Uday Suresh Kotak
|Born||15 March 1959|
|Education||University of Mumbai|
|Net worth||US$14.8 billion (As of 29 April 2021[update])|
In the early 1980s, while India was still a closed economy and economic growth was muted, Kotak decided to start out on his own, refusing a lucrative job option from a multinational.[dead link] Over the next few years, he diversified his business into various areas of financial services, establishing a prominent presence in bills discounting, stockbroking, investment banking, car finance, life insurance and mutual funds. On 22 March 2003, Kotak Mahindra Finance Ltd. became the first company in India’s corporate history to receive a banking license from Reserve Bank of India.
Bloomberg Billionaires Index estimated his wealth to be US$14.8 billion as of April 2021. In 2006 he ended a 14 year partnership with Goldman Sachs by acquiring its 25% stake in two subsidiaries for $72 million.
Early life and educationEdit
Kotak was raised in an upper middle class Gujarati joint-family  household with 60 people sharing a common kitchen under one roof. The family was originally into combine trading. He called this "Capitalism at work and Socialism at home". His two pastimes had been cricket and playing the sitar. In a 2014 interview with NDTV, he admitted that he was no longer pursuing his playing of the sitar. His talent in mathematics influenced his choice of career. He earned a bachelor's degree from Sydenham College and completed a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.
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$19 billion (as of March 2014), and the second largest schedule commercial bank by market capitalization in India (private and PSU) with over 1250 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 August 2019 he was reported to be one of the most highly paid CEOs of any Indian bank with a monthly salary of ₹27 lakh (US$38,000).
Honours and awardsEdit
- In June 2014, he was named Ernst & Young World Entrepreneur Of The Year.
- 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.
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 ICRIER. He is also Governing Member of the Mahindra United World College of India, and Member of National Council of CII. Kotak is also a member of the strategic board which advises the national law firm, Cyril Amarchand Mangaldas.
He is married to Pallavi Kotak, has two children and lives in Mumbai.
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- "Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India, formally inaugurates Kotak Mahindra Bank's landmark 500th branch and 1,000th ATM" (PDF). Kotak.com. Retrieved 4 September 2015.
- "Vir Sanghvi". virsanghvi.com. 5 September 2015. Retrieved 17 January 2018.
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- Rebello, Joel (14 August 2019). "Aditya Puri remains top-paid bank CEO". Economic Times.
- "Uday Kotak takes over as CII President". www.thehindu.com. Retrieved 22 October 2020.
- "Uday Kotak named EY World Entrepreneur Of The Year 2014". news.biharprabha.com. Biharprabha. 12 June 2014. Retrieved 17 January 2018.
- Vardi, Nathan (11 May 2016). "Sole Indian Financier to feature in Money Masters: The Most Powerful People in the financial World". Forbes Magazine. Retrieved 17 January 2018.
- "India's 50 powerful people". India Today. 14 April 2017. Retrieved 17 January 2018.
- Vyas, Maulik (10 July 2015). "Cyril Shroff ropes in business luminaries like Narayana Murthy, Deepak Parekh, Uday Kotak and others for advisory board of his law firm". The Economic Times. Retrieved 10 August 2015.
- "Forbes profile: Uday Kotak". Forbes.com. Retrieved 20 June 2020.