Industrialist Gautam Adani has stepped down as executive chairman of Adani Ports and Special Economic Zone Ltd (APSEZ), effective August 5. He will now serve as non-executive chairman, allowing him to focus on other Adani Group entities. The company also appointed Manish Kejriwal as an independent director.
Gautam Adani. Image/File Pic
After years of establishing business across various sectors, industrialist Gautam Adani on Tuesday stepped down as executive chairman of Adani Ports and Special Economic Zone Ltd (APSEZ). The conglomerate, which is a part of the Adani Group, is one of the largest port operating companies in India. On Tuesday, billionaire Gautam Adani said that he has resigned as executive chairman to a non-executive chairman with immediate effect.
As reported by news agency PTI, APSEZ in a regulatory filing said, based on the recommendation of the nomination and remuneration committee, the board has approved the redesignation of Gautam Adani from executive chairman to non-executive chairman with effect from August 5. It has also been reported that Gautam Adani will continue to cease being key managerial personnel of the company.
Soon after Gautam Adani’s stepping down from the position of executive chairman, the company appointed Manish Kejriwal as an additional director (non-executive, independent) for an initial term of three years from August 5, subject to the approval of shareholders within three months.
In a statement, APSEZ stated, “This change ensures compliance with the applicable provisions of the Companies Act, which restrict key managerial personnel from holding executive positions in more than one company simultaneously,” as cited by news agency PTI.
The company, while addressing the scenario, stated that, "Given that APSEZ already has two executive directors – a Managing Director and a Whole-Time Director & CEO – this redesignation will also enable Mr Adani to devote greater attention to the strategic direction and growth of other entities within the Adani Group. Mr Adani continues to serve as the Chairman of APSEZ, "as per news agency PTI.
Adani Ports and Special Economic Zones are a part of the globally diversified Adani Group, with a national footprint of 15 ports and a presence in four ports outside India.
Earlier, Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday also reported a 21 per cent year-on-year (YoY) growth in consolidated revenue for the April-June quarter. The massive growth was led by a two-fold rise in logistics revenue and a nearly three-fold jump in its marine business. Furthermore, the company posted Rs 9,126 crore in revenue for the first quarter of FY26, compared to Rs 7,560 crore a year ago. Net profit rose 7 per cent to Rs 3,311 crore, while EBITDA grew 13 per cent to Rs 5,495 crore, as per news agency ANI.
(With inputs from PTI and ANI)
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