In 2009, Karan Adani began working for the Adani Group at Mundra Port, and by 2016, he had attained the position of CEO.

On Wednesday, the Adani Ports and Special Economic Zone (APSEZ) promoted Karan Adani, the company’s CEO, to the position of Adani Group MD. The position of executive chairman has been reverted to his father, Gautam Adani.

According to a statement made by the Adani Group company, “APSEZ, India’s largest ports and logistics company, has elevated CEO Mr. Karan Adani to the role of Managing Director, a position which was held by Mr Gautam Adani, Chairman of the Adani Group,” as PTI quoted.

The business added that Ashwani Gupta, a former global chief operating officer of Nissan Motors, has been appointed as the new chief executive officer of APSEZ by its board. In 2009, Karan Adani began working for his father’s corporation at the Mundra Port, and by 2016, he had attained the position of CEO.

In a further development, the APSEZ announced that it will offer non-convertible debentures to raise up to $600.6 million. The business did not, however, say how it would use the money.

Adani Ports used the $600 million it obtained from the sale of bonds last December to restructure its debt. As of September 30, 2023, the company has 72.90 billion rupees in cash and cash equivalents and approximately 387 billion rupees in net debt.

Since the beginning of 2023, Adani Group companies have been raising money for capital projects. Over the following ten years, they intend to invest seven trillion rupees in infrastructure development.

Significant Supreme Court victory for Adani Group

On Wednesday, the Supreme Court declined to form a Special Investigation Team (SIT) to look into accusations made against the Adani Group. The top court declared that the Securities Exchange Board of India (SEBI) will carry out its investigation since there is insufficient evidence to support the claim that the market regulator was acting “lackadaisically.”

The court said that it could not go into the regulatory framework and that the US-based company Hindenburg’s report or anything similar could not be used as justification for requesting an independent investigation.

SOURCE: https://www.hindustantimes.com/business/gautam-adanis-son-karan-elevated-as-md-in-this-adani-group-firm-101704290833826-amp.html