Gautam Adani steps down to non-executive role in ports business
APSEZ confirmed the news in a stock exchange filing, following a 7% increase in profits
The APSEZ founder was indicted on fraud charges in the US last November, which he has publicly denied
ADANI Ports and Special Economic Zone founder Gautam Adani has stepped back from his role as executive chairman and will instead be redesignated as a non-executive chairman.
He will therefore cease to be “key managerial personnel of the company”, APSEZ said in an exchange filing.
Adani was indicted on fraud charges in the US last year, something that he has since publicly denied.
The global ports giant also reported its financial results for the first quarter of the year, which in India runs from April to June, in which it posted a 21% increase in revenue and a 7% increase in profit after tax compared to the same period in 2024.
Cargo volume handled through its ports increased 11%, buoyed by the opening of several new developments in APSEZ’s portfolio.
The Colombo West International Terminal opened in April of this year, and will handle 3.2m teu when it is fully operational, while a new berth at Dhamra opened during the first quarter also, with two more under construction.
Interestingly, container throughput at APSEZ-operated Haifa increased 25% year on year (and other cargo 38%), leading to the highest quarterly revenue since the port was acquired by APSEZ in 2023.
