Rejig At Adani Ports: Gautam Adani¡¯s Son Karan Adani Named MD, Ashwani Gupta Becomes CEO
In a major reshuffling at the top of Adani Ports, the board of directors of Adani Ports and Special Economic Zone Limited on Wednesday approved the re-designation of Gautam Adani and Karan Adani as Executive Chairman and Managing Director, respectively, with effect from January 4.
On a day that marked a big win for the Adani group after the Supreme Court ruled in the conglomerate's favour regarding a petition for further inquiry into the allegations put forth by Hindenburg Research's report, another major development has taken place in the Adani group.
Karan Adani Named Adani Ports' New MD
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In a major reshuffling at the top of Adani Ports, the board of directors of Adani Ports and Special Economic Zone Limited on Wednesday approved the re-designation of Gautam Adani and his son Karan Adani as Executive Chairman and Managing Director, respectively. This will come into effect on January 4.
While Gautam Adani ends his tenure on June 30, 2027, his son's term ends on May 23, 2027, the company informed the exchanges, as per the ET report.
Ashwani Gupta Named New CEO Of Adani Ports
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Adani Ports also announced that Ashwani Gupta will be appointed CEO with effect from January 4, 2024, and Whole-Time Director for a period of three years, which shall take effect from the date of his obtaining the Director Identification Number.
Gupta's previous stint was with Nissan Motors as Global Chief Operating Officer at its headquarters in Japan. The newest CEO of the company has also worked with Renault and Mitsubishi.
Adani Ports To Raise Rs 5000 Crore
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Adani Ports, as per the Moneycontrol report, said its board of directors, in the meeting held today, also gave nod to the proposal to raise Rs 5,000 crore via the issuance of secured, rated, listed, redeemable, and non-convertible debentures (NCDs). The NCDs with a "face value of Rs 1,000 each, amounting to Rs 5,000 crore," would be issued in "one or more tranches," the company said in its exchange filing.
For the purpose of the issue, Adani Ports' board has delegated the powers to the company's finance committee to approve, implement, and carry out activities in connection with the issue.
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