The 35-year-old reclusive Karan Adani, the older son of billionaire Gautam Adani, has been appointed to two key positions in the Group’s new cement business, which it entered after making the largest acquisition ever of two cement titans, ACC and Ambuja Cement. The Group has a market valuation of $226 billion.
Karan Adani has been nominated as a non-executive director of Ambuja Cement, according to sources with knowledge of the matter.
He has also been chosen to serve as ACC’s non-executive chairman. Currently, Adani Ports and Special Economic Zone Limited’s CEO is Karan Adani (APSEZ).
Cement is undoubtedly the next significant portfolio that has been brought under Karan Adani’s control. Karan Adani has been overseeing the Group’s port operations for the last one-and-a-half decades.
Ambuja Cements and ACC will each have 63.15% of the Adani Group’s ownership, respectively (of which 50.05 per cent is held through Ambuja Cements). Ambuja Cements and ACC have a combined market value of $19 billion.
With a 67.5 MTPA capacity as a result of this acquisition, Adani is currently India’s second-largest cement producer.
Karan Adani has so far honed his abilities in the Rs 15,934 crore port industry, the nation’s largest commercial port and the one that handles roughly one-fourth of its cargo. With ports, logistics, and SEZ included, their entire port industry is now positioned as an integrated player in the corporate sector.
The company has undergone transformative change since Karan became CEO in January 2016.