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, the report stated.
A confidential agreement will manage the transition of stakes in the conglomerate’s firms to the heirs, Bloomberg reported, citing sources 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 leading candidates to eventually take over as chairman, Bloomberg reported.
“Succession is very, very important for 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 steps back, joint decision-making will continue even during crises or major strategic decisions, the Adani children told Bloomberg in separate interviews.
The report comes as Adani Enterprises, the flagship firm of the Adani Group, saw its first-quarter profit more than double, driven by investments in renewable energy.
(With inputs from Reuters)
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