MUMBAI: India’s western state of Gujarat has appointed veteran banker Uday Kotak as the chairman of GIFT City, replacing former bureaucrat Hasmukh Adhia, according to a notice by the state government.
Gujarat International Finance Tec-City, or GIFT City, offers easier tax rules and regulations as it seeks to attract global capital to compete with financial centres such as Singapore and Dubai.
Earlier this month, India’s federal government doubled the tax holiday for businesses establishing operations in GIFT City to 20 years.
Uday Kotak is the largest shareholder in India’s Kotak Mahindra Bank and his financial empire includes an alternative investment business, asset management and insurance, among others.
