Uday Kotak

Early life and education

Uday Kotak was born in Mumbai on 15 March 1959 to an upper-middle-class Gujarati Hindu Lohana family that engaged in cotton trading. He grew up in a large joint family in a home with 60 people living under one roof. He called this "Capitalism at work and Socialism at home". His two pastimes were cricket and playing the sitar. In a 2014 interview with NDTV, he admitted that he was no longer playing the sitar. His talent in mathematics influenced his choice of career. He earned a Bachelor of Commerce degree from Sydenham College and completed a Master in Management Studies degree in 1982 from Jamnalal Bajaj Institute of Management Studies.

Career

After completing his MBA, Kotak started Kotak Capital Management Finance Ltd (which later became Kotak Mahindra Finance Ltd). From a seed capital of less than US$80,000 borrowed from family and friends, he converted a bill-discounting start-up into a financial services conglomerate with assets of US$68 billion (as of March 2022), and the third largest private sector bank by market capitalization in India with over 1752 branches.

During 2014, Kotak almost doubled his wealth as shares of his Kotak Mahindra Bank hit an all-time high after he sealed a $2.4 billion deal in November 2014 for rival ING Vysya Bank, partly owned by Dutch financial services group ING. In 2015, Kotak entered the general insurance business and is partnering with telecom magnate Sunil Mittal's Bharti Airtel to start a small payments bank. Kotak has reduced his stake in the Kotak Mahindra Bank to 30% as of now, as he is required to bring it down to 20% as per RBI directions.

In August 2019 he was reported to be one of the most highly paid CEOs of any Indian bank with a monthly salary of . He took over as President of the Confederation of Indian Industry (CII) for the year 2020-21. In August 2023, it was announced that Kotak's alternate fund management and investment advisory businesses would be combined into one entity called Kotak Alternate Asset Managers (KAAM). It was reported that the entity would have $18 billion in assets under management, making it the largest asset management entity in India.

Honours and awards

• In June 2014, he was named Ernst & Young World Entrepreneur Of The Year.
• In 2015 he won the 'Business Leader of the Year Award' by Economic Times.
• He was the sole Indian Financier to feature in Money Masters: The Most Powerful People in The Financial World, by Forbes magazine, US (May 2016).
• India Today magazine ranked him #8th in India's 50 Most Powerful People of 2017 list.
• In 2018, he won the USIBC Global Leadership Award.
• In 2026, he won Padma Bhushan.

Memberships

Kotak is a member of the Government of India's High-Level Committee on Financing Infrastructure, the Primary Market Advisory Committee of the Securities & Exchange Board of India, Member of the Board of Governors of the National Institute of Securities Markets and the Indian Council for Research on International Economic Relations (ICRIER). He is also Governing Member of the UWC Mahindra College, and a Member of the National Council of the Confederation of Indian Industry (CII). Kotak is also a member of the strategic board which advises the national law firm, Cyril Amarchand Mangaldas.

Personal life

He is married to Pallavi Kotak, has two children and lives in Mumbai.

References

References

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3. (2024-07-17). "Uday Kotak's Annual Salary Will Leave You Stunned - Here's How Much He Earned".
4. Pinelli, Maria. (2 July 2014). "Rendezvous with destiny EY World Entrepreneur of the Year 2014". Forbes.com.
5. ET Online. (2023-09-02). "Uday Kotak: How an outsider built a bank from scratch and made it one of the best". The Economic Times.
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12. (8 April 2021). "Chintan Vasani becomes the Youngest Youth President of Shree Lohana Mahaparishad!".
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24. (3 June 2020). "Uday Kotak takes over as CII President". The Hindu.
25. (3 August 2023). "Kotak combines alternate funds, advisory into $18 billion asset management business". Reuters.
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27. (19 October 2015). "ET Awards 2015: Uday Kotak wins Business Leader of the Year award.".
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33. (10 July 2015). "Cyril Shroff ropes in business luminaries like Narayana Murthy, Deepak Parekh, Uday Kotak and others for the advisory board of his law firm". The Economic Times.
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