Gautam Adani has decided to take over two giants for $10.5 billion and hand over their operations to his elder son Karan Adani (35). Both these companies are involved in cement manufacturing. Please tell that Karan Adani currently looks after the port business of Adani Group. He is the CEO of Adani Ports and Special Economic Zone. After the acquisition of two big cement companies, Gautam Adani has taken over the responsibility of chairman of Ambuja Cement while he handed over the responsibility of SCC to his elder son Karan Adani.
ACC Cement was once with the Tata Group
The Tata group also once had a stake in ACC, but in 1999 it sold its stake to Ambuja Cements. Interestingly, the Adani Group has recently overtaken the Tata Group to become the most valuable business group in the country. The revenue of ACC is Rs 16,151 crore. Karan Adani is going to take over the reins of ACC Cements at a time when a lot of turmoil is expected in the cement sector.
Adani Group will be second in the cement business
Sources have been quoted in media reports as saying that apart from putting his son in the cement business, Gautam Adani is also planning to introduce senior professionals in this business. The acquisition of ACC Limited has been completed. Adani Group will be the second largest cement manufacturing company in the country after the acquisition of two cement giants. Aditya Birla Group's UltraTech Cement is at number one. According to media reports, the Adani Group is working on a plan to synergize the group's ports and cement businesses to form an integrated logistics firm and for this, Karan Adani has been appointed as a non-executive director of Ambula Cement.
Karan Adani has given rapid expansion to the port's business
Gautam Adani's elder son Karan Adani is currently handling the port business of Rs 15,934 crore. Where he was appointed to the post of CEO in January 2016. While living on this, he expanded the company rapidly. After joining the Adani Group, both Ambuja and ACC Cement are expected to benefit from the synergy with the Adani infrastructure platform.
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