(The Economic Times) - Adani Group chairman Gautam Adani, now 62, plans to retire at 70 and hand over the reins of his vast empire to the next generation by early 2030s. While India's second richest man is still far from reaching 70, Gautam Adani shared his $213 billion succession plan in an interview with Bloomberg. The Adani dynasty's future lies in the hands of his sons, Karan and Jeet, and their cousins, Pranav and Sagar, who will all have equal shares in the family trust, Bloomberg said in a report quoting scions.
In June, Gautam Adani won back the throne of Asia's wealthiest individual, surpassing fellow Indian and Reliance Chairman Mukesh Ambani, following a significant increase in the stock prices of the companies within his diverse conglomerate that spans from edible oil to airports. With a net worth of $111 billion, Adani now holds the 11th spot on the list of the world's richest individuals. Meanwhile, Ambani, with a wealth of $109 billion, is now ranked at No. 12 on the Bloomberg Billionaires Index.
Adani proved to be 'the last man standing', when Hindenburg hit the conglomerate with allegations of indulging in offshore shell entities, corruption, money laundering and taxpayer theft. The short-seller termed it "the largest con in corporate history".
Before the report's release in January 2023, which accused Adani of a massive corporate fraud, his wealth surged dramatically, briefly making him the world’s second richest. However, the situation took a sharp turn last year as a relentle.
The group denied all claims but the damning report at one point sheared $153 billion off its value, losses it eventually recouped.
According to Bloomberg, Gautam Adani set up a commodity trading company with his brothers, Vinod and Rajesh— the fathers of Pranav and Sagar, respectively—before expanding into ports, airports, coal, and power.
Adani plans to retire at age 70, with his four heirs—sons Karan and Jeet, along with cousins Pranav and Sagar—set to become equal beneficiaries of the family trust, according to the Bloomberg report.
In the interview, Gautam Adani said his four heirs will deliver. "I am happy that all of them are hungry for growth, which is not common in the second generation," he said. "They have to work together to build a legacy."
Adani plans to retire at age 70, with his four heirs—sons Karan and Jeet, along with cousins Pranav and Sagar—set to become equal beneficiaries of the family trust, according to the Bloomberg report.
In the interview, Gautam Adani said his four heirs will deliver. "I am happy that all of them are hungry for growth, which is not common in the second generation," he said. "They have to work together to build a legacy."
Pranav Adani, Karan Adani, Sagar Adani, and Jeet Adani occupy key roles within various branches of the Adani Group.
Pranav Adani
Pranav Adani serves as the Managing Director of Agro, Oil & Gas, and Director of Adani Enterprises. Since 1999, he has propelled Adani Wilmar Limited forward, where the Fortune food brand now holds over 20% market share in India's edible oil segment. According to the Adani Group website, Pranav also facilitated the group's entry into the agri sector with initiatives like Adani Agri Logistics and Adani Agri Fresh.
"Pranav nurtured Adani Gas Limited, in becoming India’s largest private sector listed City Gas Distribution Company, catering to 38 regions that account for 8% of India’s population along with its strategic JV partners Indian Oil Corporation and France Energy Major Total," said the Adani Group website.
His role extends to leading Adani Realty, establishing the group's real estate ventures in Gujarat, Maharashtra, and the NCR. Additionally, Pranav plays a crucial role as the chief custodian of the Brand Adani.
Pranav Adani is also leading the high-profile Dharavi redevelopment project, which involves relocating about a million people. The project faces political opposition.
He holds a Bachelor of Science in Business Administration from Boston University and is an alumnus of the Owners/President Management Program from Harvard Business School.
In 2009, he received the 'Globoil Man of the Year' award.
Karan Adani
Karan Adani is the Managing Director of Adani Ports and SEZ Limited (APSEZ). He oversees established businesses like cement, ports, and logistics, which generate steady cash flows.
"He is focused on transforming APSEZ into an integrated logistics company to enhance customer value", the Adani Group's website said.
Karan aims to expand India's port network, positioning India as a strategic supply chain hub, and targets handling a billion tonnes of volume by 2030.
He is an economics graduate from Purdue University, USA. He is known for his technological acuity and global perspective.
He has successfully steered the growth strategy of APSEZ resulting in its rapid expansion from two ports to a string of ten ports and terminals.
Sagar Adani
Sagar Adani joined the Adani Group in 2015 after completing his Economics degree from Brown University, USA.
Sagar manages the group's energy business and finance. He started his career in Projects and is credited with establishing Adani Green Energy's entire solar and wind portfolio.
He also focuses on renewable energy, planning to build the world's largest renewable energy park by 2030.
"He currently oversees organization building as well as all strategic and financial matters of Adani Green Energy," the Adani Group's website said.
Jeet Adani
Jeet Adani entered the Adani Group in 2019 after studying at the University of Pennsylvania – School of Engineering and Applied Sciences.
Jeet Adani, Gautam's younger son and a trained engineer, is responsible for India's largest private airport network and oversees digital businesses.
He sees significant potential in defense and digital sectors for the group's growth. Adani Digital Labs – which is all set to build a super app to cater to all the consumers of Adani Group businesses.
Initially, he worked in the Group CFO’s office dealing with Strategic Finance, Capital Markets, and Risk & Governance Policy.
Aug 7, 2024
