Adani Group Chairman Gautam Adani, who is 62 now, has revealed his plans to step down by the age of 70, said a report that quoted him as saying.
Adani told Bloomberg News that the Group will be run together by the second generation. “Succession is very, very important for the business sustainability,” he told the outlet, adding that the transition will be "organic, gradual and systematic" with the choice left to the second generation.
Who are Gautam Adani's heirs?
Gautam Adani's heirs include his sons, Karan and Jeet, as well as his nephews, Pranav and Sagar. Adani's elder son Karan, 37, is currently Adani Ports managing director while his younger son, Jeet, 26, is Adani Airports director. His nephews, Pranav, 45, is Adani Enterprises director and Sagar, 30, is Adani Green Energy executive director. All four of them are named heirs through a family trust.
Adani reportedly asked his sons and nephews whether they wanted to run the Group together or split the conglomerate's businesses and go their separate ways. Following this Karan, Jeet, Pranav and Sagar expressed their intention to run the business together when Adani retires.
The report said that following the decision by Adani heirs to stay united, a plan for a four-way leadership structure has been chalked out. The rejigged structure will require the four of them to work together as their responsibilities are not restricted to any listed entities or units in particular. Various departments, including finance, human resources and IT support, will be run under their shared supervision.
“I am happy that all of them are hungry for growth, which is not common in the second generation. They have to work together to build a legacy,” Adani told Bloomberg.
The report added that either Pranav or Karan are likely to fill Adani's shoes when he steps down. However, there is no official confirmation regarding this.