New Delhi. Adani Group Chairman Gautam Adani 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 Limited 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.
Adani Enterprises said, in a recent interview, Gautam Adani shared his views on succession planning to ensure sustainability of the business. 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 did not set the age of 70 for his retirement as mentioned in the report. Adani did not set any date or time for retirement, the company said. Adani is also misquoted about successors and equitable beneficial interest in the family trust.
He mentioned the involvement of his two sons and two nephews in various businesses of the group. Bloomberg News reported on August 5 that 62-year-old Adani is planning to step down at the age of 70. In this report, Adani was quoted as saying, “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.” In this report, Adani’s sons – Karan (37) and Jeet (26) as well as nephews Pranav (45) and Sagar (30) were mentioned as possible successors. According to this media report, when Gautam Adani retires, all 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. 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 has expanded to ports, airports, roads, power, renewable energy, power transmission, gas distribution, real estate, FMCG, cement, data center and media business.
