Adani Ports top brass reshuffle: Karan Adani elevated as Managing Director

AHMEDABAD : Adani Ports and SEZ, the ports and logistics arm of the Adani Group, on January 3 announced a reshuffle in its top brass, with the company’s Chairman and Managing Director Mr. Gautam Adani being redesignated as its “Executive Chairman”.

Mr. Karan Adani, the company’s incumbent Chief Executive Officer, has been redesignated as the MD, whereas, Mr. Ashwani Gupta has been named as the new CEO.

The decision were announced in a regulatory filing following a meeting of the board of directors.

Mr. Gautam Adani, who would now be the company’s executive chairman, will assume the charge “with effect from January 4, 2024 till the end of his current term i.e. up to June 30, 2027”, the company informed the exchanges.

Mr. Karan Adani, presently the whole-time director and CEO of the company, will take over as the MD “with effect from January 4, 2024 till the end of his current term i.e. up to May 23, 2027”, the filing added.

The appointment of Ashwani Gupta as the CEO will also come into effect from January 4, Adani Ports said, adding that he has been given a three-year tenure.

Adani Ports also said that its board of directors, in the meeting held on Wednesday gave their nod to the proposal to raise Rs 5,000 crore via the issuance of secured, rated, listed and redeemable non-convertible debentures (NCDs).

The NCDs of “face value of Rs 1,000 each amounting up to Rs 5,000 crore” would be issued in “one or more tranches”, the company said in the exchange filing.

For the purpose of the issue, the company’s board has delegated the powers to the company’s finance committee to “approve, implement and carry out activities in connection with the issue”, it added.