According to people familiar with the situation, Karan Adani, the elder son of Gautam Adani, the third-richest person in the world, will be in charge of managing the family’s expanded cement operation as the rapidly growing conglomerate works to combine the two cement businesses it bought for $10.5 billion in May.
Adani is trying to bring his son into the new businesses that were acquired by the company this year. Efforts made by the Indian Billionaire seem to indicate that he is trying to teach his son Karan who is currently 35 years of age as confirmed by a senior member of the company who wants to remain anonymous.
According to the sources, he is anticipated to identify synergies between the group’s port and cement sectors in order to establish an integrated logistics company. The announcement of Karan’s new position might come as soon as Friday according to sources.
The wealth rise, which was powered by rising coal prices and soaring equities profits, allowed his Adani Group to accelerate its goals and quickly move beyond its roots in commodities and fossil fuels into industries like telecommunications, television, and airports. The billionaire is also placing a $70 billion wager on green energy, a move that has been decried as an effort to greenwash the organization’s coal-focused agenda. Adani’s biggest spend of the year is the expenditure on the two cement companies one of them is the second largest cement maker in the country Ambuja Cements Ltd.