The 35-year-old reclusive Karan Adani, elder son of billionaire Gautam Adani, has bagged two key posts in the new cement business, which the Group, with market valuation of $226 billion has forayed by making the largest acquisition of two cement giants -- ACC and Ambuja Cement.
Sources familiar with the development have confirmed that Karan Adani has been appointed as non-executive director of Ambuja Cement. Additionally, he has been appointed as the non-executive chairman in ACC. Currently, Karan Adani is the CEO of Adani Ports and Special Economic Zone Limited (APSEZ).
Clearly, cement is the next big portfolio that has come under Karan Adani's fold who has been managing the Group's port business in the last one and a half decades.
Adani Group will hold 63.15 per cent in Ambuja Cements and 56.69 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). The combined market capitalisation of Ambuja Cements and ACC is $19 billion.
With this acquisition, Adani is now India’s second largest cement manufacturer with a capacity of 67.5 MTPA.
So far, Karan Adani has been honing his skills at the Rs 15,934 crore port business, which is the largest commercial port which handles nearly one-fourth of the country's cargo. Their entire port business is now positioned as an integrated player for the corporate sector, replete with ports, logistics and SEZ. Since Karan took over as CEO in January 2016, the company has been on a transformational path.
In a board meeting today, the board of Ambuja Cements has also cleared a plan to infuse Rs 20,000 crore into Ambuja by way of preferential allotment of warrants.
This will go a long way in providing Ambuja the much needed funds to capture the growth opportunities in the market.
Under Karan's leadership, both Ambuja Cements and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise.
Also read: Gautam Adani-led Adani Group pips Tata Group to become most valuable in terms of market value
Also read: Adani Power vs Tata Power: Which stock do analysts recommend?