Uday Kotak

Uday Kotak
Born 15 March 1959
Residence Mumbai, Bombay State, India
Nationality Indian
Ethnicity Gujarati
Alma mater Sydenham College
Jamnalal Bajaj Institute of Management Studies
Occupation Chairman, Kotak Mahindra Bank
Net worth $7.6 billion (2015)[1]
Spouse(s) Pallavi Kotak
Children 2

Uday Kotak (born 15 March 1959) is Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.

In early 1980s, while India was still a closed economy and economic growth was muted, Uday Kotak decided to start out on his own, refusing a lucrative job option from a multinational.[2] 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.[3]

Forbes estimated his wealth to be $4.1 billion in 2012.[4] In 2006 he ended a 14 year partnership with Goldman Sachs by acquiring its 25% stake in two subsidiaries for $72 million.[5] In June 2014, he was named Ernst & Young World Entrepreneur of the Year 2014.[6]

Early life and education

Kotak was raised in an upper middle class Gujarati joint-family [7] household with 60 persons sharing a common kitchen under one roof. The family was originally into cotton trading. He called this "Capitalism at work and Socialism at home".[8]

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.[8]

His talent in mathematics influenced his choice of career. He obtained his Bachelor's Degree from Sydenham College and completed his post graduation in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.[9]

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$19 billion (as on March 31, 2014), and the fourth largest private bank by market capitalization in India with over 600 branches.[10][11]

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.[12]

In 2015, Kotak enters the general insurance business and is partnering telecom magnate Sunil Mittal's Bharti Airtel to start a small payments bank.[13]

Kotak has reduced his stake in the Kotak Mahindra Bank to 40% as he is required to bring down his holding to 30% by 2016.[14]

Philanthropy

Kotak has a strong focus on community development and inclusive growth which is reflected by the group’s initiatives to provide low cost services to rural customers and its welfare programmes.

Kotak feels strongly that education is key to the alleviation of the social malaise afflicting India's under-privileged. In a bid to address this issue, he has established the Kotak Education Foundation that focuses on the educational needs of underprivileged children.

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 ICRIER. He is also Governing Member of the Mahindra United World College of India, and Member of National Council of CII.

Personal life

He is married with two children and lives in Mumbai.[1]

Awards

References

  1. ↑ 1.0 1.1 "Uday Kotak". Forbes. Retrieved 14 January 2015.
  2. ↑ "Rendezvous with destiny EY World Entrepreneur of the Year 2014".
  3. ↑ "Rendezvous with destiny EY World Entrepreneur of the Year 2014".
  4. ↑ Uday Kotak - Forbes, Forbes.com. Accessed May 11, 2011.
  5. ↑ Report in Mid Day newspaper
  6. ↑ "Uday Kotak named EY World Entrepreneur Of The Year 2014". news.biharprabha.com. Retrieved 12 June 2014.
  7. ↑ http://timesofindia.indiatimes.com/topic/Uday-Kotak
  8. ↑ 8.0 8.1 http://www.ndtv.com/video/player/walk-the-talk/walk-the-talk-with-uday-kotak/331667
  9. ↑ http://business.mapsofindia.com/business-leaders/uday-kotak.html
  10. ↑ http://www.kotak.com/sites/default/files/press_release/09oct13.pdf
  11. ↑ http://www.virsanghvi.com/People-Detail.aspx?Key=12
  12. ↑ http://www.forbes.com/profile/uday-kotak/?list=billionaires
  13. ↑ http://www.forbes.com/profile/uday-kotak/?list=billionaires
  14. ↑ http://www.forbes.com/profile/uday-kotak/?list=billionaires
  15. ↑ http://www.hindustantimes.com/archives/ratan-tata-gets-bma-lifetime-award-2013-14/article1-1317532.aspx
  16. ↑ http://www.businessworld.in/news/opinion/editors-letter/kotak-man-of-the-moment/1656842/page-1.html
  17. ↑ http://www.ft.com/cms/s/2/cd850caa-eea4-11e3-95f9-00144feabdc0.html#axzz3C3LkFeuu
  18. ↑ http://www.ey.com/IN/en/About-us/Entrepreneurship/Entrepreneur-Of-The-Year/EY-EOY-2013-India-Winners-EY-entrepreneur-of-the-year-2013

External links