Indian tycoon Gautam Adani elevates son to chairman of cement maker ACC
South Asia
Cement maker ACC Ltd said on Friday that Karan Adani, son of India's richest man Gautam Adani, was named chairman of its board, as the Adani conglomerate expands its presence beyond power generation and infrastructure.
Gautam Adani, who has a net worth of $152.6 billion according to Forbes, is currently ranked third richest in the world, behind tycoons Elon Musk and Jeff Bezos.
The Adani group ventured into cement-making operations earlier this year with its $10.5 billion acquisition of Holcim AG's cement businesses in India - Ambuja Cements Ltd and ACC Ltd.
Now, the group is seeking to take control of a majority stake in the popular New Delhi Television, a move the news group is contesting.
Adani's latest ventures intensify his competition with oil-to-chemicals conglomerate Reliance Industries' chairman Mukesh Ambani, whose net worth is pegged at $91.6 billion by Forbes.
Karan Adani, currently the chief executive of Adani Ports and Special Economic Zone, became the chairman effective Friday, ACC said in a statement.
The cement maker also appointed Vinod Bahety as chief financial officer.
The appointments come at a time when the investigations arm of the Competition Commission of India has held top leadership of Indian cement makers liable for antitrust violations.
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