Sanjay Kaul takes charge as head of GIFT City

Senior IAS officer of Kerala cadre Sanjay Kaul on Monday (July 21, 2025) took charge as the Managing Director and Group Chief Executive Officer of Gujarat International Finance Tec-City (GIFT City), India’s first International Financial Services Centre (IFSC) and flagship Smart city project in Gandhinagar.

Mr. Kaul succeeds retired IAS officer Tapan Ray, who served as MD and Group CEO since 2019 and played a key role in steering GIFT City.

Two decades of experience

A 2001-batch IAS officer, Mr. Kaul, who is also a native of Gujarat, brings over two decades of experience in public policy, infrastructure development, technology, and finance. Prior to this appointment, he served as Joint Secretary in the Ministry of Culture, Government of India. He has previously held leadership roles in Gujarat, including as Managing Director of Gujarat Informatics Limited and the Tourism Corporation of Gujarat Limited.

Speaking on the occasion, Mr. Kaul said, “It is a privilege to take on the leadership of GIFT City at this pivotal time in its journey toward becoming a globally successful financial and technology hub. I look forward to building on the strong foundation laid so far, driving strategic initiatives, forging global partnerships, and delivering a world-class city experience that reinforces GIFT City’s status as a project of national importance.”

Mr. Kaul holds a degree in Electronics and Communication Engineering from the National Institute of Technology, Surat, and a postgraduate degree in Public Policy from Syracuse University, New York.

During Mr. Ray’s tenure, GIFT City Company Ltd. became a fully Gujarat government-owned entity following the exit of IL&FS, which sold its 50% stake in the company. At present, Gujarat Urban Development Company Ltd (GUDCL), Gujarat Industrial Development Corporation (GIDC), and Gujarat Maritime Board (GMB) hold stakes in the company.

Mr. Ray has been dealing with health-related issues over the past several months.