Adani Ports and Special Economic Zone Limited announced changes in the board on Wednesday. Gautam Adani has been appointed Executive Chairman, Karan Adani as Managing Director and Ashwani Gupta as CEO. Apart from this, the board has also approved raising Rs 5,000 crore through non-convertible debentures (NCD).
Due to internal restructuring, the Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration Committee, has approved:
Gautam Adani, Chairman and Managing Director of the company, has been re-designated as 'Executive Chairman' with effect from January 4, 2024 till the end of his current tenure i.e. June 30, 2027. Other terms and conditions of his appointment will remain unchanged.
Karan Adani, the company's whole-time director and CEO, has been re-designated as 'Managing Director' with effect from January 4, 2024 till the end of his current tenure i.e. May 23, 2027. Other terms and conditions of his appointment will remain unchanged.
Ashwani Gupta, who has been appointed as the Chief Executive Officer of the company, will assume his post from January 4, 2024. He has also been made a whole-time director. His appointment has been made for 3 years. His appointment is subject to shareholders' approval.
Adani Ports is India's largest private port operator and end-to-end logistics provider. In less than two decades, it has built, acquired and developed a portfolio of ports infrastructure and services across India.
Its 13 ports and terminals represent about 24% of the country's port capacity. Its capacity is 580 MMTPA. It was incorporated on 26 May 1998. Earlier its name was Gujarat Adani Port Limited (GAPL).
Ashwini Gupta has worked as Global Chief Operating Officer at the Japan Headquarters of Nissan Motors. Under his leadership, Nissan Motors went from a $300 million loss to a $3 billion operating profit in a record period of 3 years.
Gupta has also worked with Renault and Mitsubishi. He has completed the Advanced Management Program from Harvard Business School. Apart from this, he has also completed a General Management Program from INSEAD. He also has a strong foundation in industrial engineering.
Karan Adani is the son of Gautam Adani. He has graduated in Economics from an American university. He started his career by learning the nuances of operations at Mundra Pots. Since 2009, he has been responsible for the strategic development of Adani Group.
