Mumbai, Aug. 6 -- Gautam Adani has stepped down as a key managerial personnel from Adani Ports and Special Economic Zone (APSEZ), the most valuable firm in his infrastructure empire, transitioning to the role of non-executive chairman.

APSEZ made the announcement in a regulatory filing.

The decision was made based on the recommendation of nomination and remuneration committee.

The move comes in line with Section 203(3) of the Companies Act, which bars an individual from holding executive positions in more than one company at the same time.

His elder son Karan Adani (38), who has been overseeing operations at APSEZ, will continue as managing director.

Karan joined the board in 1998 and formally took charge in 2023 when Gautam was re-d...