MUMBAI: Adani Ports & SEZ is splitting the position of chairman and managing director. Gautam Adani will retain the chairman’s role and his son, Karan (36), will become the MD of the country’s largest port operator.
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Adani Ports has roped in former global COO of Nissan, Ashwani Gupta, as CEO of the company. Gautam is currently the CMD of Adani Ports, while Karan is its whole-time director and CEO.
The restructuring, said a source, is to keep family members away from direct business roles like CEO. Gautam’s childhood friend and confidant Malay Mahadevia has stepped down from the board of Adani Ports citing “pre-occupation and other professional commitments within the Adani Group“.
The leadership role restructuring will come into effect from Thursday.
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Gupta, who had a controversial tenure at Nissan where he clashed with CEO Makoto Uchida, has been appointed as CEO and whole-time director of the Ahmedabad-based company for three years. Gupta’s appointment is a strategic move to strengthen the company’s leadership position in the port sector, said Karan, who has been the CEO since 2016.
Adani Ports also plans to raise Rs 5,000 crore through public issuance of non-convertible debentures (NCDs) to finance its requirements.
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The NCDs will have a face value of Rs 1,000 each. During the first nine months of fiscal 2024, Adani Ports handled over 300 MMT of cargo, a growth of 23% compared to the same period of fiscal 2023.
