Karan Adani Elevated As Managing Director Of APSEZ

Adani Ports and Special Economic Zone (APSEZ) on Wednesday said that the company has elevated its CEO Karan Adani to the role of Managing Director, a position which was held by Chairman of Adani group Gautam Adani.

Gautam Adani has been re-designated as executive chairman of APSEZ.

"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," the company said in a release.

The company further said its board has also approved the appointment of Ashwani Gupta, former global Chief Operating Officer at Nissan Motors, as the new Chief Executive Officer of APSEZ.

The company in a statement said under the leadership of Karan Adani in his term as CEO, APSEZ has experienced a period of remarkable growth, significantly contributing to the nation's infrastructure development.

Beginning his career with the Adani Group in 2009 at Mundra Port, he took over as CEO in 2016, after which the APSEZ portfolio rapidly expanded with the addition of four ports and terminals in India, one in Sri Lanka and one in Israel, it added.

Following a series of strategic expansions and partnerships, the statement said, APSEZ has become India's fastest growing and largest private sector port developer and operator, with a spread of 14 ports along India's coastline and two ports outside.

APSEZ is the largest port developer and operator in India with 7 strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 7 ports and terminals on the east coast of India (Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry), representing 26 per cent of the country's total port volumes.

The company is also developing a transshipment port at Colombo, Sri Lanka and operates the Haifa Port in Israel.

The company in a BSE filing further said that its board of directors at its meeting held on January 3, 2024 approved raising of funds by way of public issuance of secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,000 each amounting up to Rs 5,000 crore through one or more tranches in accordance with applicable laws.