Gautam Adani unveils succession plan: Stepping down in 8 years, sons to take over in early 2030s
Gautam Adani said that he asked his two sons and two nephews if they prefer to divide the Adani Group's extensive businesses.
Adani Group chairman Gautam Adani is planning to step down at the age of 70, he said. The 62-year-old will shift control to his sons in the early 2030s, Bloomberg News reported quoting him in an interview. Talking about his succession plan, Gautam Adani told Bloomberg News, “Succession is very, very important for the business sustainability.”
He said that he had left the choice to the second generation for the transition to be "organic", gradual and very systematic". At present, Adani Group has a total market capitalisation of $213 billion, across 10 listed entities, spanning across infrastructure business, ports, shipping, cement, solar energy, among others.
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What happens when Gautam Adani retires at 70?
Gautam Adani asked his two sons and two nephews if they prefer to divide the Adani Group's extensive businesses and go separate or would they rather stay united, he said. Gautam Adani's sons, Karan and Jeet, and cousins Pranav and Sagar have told him that they intend to run the group as a family even after the patriarch steps down, he told Bloomberg.
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The report noted, “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. 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.”
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What Gautam Adani's heirs said on his decision?
When Adani does step back, the joint decision-making will continue even in the event of a crisis or a major strategic call, they told Bloomberg in separate interviews.
Gautam Adani asserted that his four heirs will deliver. He said, “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.”