The world's third-richest man wants to strengthen his infrastructure empire by getting his son to run a newly acquired cement firm.
One of the biggest preferential allotments for any Indian firm will be made by Ambuja Cement. Within 18 months of issuance, the warrants can be converted into shares.
On Friday, Adani was appointed as a board director and chairman of the cement company. The elder son will be a director on the boards of the two companies. The man would be the chairman of the company.
The ports-to-power conglomerate became India's second- largest cement maker after buying two companies from Switzerland's Holcim.
Asia's richest man forges a $10.5 billion deal.
The cement units are being made a growth engine for the tycoon's empire, fortifying a Logistics chain that includes ports, airports, real estate and coal. Data centers, digital services, telecom and media are just some of the new businesses that Adani has branched out into.
The billionaire plans to bring in his son and senior executives to help grow the business, according to a report. They said that the scion is expected to find synergies between the group's ports and cements businesses.
A huge leap in his fortune made him one of the richest people on the planet in a matter of months. He is now ahead of Jeff Bezos.
The world is built on coal.
The wealth surge was caused by a combination of soaring coal prices and soaring equity gains. A $70 billion bet on green energy by the tycoon has been criticized as an attempt to greenwash the group's coal focus.
(Updates with details throughout.)
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