Adani Group’s giant company will raise ₹5,000 crore, Karan Adani appointed MD

The Board of Directors of Adani Ports and Special Economic Zone Limited (APSEZ) has approved raising funds up to Rs 5,000 crore through non-convertible debentures (NCDs). The company has given this information to the stock exchanges on January 3. The company has also announced the re-appointment of Gautam Adani as the executive chairman, while Karan Adani has been re-appointed as the MD of the company. Ashwani Gupta has been appointed CEO of the company.

The company said, “We would like to inform you that the Board of Adani Ports and Special Economic Zone Limited has approved raising up to Rs 5,000 crore in its meeting held on January 3, 2024.”

Company starting to raise funds

The company operates 13 ports and terminals in India, including its largest container handling port, Mundra in Gujarat. Adani Group companies are starting to raise funds for capital expenditure, and plan to spend Rs 7 trillion on infrastructure projects over the next decade.

Cargo volume increased by 42 percent

Adani Ports is looking to handle cargo volumes of more than 400 metric tonnes (MMT) in the current financial year 2023-24, which will exceed the upper end of the guidance range of 370-390 MMT provided at the beginning of the year. In December 2023, the company said in its exchange filing that its cargo volumes grew 42 per cent year-on-year (YoY) to 35.65 MMT.