Gautam Adani's son Karan named as chairman of cement maker company ACC

Digital Desk: The chairman of cement manufacturer ACC has been announced as Karan Adani, son of businessman Gautam Adani. As the Adani juggernaut continues to roll along with its ambitious development plans, the action is being described as momentous.

Karan Adani has been appointed chairman of the board at ACC following Adani's completion of the ACC acquisition. The CEO of Adani Ports and Special Economic Zone is the third richest man's son.

Adani Group completed the acquisition of Ambuja Cements and ACC on Friday, elevating it to the position of second-largest cement producer in the nation.

The agreement saw the Swiss business Holcim selling all of its shares in ACC and Ambuja Cements for Rs 2,300 and Rs 385, respectively, totaling USD 6.4 billion for Holcim.

Ambuja Cements and ACC currently have a combined installed production capacity of 67.5 MTPA, according to a statement from Adani Group. 

The two businesses, which are represented by their 14 integrated units, 16 grinding units, 79 ready-mix concrete facilities, and more than 78,000 channel partners throughout India, are among the strongest brands in India with a tremendous depth of manufacturing and supply chain infrastructure.

The deal, which is worth USD 6.50 billion, is India's largest in the infrastructure and materials sector. Facilities of USD 4.50 billion were obtained from 14 foreign banks to fund the deal.

Soon after the acquisition was complete, ACC announced a number of board resignations, among them that of CEO and MD Neeraj Akhoury.

Vinod Bahety was chosen as the ACC's new chief financial officer among the new hires.

Yesterday, Gautam Adani made news when he momentarily overtook Bill Gates as the second-richest person in the world (Forbes data). With a total net worth of USD 152.2 billion, he is currently the third richest person.

The Adani Group has dramatically increased its expansion plans over the previous year in a variety of areas, including energy, real estate, and infrastructure. The business also wants to acquire a majority stake in the media company NDTV.