In a strategic move, Adani Ports and Special Economic Zone (APSEZ), India’s largest ports and logistics company, announced the elevation of CEO Karan Adani as its new Managing Director. This reshuffling sees the company’s founder, Gautam Adani, being re-designated as the executive chairman.
Karan Adani, who commenced his career with the Adani Group in 2009 at Mundra Port, steadily ascended to the position of CEO in 2016. The Adani Group issued a statement indicating that the 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.
In a separate development, APSEZ revealed plans to raise up to $600.6 million through the sale of non-convertible debentures. However, the company did not specify the utilization of the proceeds.
Last December, Adani Ports successfully raised $600 million through bond issuance, utilizing the funds to refinance its debt. As of September 30, 2023, the company’s cash and cash equivalents amounted to 72.90 billion rupees, while its net debt stood at approximately 387 billion rupees.
Adani Group companies have been actively securing funds for capital expenditure since early 2023, with plans to invest seven trillion rupees over the next decade in various infrastructure projects.
In a notable development, the Supreme Court recently declined to institute a Special Investigation Team (SIT) to probe allegations against the Adani Group. The court asserted that the Securities Exchange Board of India (SEBI) would continue its ongoing investigation, citing no evidence of SEBI’s lack of diligence. The court emphasized its reluctance to interfere in the regulatory domain based on external reports, such as the one from US-based firm Hindenburg.
