Adani Ports board rejig: Gautam Adani redesignated as executive chairman, Karan Adani named MD, Ashwani Gupta CEO
Adani Ports also said that its board approved fundraising of up to Rs 5,000 crore through non-convertible debentures
- Jan 3, 2024,
- Updated Jan 3, 2024 6:36 PM IST
Adani Ports & Special Economic Zone Ltd on Wednesday announced board rejig with Gautam Adani redesignated as executive chairman, Karan Adani named MD and Ashwani Gupta as CEO.
Adani Ports also said that its board approved fundraising of up to Rs 5,000 crore through non-convertible debentures (NCD).
"Due to internal restructuring, the board of directors of the Company, based on the recommendation of nomination & remuneration committee, has approved the following:
"(i) Re-designation of Gautam S. Adani, Chairman & Managing Director of the Company as ‘Executive Chairman’ with effect from 4th January, 2024 till the end of his current term i.e. upto 30th June, 2027. The other terms and conditions of his appointment remain unchanged.
"(ii) Re-designation of Karan Adani, Whole-Time Director & CEO of the Company as ‘Managing Director’ with effect from 4th January, 2024 till the end of his current term i.e. upto 23rd May, 2027. The other terms and conditions of his appointment remain unchanged.
"(iii) Appointment of Ashwani Gupta as (a) Chief Executive Officer of the Company with effect from 4th January, 2024; and (b) Whole-Time Director for a period of 3 years which shall take effect from the date of his obtaining the Director Identification Number and completion of other formalities relating to his appointment as Whole-Time Director, subject to approval of shareholders," said Adani Ports in a stock exchange filing.
"Ashwani Gupta is a seasoned global leader with nearly three decades of enriching experience. He has been instrumental in steering business growth in complex, multicultural, multilocation organizations with a profound and transformative impact. Ashwani Gupta has left an indelible mark on Nissan Motors during his tenure as Global Chief Operating Officer at the headquarters in Japan," said Adani Ports.
Ashwani Gupta did Advanced Management Program at Harvard Business School, a General Management Program from INSEAD, and "a strong foundation in Industrial Engineering", said the Adani Group firm.
"Under his stewardship, Nissan Motors underwent a phenomenal metamorphosis, soaring an exponential upswing in operating profits from $300 million loss to an extraordinary $3 billion operating profits in a record time span of 3 years. His strategic prowess was the cornerstone in establishing partnerships, unveiling growth avenues, and executing key acquisitions across globe, majorly in France, Japan, and China. Notably, his astute leadership extended to spearhead the energy transition, sustainability, digital transformation leading with generative AI infusing dynamism and innovation into the automotive landscape. Concurrently, his revival strategy for Renault-Nissan alliance is a testament of his leadership foresight and strategic agility," said Adani Ports in a statement.
On Wednesday, Adani Ports' scrip on BSE closed 1.4% higher at Rs 1,093.5.
Adani Ports also said it will raise of funds through public issuance of "secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,000 each amounting up to Rs 5,000 crores through one or more tranches in accordance with applicable laws".
Adani Ports & Special Economic Zone Ltd on Wednesday announced board rejig with Gautam Adani redesignated as executive chairman, Karan Adani named MD and Ashwani Gupta as CEO.
Adani Ports also said that its board approved fundraising of up to Rs 5,000 crore through non-convertible debentures (NCD).
"Due to internal restructuring, the board of directors of the Company, based on the recommendation of nomination & remuneration committee, has approved the following:
"(i) Re-designation of Gautam S. Adani, Chairman & Managing Director of the Company as ‘Executive Chairman’ with effect from 4th January, 2024 till the end of his current term i.e. upto 30th June, 2027. The other terms and conditions of his appointment remain unchanged.
"(ii) Re-designation of Karan Adani, Whole-Time Director & CEO of the Company as ‘Managing Director’ with effect from 4th January, 2024 till the end of his current term i.e. upto 23rd May, 2027. The other terms and conditions of his appointment remain unchanged.
"(iii) Appointment of Ashwani Gupta as (a) Chief Executive Officer of the Company with effect from 4th January, 2024; and (b) Whole-Time Director for a period of 3 years which shall take effect from the date of his obtaining the Director Identification Number and completion of other formalities relating to his appointment as Whole-Time Director, subject to approval of shareholders," said Adani Ports in a stock exchange filing.
"Ashwani Gupta is a seasoned global leader with nearly three decades of enriching experience. He has been instrumental in steering business growth in complex, multicultural, multilocation organizations with a profound and transformative impact. Ashwani Gupta has left an indelible mark on Nissan Motors during his tenure as Global Chief Operating Officer at the headquarters in Japan," said Adani Ports.
Ashwani Gupta did Advanced Management Program at Harvard Business School, a General Management Program from INSEAD, and "a strong foundation in Industrial Engineering", said the Adani Group firm.
"Under his stewardship, Nissan Motors underwent a phenomenal metamorphosis, soaring an exponential upswing in operating profits from $300 million loss to an extraordinary $3 billion operating profits in a record time span of 3 years. His strategic prowess was the cornerstone in establishing partnerships, unveiling growth avenues, and executing key acquisitions across globe, majorly in France, Japan, and China. Notably, his astute leadership extended to spearhead the energy transition, sustainability, digital transformation leading with generative AI infusing dynamism and innovation into the automotive landscape. Concurrently, his revival strategy for Renault-Nissan alliance is a testament of his leadership foresight and strategic agility," said Adani Ports in a statement.
On Wednesday, Adani Ports' scrip on BSE closed 1.4% higher at Rs 1,093.5.
Adani Ports also said it will raise of funds through public issuance of "secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,000 each amounting up to Rs 5,000 crores through one or more tranches in accordance with applicable laws".