Gautam Adani is planning to pass down the reins of his empire to the next generation soon.
What Happened: He plans to step down at 70 and transfer control to his sons and their cousins in the early 2030s, the Adani Group chairman said in an interview with Bloomberg.
His four successors, sons Karan and Jeet, and their cousins Pranav and Sagar, are set to become equal beneficiaries of the family trust upon his retirement. The transfer of stakes in the group’s companies to the successors will be governed by a confidential agreement, sources told Bloomberg.
Karan Adani is currently serving as the managing director of Adani Ports, while Jeet Adani is the director of Adani Airports. Pranav Adani is the director of Adani Enterprises and Sagar Adani is the executive director of Adani Green Energy.
Pranav and Karan are the most probable contenders for the group chairman’s position, according to the Bloomberg report.
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“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 in the interview.
The Adani heirs have assured that they will continue to make joint decisions, even in times of crisis or when making significant strategic calls, after Gautam Adani steps down.
Price Action: Shares of Adani Enterprises were down 1.95% at ₹3,099.40 on Monday morning.
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