Karan Adani is ACC chairman; Ambuja will get Rs 20K-cr enhance

In a board reshuffle on Friday following the completion of the acquisition of Switzerland-based constructing supplies conglomerate Holcim’s India belongings, Ambuja Cements and ACC, Gautam Adani was appointed chairman of Ambuja Cements whereas his elder son Karan was named a director of each cement corporations and as chairman of ACC.

For Karan, this is able to be further tasks, because the 35-year-old can be the chief government officer of Adani Ports and Special Economic Zone.

Adani Group additionally named new unbiased administrators on the boards of the 2 corporations. These included former State Bank of India (SBI) chairman Rajnish Kumar on the Ambuja Cement board and former Shell India head Nitin Shukla on the ACC board.

The conglomerate additionally named Ajay Kumar as the brand new CEO of Ambuja Cement instead of Neeraj Akhoury and Sridhar Balakrishnan for ACC. ACC additionally appointed Vinod Bahety as chief monetary officer.

The acquisition of Holcim’s India belongings, introduced on May 15, additionally marked Adani Group’s foray into cement enterprise — instantly propelling it to the second slot — with a complete manufacturing capability of 67.5 million tonne every year (MTPA).

Separately, Ambuja Cements will increase as much as Rs 20,001 crore by means of preferential allotment of warrants to Harmonia Trade and Investment, an Adani household agency.  FE