Karan Adani gets two key posts in Adani Group’s cement business
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 named a non-executive director of Ambuja Cement, according to sources familiar with the issue. 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 managing the Group’s port business for the last 15 years.
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.
The board of Ambuja Cements approved a plan to inject Rs 20,000 crore into Ambuja through the preferential allocation of warrants during a board meeting today.
This will go a long way toward giving Ambuja the money it needs to seize the market’s growth potential.
Ambuja Cements and ACC will both profit from synergies with the integrated Adani infrastructure platform under Karan’s leadership, particularly in the fields of raw materials, renewable energy, and logistics, where Adani Portfolio firms have extensive experience and in-depth knowledge.