Who is Karan Adani, 35-year-old Gautam Adani's elder son to head ACC?
Karan Adani, the elder son of billionaire Gautam Adani, is taking over as the Chair of ACC — the cement major with Rs 16,151 crore in revenue. He holds a degree in Economics from Purdue University, started his corporate career at Mundra port -- the first mega project undertaken by the Adani group.
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FollowGautam Adani, the head of the Adani group, has been named chairman of the board of Ambuja Cements following the purchase of Ambuja Cements Ltd. and ACC Ltd. The chairman and non-executive director positions of ACC were given to Karan Adani, the eldest son of Gautam Adani.
Karan will also be a non-executive director at Ambuja Cements; Holcim's representatives have quit the boards. Currently, Karan Adani is the CEO of Adani Ports and Special Economic Zone Limited (APSEZ).
Karan, 35, who is renowned for his hands-on attitude and execution abilities, was a key player in the Adani family's acquisition of Ambuja Cements and ACC for a $6.4 billion all-cash deal.
Karan, who is now the CEO of Adani Ports, follows the late Pallonji Mistry and Nani Palkhivala as the head of the 86-year-old corporation. When 10 cement businesses joined together to become ACC in 1936, the company—once partially controlled by the Tata group—was born. In 1999, the Tata family left the business by selling a share to Ambuja Cements.
Also Read | Adani acquires Ambuja Cements and ACC, becomes India's second largest cement player
The head of the Adani family, Gautam Adani, will now serve as the chair of Ambuja Cements, which holds a 54.5% share in ACC. In order to grow their interest from the present 63.11 percent, the family has sought to invest an additional Rs 20,000 crore in Ambuja Cements through convertible warrants.
Karan, who graduated from Purdue University with a degree in economics, began his business career at Mundra port, the Adani group's first major undertaking. Dr. Malay Mahadevia, a trusted family member and mentor, guided him. He is presently in charge of the strategic growth of the Adani group and controls its day-to-day operations across many companies after gaining practical expertise at all levels of the organization's operations since 2009.
Karan is married to Paridhi, a partner in Cyril Amarchand Mangalas and is the daughter of Cyril Shroff – one of India’s top corporate legal minds.
Also Read | Indian billionaire Gautam Adani becomes second richest man in the world: Report
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