Gujarat, Feb 13: The Gujarat government on Friday appointed veteran banker Uday Kotak as the chairman of GIFT City.

With it, former bureaucrat Hasmukh Adhia was replaced, according to a notice issued by the state government.

Gujarat International Finance Tec-City, or GIFT City, seeks to attract global capital like Singapore and Dubai.

Uday Kotak is the largest shareholder in India's Kotak Mahindra Bank.

Kotak’s financial empire includes especially massive investments, asset management and insurance.