.

Kotak, the founder and director of Kotak Mahindra Bank, will take charge at GIFT City with immediate effect.

He succeeds Adhia, who had been serving as the non-executive chairman since June 2023. Kotak is a prominent banker who has built a diversified financial services conglomerate spanning banking, asset management, insurance, stockbroking, investment and private banking, microcredit and asset reconstruction.

Last month, he was awarded the Padma Bhushan.