Uday Kotak
Encyclopedia
Uday Kotak is an India
n businessman. He is the vice-chairman and managing director of Kotak Mahindra Bank
. He owns a 50% stake in Kotak Mahindra Bank, which he founded and runs. Forbes
estimated his wealth to be $3.2 billion in 2011. In 2006 he ended a 14 year partnership with Goldman Sachs
by acquiring its 25% stake in two subsidiaries for $72 million.
He is an alumnus of the Jamnalal Bajaj Institute of Management Studies
, Mumbai
and Sydenham College
, Mumbai. In 1986, when he started his own business, he borrowed a money of 30 lakh from family and friends that he put in his company. As he told Anand Mahindra
, an early investor in his business, "Let's put our names to the business.All great Financial house the MORGANS, Roths are remembered by the names of their founders". In 20 yrs of starting of business uday company had a market cap of 6,700 crores INR and its third largest private sector bank in INDIA.
Hailing from a traditional upper middle Class Gujarati cotton traders family, who later diversified into commodities buisiness. From Childhood he had passion for Maths and Cricket, he eventually became the captain of the school team and went to Play kanga league in college.He also seemed to have a special relation with figures. He did well in school to secure a seat in Sydenham college for four Year B.com course and topped the university in third and fourth years.
In september 1979, he was playing cricket for kanga league, while taking a run got hit by ball on his head,which a fielder threw to stupms and got crumpled. This resulted in a fatal brain hemorrhage and there was no hope. He survived against the odds, it took a while recovering from the surgery, he missed the semester.
He started handling the finances to NELCO, Tata electronics company. He spoke to his associates and friends and asked if they would be willing to lend money to Nelco. He assured them that return would be higher than 6 % which banks were giving in those days, and he told Nelco that interests would be lower than 16.5% which banks were charging in those days. "IT WORKED". In 1980s foreign banks with huge International Assets started banking in India. Because of regulations of Indian Government, these banks did not actually have that money for Indian transactions. So, Uday moved into arranging finances for their Indian transactions. This turned out to be a profitable business.
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n businessman. He is the vice-chairman and managing director of Kotak Mahindra Bank
Kotak Mahindra Bank
The Kotak Mahindra Bank is a financial organization established in 1985 in India. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking...
. He owns a 50% stake in Kotak Mahindra Bank, which he founded and runs. Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
estimated his wealth to be $3.2 billion in 2011. In 2006 he ended a 14 year partnership with Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
by acquiring its 25% stake in two subsidiaries for $72 million.
He is an alumnus of the Jamnalal Bajaj Institute of Management Studies
Jamnalal Bajaj Institute of Management Studies
Jamnalal Bajaj Institute of Management Studies is the Department of Management Studies of the University of Mumbai and is the third oldest business school in India...
, Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
and Sydenham College
Sydenham College
Sydenham College or Sydenham College of Commerce and Economics is the first college of commerce in Asia.It is an institute in Mumbai , affiliated to the University of Bombay, and offering undergraduate degrees in commerce and undergraduate and postgraduate degrees in management...
, Mumbai. In 1986, when he started his own business, he borrowed a money of 30 lakh from family and friends that he put in his company. As he told Anand Mahindra
Anand Mahindra
Anand Mahindra is the Vice Chairman and Managing Director of one of India’s largest enterprise, Mahindra & Mahindra. His grandfather KC Mahindra co-founded the company from his hometown Ludhiana, Punjab...
, an early investor in his business, "Let's put our names to the business.All great Financial house the MORGANS, Roths are remembered by the names of their founders". In 20 yrs of starting of business uday company had a market cap of 6,700 crores INR and its third largest private sector bank in INDIA.
Hailing from a traditional upper middle Class Gujarati cotton traders family, who later diversified into commodities buisiness. From Childhood he had passion for Maths and Cricket, he eventually became the captain of the school team and went to Play kanga league in college.He also seemed to have a special relation with figures. He did well in school to secure a seat in Sydenham college for four Year B.com course and topped the university in third and fourth years.
In september 1979, he was playing cricket for kanga league, while taking a run got hit by ball on his head,which a fielder threw to stupms and got crumpled. This resulted in a fatal brain hemorrhage and there was no hope. He survived against the odds, it took a while recovering from the surgery, he missed the semester.
He started handling the finances to NELCO, Tata electronics company. He spoke to his associates and friends and asked if they would be willing to lend money to Nelco. He assured them that return would be higher than 6 % which banks were giving in those days, and he told Nelco that interests would be lower than 16.5% which banks were charging in those days. "IT WORKED". In 1980s foreign banks with huge International Assets started banking in India. Because of regulations of Indian Government, these banks did not actually have that money for Indian transactions. So, Uday moved into arranging finances for their Indian transactions. This turned out to be a profitable business.