India’s largest commercial ports operator Adani Ports and Special Economic Zones Limited (APSEZ) recently announced the acquisition of 75% stake in Krishnapatnam Port Company Ltd (KPCL) for an enterprise value of Rs 13,500 crore.
Located in southern Andhra Pradesh, Krishnapatnam port is the second largest private sector multi-cargo port in India.
The acquisition fits well into Adani group’s dream of operating a string of ports dotted across the Indian coastline. The man spearheading the group’s aggressive expansion in ports is Karan Adani, chief operating officer (CEO) and whole-time director, APSEZ.
Just a day before inaugurating the construction work of Vizhinjam transshipment port in Kerala on December 5, 2015, Karan, then executive director at APSEZ, made his intentions clear by saying, “We are looking at developing port projects in Karnataka, Maharashtra and Andhra Pradesh. We will be acquiring existing assets in these states.”
A few weeks later, Karan, the eldest son of Adani group patriarch Gautam Adani, took over as the CEO of APSEZ. He worked hard to achieve the group’s target of handling 200 MMT cargo (accomplished in 2018-19) and has now geared up to realize 400 MMT vision by fiscal 2025.
The 32-year-old is currently spearheading a transformation at APSEZ to form an integrated logistics company with the objective to add further value for the customers.
Karan, who holds a degree in economics from the Purdue University, USA, has been managing various port operations of Adani Group since 2009. He started his career by learning the intricacies of the port operations at Mundra. Accumulating experience right from the base level, the young CEO today is responsible for the strategic development of the Adani Group and overlooks its day-to-day operations.
He believes in setting the highest benchmarks in all areas of business and has successfully steered the growth strategy of APSEZ resulting in its rapid expansion spanning ten ports and terminals in less than a decade.