Gautam Adani and his son, Karan Adani are approved to be re-designated as executive chairman and managing director of Adani Ports and Special Economic Zone Limited, respectively on Wednesday with effect from January 4. This comes on the same day the Supreme Court granted relief to the Adani Group in the Hindenburg case.
The decision was announced in a regulatory filing after the board of directors’ meeting. The board of the company approved Gautam Adani’s tenure upto June 30, 2027 and that of his son upto May 23, 2027, the company informed the exchanges.
The appointment of Ashwani Gupta as chief executive officer will also come into effect from the same day for a period of 3 years. Gupta was previously associated with Nissan Motors as global chief operating officer at the headquarters in Japan. He has also worked with Renault and Mitsubishi. He has finished a general management program at INSEAD and an advanced management program at Harvard Business School. He claims to have a strong foundation in industrial engineering.
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The board has accepted the resignation of Malay Mahadevia who joined Adani Group in 1992 effective end of business hours of Wednesday as per the company.
The company also revealed that the board gave their nod to the proposal to raise Rs 5,000 crore through the issuance of non-convertible debentures (NCDs).
Adani Ports operating 13 ports and terminals in India raised $600 million in December by issue of bonds and use of the proceeds to refinance its debt.
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