Gautam Adani to step down as Adani Group chairman in 8 years, sons to take over in early 2030s: Report
-, Aug 05, 2024, India Blooms News Service69
Ahmedabad/IBNS: Gautam Adani, the chairman of Indian multinational conglomerate Adani Group, said he is planning to step down as the groups chairman at the age of 70.
Bloomberg reported, quoting the 62-year-old billionaire business magnate, that he will shift control of Adani Group to his sons in the early 2030s.
Talking about his succession plan during an interview with Bloomberg, Gautam Adani said, Succession is very, very important for the business sustainability.
Gautam Adani said that he had left the choice to the second generation for the transition to be organic, gradual and very systematic.
At present, the Ahmedabad-based conglomerate has a total market capitalisation of $213 billion, across 10 listed entities, spanning across infrastructure business, ports, shipping, cement, solar energy, among others, as per reports.
Gautam Adani had asked his two sons and two nephews if they prefer to divide the Adani Groups extensive businesses and go separate or would they rather stay united, he told Bloomberg.
Adani told Bloomberg that his sons, Karan and Jeet, and cousins Pranav and Sagar had told him that they intend to run the group as a family even after the patriarch steps down.
That answer set in motion a series of moves, many of which have escaped public attention, such as the creation of a four-way leadership structure that splits management of the businesses but requires the heirs to work together, the report noted.
Their areas of responsibility do not neatly align with specific units or listed entities. Even common services across the group such as human resources, finance and IT support have been carved up among the four, it added.
Responding to Gautam Adanis succession plan, his heirs told Bloomberg in separate interviews, When Adani does step back, the joint decision-making will continue even in the event of a crisis or a major strategic call.
Gautam Adani, however, asserted that his four heirs will deliver, saying, 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.