Uday Kotak had started a finance firm called Kotak Capital Management Finance Limited in 1985. Kotak then converted the finance firm into a bank in 2003. Uday Kotak’s is the only Indian bank which sports two corporate names – Kotak and Mahindra family.
In 1985, during Uday Kotak’s marriage reception to Pallavi Kotak, Anand Mahindra, a fresh Harvard graduate was a guest in attendance. When introduced It was Uday Kotak’s wedding reception in 1985. Anand Mahindra, then a fresh Harvard graduate and an acquaintance of Kotak, was in attendance. A common friend of theirs told him that Kotak was planning to launch a financial company. Mahindra offered to invest in the company.
According to Economic Times report, Mahindra and Kotak decided to name the financial company Kotak Mahindra Finance. In there Anand Mahindra invested a capital of ₹1 lakh out of ₹30 lakh, in 1985.
However, that was not the first time Anand Mahindra met Uday Kotak.
On the day Uday Kotak announced his resignation from the post of Chief Executive Officer and Managing Director of Kotak Mahindra Bank, three months ahead of his scheduled resignation, Mahindra Group Chairman Anand Mahindra recollected the first time he met Kotak, a man in his early twenties with a ‘special mind’.
Anand Mahindra penned a note on the day his friend and fellow businessman decided to resign from Kotak Mahindra Bank as its MD and CEO. Mahindra in his post on microblogging site ‘X’ (formerly Twitter) recalled how Uday kotak had walked into his office at Mahindra Ugine Steel ‘almost 4 decades ago and offered me a bill-discounting faculty’.
Mahindra in his anecdotal style of narration further added about Uday Kotak, “The alloy steel industry was in a trough at that time and I asked him why he was taking the risk. He replied: “I’ve studied both the company and the management & concluded my money will be safe.” He was only in his early twenties but I clearly saw the signs of a very special mind. I vividly recall telling him that if he ever needed outside capital to come back to me, & to my great good fortune, he did!”
Anand Mahindra and Uday Kotak’s camaraderie was evident from Mahindra’s note for the latter where he said, “…There is no finish line to ‘His-story.’ Uday’s simply starting a new chapter of impact on the Indian Financial services Industry. Here’s to more adventures, my friend!”.
Uday Kotak on Saturday announced his resignation from Kotak Mahindra Bank as MD and CEO, effective from 1 September, 2023. Uday Kotak is India’s richest banker with a real-time net worth of ₹1,10,020 crore as of 2 September 2023, according to Forbes’ world billionaire list.
Kotak, the 64-year-old founder-promoter of Kotak Mahindra Bank, is the richest banker in the country by virtue of owning 26 per cent of the bank which was valued at over ₹3.5 lakh crore as of Friday’s close.
The private sector lender he founded is the only one sporting the family name, and till Friday, had a family member at the helm as the managing director and chief executive officer in an industry where professional managers have the strongest currency.
Updated: 02 Sep 2023, 10:43 PM IST
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