Gautam Adani’s elder son Karan to oversee newly acquired cement firms: Report

Karan Adani, the elder son of the world’s third richest man Gautam Adani, will oversee the Adani Group’s newly acquired cement business, a report by news agency Bloomberg said on Friday.

In May this year, the Adani Group had acquired two major Indian cement giants- ACC and Ambuja Cement for $10.5 billion and seeks to integrate these two companies.

Karan Adani, 35, is currently serving as the chief executive officer (CEO) of Adani Ports and Special Economic Zone Ltd.

People familiar with developments told Bloomberg on Friday that apart from bringing in Karan, Gautam Adani is also planning to enlist key senior executives to help grow the cement business and mentor his son.

Karan Adani is expected to find synergies between the group’s ports and cement businesses in order to create an integrated logistics firm, the above people said.

An announcement on his appointment could come as soon as Friday, they added.

The Adani Group has declined to comment on the development.

Earlier on Friday, Gautam Adani briefly became the second richest man in the world with a net worth is $155.5 billion ( ₹12.37 lakh crore).

He had edged past Louis Vuitton’s chief executive officer (CEO) Bernard Arnault but the latter came back to hold the second spot. Tesla CEO Elon Musk is the world’s richest man.