Gautam Adani redesignated as non-executive chairman of APSEZ

Adani Ports and Special Economic Zone Ltd (APSEZ) -- part of the Adani Group -- on Tuesday said billionaire Gautam Adani has been redesignated from executive chairman to non-executive chairman with immediate effect.

APSEZ in an regulatory filing said, based on the recommendation of nomination and remuneration committee, the board has approved redesignation of Gautam Adani from executive chairman to non-executive chairman with effect from August 5, and consequently he would cease to be a key managerial personnel of the company.

The company appointed Manish Kejriwal as additional director (non-executive, independent) of the company for an initial term of three years from August 5, subject to the approval of shareholders within three months.

APSEZ is part of the globally diversified Adani Group, with a national footprint of 15 ports and a presence in four ports outside India.