Vinod Bahety, who has been in charge of Adani Enterprises Ltd.’s M&A activities, will transfer to a new business sector, according to sources, and a formal announcement might come as soon as this month
Asia’s richest man, Gautam Adani, is looking for a new head for his mergers and acquisitions (M&A) strategy because the incumbent will shortly take on a new job within the firm, according to those acquainted with the situation.
Vinod Bahety, who has been in charge of Adani Enterprises Ltd.’s M&A activities, will transfer to a new business sector, according to sources, and a formal announcement might come as soon as this month.
The ports-to-power giant has reached out to possible applicants for the role, according to the sources, who requested not to be identified because the information is confidential.
Adani has actively expanded his business outside the coal industry, where he made his money, into industries like data centres, airports, digital services, media, and health care. Currently, the firm is the largest private sector operator of airports, ports, and coal mines in India.
The business magnate recently filed a hostile takeover bid for New Delhi Television Ltd (NDTV). As the conglomerate attempts to increase its presence in India’s media industry, Adani Group purchased a 29.2 percent stake in NDTV and offered to buy another 26 percent on the open market.
According to the Bloomberg Billionaires Index, Adani, 60, surpassed France’s Bernard Arnault last month to become the world’s third-richest person, following only Elon Musk and Jeff Bezos. It was the first time an Asian made it into the top three of the index; fellow Indian citizen Mukesh Ambani and China’s Jack Ma had never made it that far.