Gautam Adani, the 62-year-old chairman of Adani Group, has revealed his plans to retire at the age of 70 and transfer control to his sons and their cousins in the early 2030s, according to an interview with Bloomberg News quoted by Reuters.
Gautam Adani emphasized the importance of succession for business sustainability, saying, “I left the choice to the second generation as the transition must be organic, gradual and very systematic.”
Upon Adani’s retirement, his four heirs – sons Karan and Jeet, and their cousins Pranav and Sagar – will become equal beneficiaries of the family trust, as reported by the scions.
According to the Reuters report, sources familiar with the matter informed Bloomberg that a confidential agreement will govern the transition of stakes in the conglomerate’s firms to the heirs.
The Adani children informed Bloomberg in separate interviews that even in the event of a crisis or a major strategic decision, joint decision-making will continue when Gautam Adani steps back.
As per the Adani Group website, Gautam Adani’s elder son Karan Adani serves as the managing director of Adani Ports, while his younger son Jeet Adani holds the position of director at Adani Airports. Pranav Adani is the director of Adani Enterprises, and Sagar Adani is the executive director of Adani Green Energy.
The Bloomberg report suggests that Pranav and Karan are the most likely candidates to eventually assume the role of chairman.
This report comes as Adani Enterprises, the flagship firm of the Adani Group, witnessed its first quarter profit more than double, driven by the conglomerate’s expansion of its new energy business through increased investments in renewable energy.
Gautam Adani emphasized the importance of succession for business sustainability, saying, “I left the choice to the second generation as the transition must be organic, gradual and very systematic.”
Upon Adani’s retirement, his four heirs – sons Karan and Jeet, and their cousins Pranav and Sagar – will become equal beneficiaries of the family trust, as reported by the scions.
According to the Reuters report, sources familiar with the matter informed Bloomberg that a confidential agreement will govern the transition of stakes in the conglomerate’s firms to the heirs.
The Adani children informed Bloomberg in separate interviews that even in the event of a crisis or a major strategic decision, joint decision-making will continue when Gautam Adani steps back.
As per the Adani Group website, Gautam Adani’s elder son Karan Adani serves as the managing director of Adani Ports, while his younger son Jeet Adani holds the position of director at Adani Airports. Pranav Adani is the director of Adani Enterprises, and Sagar Adani is the executive director of Adani Green Energy.
The Bloomberg report suggests that Pranav and Karan are the most likely candidates to eventually assume the role of chairman.
This report comes as Adani Enterprises, the flagship firm of the Adani Group, witnessed its first quarter profit more than double, driven by the conglomerate’s expansion of its new energy business through increased investments in renewable energy.