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India’s western state of Gujarat has appointed seasoned banker Uday Kotak as the chairman of GIFT City, succeeding former bureaucrat Hasmukh Adhia, as stated in a notice from the state government.
Gujarat International Finance Tec-City, commonly known as GIFT City, provides more favorable tax regulations as it aims to draw global investment to rival financial hubs like Singapore and Dubai. Earlier this month, India’s central government extended the tax exemption period for companies setting up operations in GIFT City to 20 years.
Uday Kotak is the principal shareholder in India’s Kotak Mahindra Bank, and his financial portfolio encompasses an alternative investment firm, asset management, and insurance, among other ventures.
