‘Didn’t give time’: Group clarifies Gautam Adani’s succession plan comment

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Gautam Adani (Photo: Bloomberg)

3 min read Last Updated : Aug 07 2024 | 11:01 AM IST

Adani Enterprises issued a clarification on media reports claiming that Group Chairman Gautam Adani will step down at the age of 70 and will hand over control to his sons and their cousins in the early 2030s.
 


The company said that Chairman Gautam Adani “has been misquoted concerning heirs and equal beneficial interest in the family trust”.

In a communication to the exchanges, the company said, “We would like to clarify that, in a recent interview, Gautam Adani shared his thoughts on succession planning to ensure business sustainability. He said that succession is not just one event, but a journey, and that it must be organic, gradual and systematic. Adani did not specify any date or point in time.”


The company further said that Adani has been misquoted by publications. “Further, Adani has been misquoted about heirs and equal beneficial interest in the family trust. He had mentioned the involvement of his two sons and two nephews in various businesses of the group. We would further like to submit that the share prices are purely market driven and the management of the company neither has any control nor has any knowledge of any specific reason for the movement in price of shares seen yesterday.”

 


The company said, “It is worth noting that share market itself saw a correction of 3 per cent yesterday.”

 


Earlier this week, Bloomberg reported that in a recent interview, Adani (62) said that he plans to retire at the age of 70 and shift the control to the next generation. The report stated, “Adani plans to retire at age 70, with his four heirs — sons Karan and Jeet, along with cousins Pranav and Sagar — set to become equal beneficiaries of the family trust.”

 


The report further quoted Adani as saying, “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.”

 


Pranav Adani, Karan Adani, Sagar Adani, and Jeet Adani occupy prominent roles within various sectors of the Adani Group.


Meanwhile, in June, Adani reclaimed the title of Asia’s richest individual, overtaking Reliance Industries Chairman Mukesh Ambani, thanks to a notable surge in the stock prices of his companies. Adani’s net worth has reached $111 billion, positioning him as the 11th wealthiest person in the world. Meanwhile, Ambani, with a net worth of $109 billion, holds the 12th spot on the Bloomberg Billionaires Index.

First Published: Aug 07 2024 | 11:01 AM IST