Adani Ports and Special Economic Zone Ltd (APSEZ) has announced a top-level rejig that saw the elevation of chief executive officer (CEO) Karan Adani to the role of managing director.

At a board meeting held on Wednesday, the directors also approved the appointment of Ashwani Gupta, the former global chief operating officer at Nissan Motors, as the new CEO.

The position of managing director was earlier held by founder Gautam Adani (who was the chairman and MD).

He has now been re-designated ‘executive chairman’ of the company.

Adani Ports said in a statement after market hours that under the leadership of Karan Adani in his term as CEO, it has experienced a period of remarkable growth, significantly contributing to the nation’s infrastructure development.

Karan Adani, who began his career with the group in 2009 at Mundra Port, took over as the chief executive officer in 2016.

APSEZ said that after that its portfolio rapidly expanded with the addition of four ports and terminals in India, one in Sri Lanka and one in Israel.

The company pointed out that following a series of strategic expansions and partnerships, it has become India’s fastest growing and largest private sector port developer and operator.

APSEZ has a spread of 14 ports along India’s coastline and two ports outside India.

Along with its subsidiary, Adani Logistics Ltd, APSEZ is the largest and most diversified private rail operator in India, with a strong share in both logistics and the harbour and dredging business.

Commenting on the appointment of Gupta, Karan Adani, who is the elder son of Gautam Adani, said, “His appointment is a strategic move to strengthen our global leadership position in the port sector.

“We are confident that his expertise, leadership skills and global exposure will drive exceptional growth and foster new international partnerships aligned with the Adani Group’s vision for expansion and innovation.”