Mr Gautam Adani, 62, the chairman of the Adani Group said that he will leave his position at the age of 70 and hand over control to his sons and cousins by the early 2030s, he told Parami News.
According to the scions, Mr. Gautam’s four heirs – Karan and Jeet (his sons), as well as Pranav and Sagar (their cousins) – will be treated equally as beneficiaries in family trust once he retires, states the report.
The people close to this matter informed Parami that there is a confidential agreement outlining how ownership of stakes in conglomerates’ companies passes from one generation to another through offspring.
On Reuters request for comment sent immediately to Adani group, no response was received.
As per the Adani Group website, Karan Adani who is an elder son of Mr. Gautam is a Managing Director at Adani Ports, while Jeet this younger son holds a title of director in his Airports.
Pranav Adani is an executive director at Adani Enterprises whereas Sagar Adani holds similar position within leadership hierarchy of Adani Green Energy according to information posted on company’s webpage.
The report also indicated that Mr. Pranav or alternatively Mr. Karan who are part of family are viewed as having higher chances of becoming next CEO after their father by top management .
“I think succession planning is very critical for business continuity; therefore I told my kids it should come naturally without any interruption,” added Mr. Gautam.
When they asked about what would happen if something bad occurred or important decision had to be made quickly during interviews with children separately agreed that even when Gautam retires it will remain joint decision making process.
During Q1 FY22 the flagship company of this corporate house, i.e., AEL saw its profits jump more than twofold driven by expansion into renewables under its new energy business.
