(Business Standard) - At 62, Gautam Adani, the chairman of the Adani Group and India’s second-richest man, has set his sights on retirement by the early 2030s.
Adani, who has built a sprawling empire valued at $213 billion, revealed his succession plan in a recent interview with Bloomberg, outlining his intention to pass the baton to the next generation when he turns 70.
The future of the Adani dynasty rests in the hands of his two sons, Karan and Jeet, along with their cousins Pranav and Sagar. Each will hold an equal stake in the family trust, ensuring the legacy and continued growth of the conglomerate that spans sectors from edible oil to airports.
In June, Adani reclaimed the title of Asia’s wealthiest individual, surpassing Reliance Industries Chairman Mukesh Ambani, driven by a significant rally in the stock prices of his companies. With a net worth of $111 billion, Adani now ranks as the 11th richest person globally, while Ambani, with $109 billion, stands at No. 12 on the Bloomberg Billionaires Index.
Adani’s journey to the top was not without challenges. In January 2023, the Hindenburg report shook the Adani empire, accusing it of engaging in offshore shell entities, corruption, and corporate malfeasance. The short-seller’s allegations were labelled as “the largest con in corporate history.” While Adani’s wealth had soared to make him briefly the world’s second-richest person, the fallout from the report wiped out nearly 60 per cent of his fortune.
Despite the setback, Adani’s resilience and strategic moves helped the conglomerate recover, regaining $153 billion in value. The group denied all allegations, and Adani emerged as a formidable force, reaffirming his position as one of the world’s leading industrialists.
Reflecting on the future, Adani expressed confidence in the capabilities of his heirs. “I am happy that all of them are hungry for growth, which is not common in the second generation,” he said during the interview.
“They have to work together to build a legacy," he added.
Pranav Adani, Karan Adani, Sagar Adani, and Jeet Adani hold significant positions across different divisions of the Adani Group.
Let's take a look at their educational backgrounds and the roles they occupy within the organisation:
Pranav Adani
As the Managing Director of Agro, Oil & Gas, and a Director at Adani Enterprises, Pranav Adani has been a driving force since 1999. Under his leadership, Adani Wilmar Limited, known for its Fortune brand, has captured over 20 per cent of India’s edible oil market.
Pranav also spearheaded the group’s foray into agri logistics and real estate, making significant strides in these sectors. An alumnus of Boston University and Harvard Business School’s Owners/President Management Programme, Pranav is also leading the high-profile Dharavi redevelopment project.
Let's take a look at their educational backgrounds and the roles they occupy within the organisation:
Pranav Adani
As the Managing Director of Agro, Oil & Gas, and a Director at Adani Enterprises, Pranav Adani has been a driving force since 1999. Under his leadership, Adani Wilmar Limited, known for its Fortune brand, has captured over 20 per cent of India’s edible oil market.
Pranav also spearheaded the group’s foray into agri logistics and real estate, making significant strides in these sectors. An alumnus of Boston University and Harvard Business School’s Owners/President Management Programme, Pranav is also leading the high-profile Dharavi redevelopment project.
Jeet Adani
Jeet Adani, the youngest of the heirs, entered the Adani Group in 2019 after studying at the University of Pennsylvania – School of Engineering and Applied Sciences. A trained engineer, Jeet is responsible for India’s largest private airport network and the group’s digital ventures. He sees significant potential in the defence and digital sectors for future growth. Jeet initially worked in the Group CFO’s office, dealing with strategic finance, capital markets, and risk and governance policy.
By Nandini Singh - New Delhi
Aug 05 2024
