Adani plans to cede control to family by early 2030s: Report
The Hindu
Adani Group chairman Gautam Adani plans succession to sons and cousins, ensuring smooth transition for conglomerate's future.
Adani Group chairman Gautam Adani, 62, plans to step down at the age of 70 and shift control to his sons and their cousins in the early 2030s, he told Bloomberg News.
When Mr. Gautam retires, his four heirs - sons Karan and Jeet, and their cousins Pranav and Sagar - will become equal beneficiaries of the family trust, according to the scions, the report said.
A confidential agreement will dictate the transition of stakes in the conglomerate's firms to the heirs, the Bloomberg report said, citing people familiar with the matter.
Adani Group did not immediately respond to a Reuters request for comment.
Mr. Gautam's elder son Karan Adani is the managing director of Adani Ports, while his younger son Jeet Adani is the director of Adani Airports, according to the Adani Group website.
Pranav Adani is the director of Adani Enterprises and Sagar Adani is the executive director of Adani Green Energy, the website shows.
Mr. Pranav and Mr. Karan are the most obvious candidates to eventually take over as chairman, the Bloomberg report said.
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