Karan Adani, the eldest son of the world’s third-richest man, Gautam Adani, will oversee the family’s scaled-up cement business, according to those familiar with the case, as the fast-growing conglomerate sells the two cement companies that it will sell for $ 10.5 has taken over wants to integrate. billion in May.
In addition to bringing in his son, the Indian billionaire also plans to hire key senior executives to help grow the cement industry and guide Karan, according to the people, who asked not to be identified because the information is private.
Karan, 35, is currently the chief executive officer of Adani Ports and Special Economic Zone Ltd. He is expected to find synergies between the group’s port and cement businesses to create an integrated logistics company, the people said.
An announcement about Karan’s appointment could come as soon as Friday, people said. A representative of Adani Group declined to comment.
Gautam Adani has become hugely famous this year, when a notable leap in his fortune made him one of the richest people on the planet in a matter of months, leapfrogging compatriot Mukesh Ambani and titans like Bill Gates and Warren Buffett. He now wins over world No. 2 Jeff Bezos.
A combination of rising coal prices and skyrocketing equity gains fueled the rise in wealth, enabling his Adani Group to amplify its ambitions and quickly diversify beyond its basic commodities and fossil fuels into airports, media, digital services and telecommunications.
The tycoon is also betting $70 billion on green energy, a move that has been criticized as an attempt to green the group’s coal focus.
Adani’s biggest spend this year, however, was on cement, with the billionaire creating India’s second largest cement producer by opening Ambuja Cements Ltd in May. and ACC Ltd. of the Swiss Holcim Ltd. to buy.
Indian cement maker ACC Ltd said Friday it has appointed Karan Adani, the son of Indian billionaire Gautam Adani, as chairman of its board, according to a Reuters report.