Published : Wednesday, 7 August, 2024 at 12:00 AM Count : 243
Aug 6: Adani Group chairman Gautam Adani, 62, plans to step down at the age of 70 and shift control to his sons and their cousins in the early 2030s, he told Bloomberg News in an interview published on Monday.
When Adani retires, his four heirs - sons Karan and Jeet, and their cousins Pranav and Sagar - will become equal beneficiaries of the family trust, according to the scions, the report said.
A confidential agreement will dictate the transition of stakes in the conglomerate's firms to the heirs, the Bloomberg report said, citing people familiar with the matter.
Gautam Adani's elder son Karan Adani is the managing director of Adani Ports, while his younger son Jeet Adani is the director of Adani Airports, according to the Adani Group website.
Pranav Adani is the director of Adani Enterprises and Sagar Adani is the executive director of Adani Green Energy, the website shows.
Pranav and Karan are the most obvious candidates to eventually take over as chairman, the Bloomberg report said.
"Succession is very, very important for the business sustainability. I left the choice to the second generation as the transition must be organic, gradual and very systematic," Gautam Adani said.
When Adani does step back, the joint decision-making will continue even in the event of a crisis or a major strategic call, the Adani children told Bloomberg in separate interviews.
The report comes at a time when Adani Enterprises, the flagship firm of the Adani Group, saw its first quarter profit more than double, as the conglomerate expanded its new energy business through more investments in renewable energy. —AFP
