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Updated January 5th, 2024 at 11:35 IST

Karan Adani elevated as Adani Ports Managing Director

Formerly serving as the CEO, Karan Adani takes on the role of Managing Director, succeeding Gautam Adani.

Business Desk
Karan Adani
Karan Adani | Image:ANI
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Karan Adani become MD: India’s largest ports and logistics company Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday elevated Karan Adani to Managing Director.

Formerly serving as the CEO, Karan Adani takes on the role of Managing Director, succeeding Gautam Adani.

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Karan Adani, who began his career with the Adani Group in 2009 at Mundra Port, assumed the position of CEO in 2016.

Under Karan Adani’s leadership, APSEZ has witnessed remarkable growth, contributing notably to the nation's infrastructure development.

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The company's portfolio expanded with the addition of four ports and terminals in India, one in Sri Lanka, and one in Israel.

APSEZ, now India’s fastest-growing and largest private sector port developer and operator, boasts a network of 14 ports along India’s coastline and two ports outside the country. Additionally, as the largest and most diversified private rail operator in India through its subsidiary, Adani Logistics Ltd, APSEZ holds a considerable share in both logistics and the harbor & dredging business.

Additionally, APSEZ's board has also approved the appointment of Ashwani Gupta, former global Chief Operating Officer at Nissan Motors, as the new Chief Executive Officer (CEO) of Adani Ports and Special Economic Zone Ltd.

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On Gupta’s appointment, Karan Adani said, "We are delighted to welcome Ashwani Gupta as the new CEO of Adani Ports and Special Economic Zone Ltd. His appointment is a strategic move to strengthen our global leadership position in the port sector. We are confident that his expertise, leadership skills and global exposure will drive exceptional growth and foster new international partnerships aligned with the Adani Group’s vision for expansion and innovation.”

Ashwani Gupta, with nearly three decided of experience across the automotive, retail, and manufacturing sectors, is recognised globally for leading customer solutions through electrification, autonomous driving, and digital transformation technologies.

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Furthermore, Adani Ports announced that its board has approved fundraising worth Rs 5,000 crore via bonds. 

On a positive note, Adani Group stocks surged over 4 per cent on Wednesday, gaining nearly Rs 64,000 crore, to cross Rs 15 trillion market capitalisation, driven by the buoyed sentiments after the Supreme Court rejected key demands of petitioners in the ongoing SEBI investigation. The market capitalisation of Adani Group went up from Rs 14.47 lakh crore on Tuesday to Rs 15.1 lakh crore.

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As of 12:04 pm, shares of Adani Ports were trading a little over 2 per cent higher at Rs 1,115.50 per share.

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Published January 4th, 2024 at 12:15 IST

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