Adani Ports and Special Economic Zone Limited announced that at its board of directors meeting held on 3rd January, 2024, approved the following: Due to internal restructuring, the board of directors of the Company, based on the recommendation of nomination & remuneration committee, has approved the following: Re-designation of Mr. Gautam S. Adani, Chairman & Managing Director of the Company as `Executive Chairman' with effect from 4th January, 2024 till the end of his current term i.e. upto 30th June, 2027. The other terms and conditions of his appointment remain unchanged. Re-designation of Mr. Karan Adani, Whole-Time Director & CEO of the Company as `Managing Director' with effect from 4th January, 2024 till the end of his current term i.e. upto 23rd May, 2027.

The other terms and conditions of his appointment remain unchanged. Accepting resignation of Dr. Malay Mahadevia as a Director of the Company with effect from close of business hours on 3rd January, 2024. Mr. Gautam S. Adani, the Chairman and Founder of the Adani Group, has more than 33 years of business experience.

Under his leadership, Adani Group has emerged as a global integrated infrastructure player with interest across Resources, Logistics and Energy verticals. Mr. Adani's success is extraordinary in many ways. His journey has been marked by his ambitious and entrepreneurial vision, coupled with great vigour and hard work.

This has not only enabled the Group to achieve milestones but also resulted in creation of a robust business model which is contributing towards building sound infrastructure in India. Mr. Karan Adani holds a bachelor's degree in economics from Purdue university. He has over 14 years of experience throughout various divisions of Company's operations since 2009.

He is responsible for the strategic development of the Adani portfolio entities and overlooks their day to day operations.