PSP Projects Limited has informed the Exchange regarding Appointment of Mr Kattunga Srinivasa Rao as Non- Executive Director of the company w.e.f. August 05, 2025.
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Adani Infra (India) Limited has completed its acquisition of 34.41% stake (1,36,39,972 shares) in PSP Projects — 23.09% bought from promoter Mr Prahaladbhai S Patel via a Share Purchase Agreement and 11.32% acquired from public shareholders through a mandatory open offer. Adani Infra is now classified as a co-promoter with joint control alongside the existing Patel family promoters. As part of the new arrangement, Mr Kattunga Srinivasa Rao (Adani's representative, over 30 years of power and infrastructure experience) has been appointed as an Additional Non-Executive Non-Independent Director for 5 years. Ms Pooja P. Patel (daughter of the Chairman) resigned as Whole-Time Director on August 5, 2025 and was appointed as Chief Executive Officer from August 6, 2025. Mr Prahaladbhai S Patel's designation changed from Chairman, Managing Director and CEO to Chairman and Managing Director. The Articles of Association will be amended to incorporate the shareholders' agreement terms, subject to shareholder approval.
This is a significant ownership and control change — the Adani group now has joint control of PSP Projects, which may bring new strategic direction, potential business synergies, and changes in governance. Existing retail investors should note the shift to joint promoter control and the pending shareholder vote on amended Articles of Association.