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The Gujarat government has appointed Uday Kotak as chairman of GIFT City, replacing Hasmukh Adhia. Details here.
The Gujarat government has appointed industrialist and veteran banker Uday Suresh Kotak as the chairman of GIFT City, according to an official resolution issued by the Urban Development and Urban Housing Department and reviewed by news agency ANI.
Kotak will be replacing former bureaucrat Hasmukh Adhia, who had been serving as on-Executive Chairman of the Board of Directors of Gujarat International Finance Tec-City, or GIFT City, since 19 June, 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.
The terms and conditions of Kotak's appointment have not been released yet. It is expected to be decided at a later stage, according to the news report..
What is the GIFT City?
GIFT City, located in Gujarat, is India's first operational smart city and home to the country's first and only International Financial Services Centre (IFSC). It serves as a global hub for financial and IT companies from around the world, offering an ideal ecosystem for both domestic and international businesses.
It also offers both onshore and offshore financial services, with an aim to provide cross-border financial products and solutions within a competitive tax framework. GIFT City also benefits from simplified tax rules and regulatory norms as it seeks to attract global capital and position itself against major financial centres such as Singapore and Dubai.
Earlier this month, Finance Minister Nirmala Sitharaman announced that the government has doubled the tax holiday for companies operating from the IFSC in Gujarat and reduced the tax they have to pay after the break, bringing relief and tax certainty to entities operating from the global financial hub.
Entities in IFSC can now enjoy tax-free operations for a total of 20 years against the previous 10, and pay 15% tax on profits after the tax holiday, compared to previous rates of 25-35%, Mint reported earlier.
All about Uday Kotak
Uday Kotak is the founder and director of Kotak Mahindra Bank, playing a major role in the lender's growth over the past 38 years.
Previously, he was the managing director and CEO of the Bank till 1 September, 2023. Later he was appointed as the non-executive non-independent director, with effect from 2 September, 2023.
Under his leadership, the Kotak Mahindra group has grown to become one of India's leading diversified and integrated financial services conglomerates. His financial empire includes an alternative investment business, asset management and insurance, among many others.
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