adani group Gautam Adani, chairman of Adani Group, has not set any timeline for retiring from his $210 billion diversified business group and handing over the reins to his sons and nephews. The group’s flagship company Adani Enterprises Ltd has informed the stock markets about this. The company said that Adani has been misquoted in a media report regarding equal beneficial interests in heirs and family trust.
No date has been set
Adani Enterprises said, “In a recent interview, Gautam Adani shared his views on succession planning to ensure business sustainability. He said that succession is not just an event but a journey and it should be organic, gradual and systematic.” According to the company, the chairman had not set the age of 70 for his retirement as mentioned in the report. “Adani has not set any date or time for retirement. Adani is also misquoted about successors and equitable beneficial interest in the family trust. He had mentioned the participation of his two sons and two nephews in various businesses of the group,” the company said.
This was said in the report
Bloomberg News reported on August 5 that 62-year-old Adani plans to step down at the age of 70. “Succession is very important for the stability of the business. I left this option to the second generation, because the change should be fundamental, gradual and extremely systematic,” Adani was quoted as saying in the report. The report mentioned Adani’s sons – Karan (37) and Jeet (26) as well as nephews Pranav (45) and Sagar (30) as possible successors. According to this media report, when Gautam Adani retires, the four successors will become equal beneficiaries of the family trust. The family trust controls Adani Enterprises along with eight foreign companies and one domestically formed firm.
Started out as a commodity trader
Adani Enterprises did not give any date for Adani’s retirement or succession plan to the stock exchange. Along with this, it said that Adani has been misquoted about successors and equal beneficial interests in the family trust. Adani started his journey as a commodity trader in the year 1988 and in just a few decades, the Adani Group expanded to ports, airports, roads, power, renewable energy, power transmission, gas distribution, real estate, FMCG, cement, data center and media business.
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