Adani Group Clarifies Chairman Gautam Adani’s Statements on Succession Planning
By Rashaad Ather, 07 Aug 2024
Gautam Adani, Chairman of Adani Enterprises, recently discussed succession planning in an interview with Bloomberg, emphasizing that the process should be gradual and systematic. However, the Adani Group has stated that he was misquoted regarding his heirs and their stakes in the family trust.
Adani Enterprises clarified media reports on Chairman Gautam Adani’s succession plan. The chairman stated that succession planning should be gradual and systematic, but did not specify a timeline.
The $213 billion company noted that Gautam Adani “has been misquoted concerning heirs and equal beneficial interest in the family trust.”
In the interview, Mr. Adani talked about succession planning for business sustainability, emphasizing that it must be organic, gradual, and systematic. However, the Adani Group clarified that he did not specify a date for succession.
Additionally, he clarified that he was misquoted regarding heirs and equal beneficial interest in the family trust. Media reports stated that his two sons and two nephews would have equal controlling stakes in the group.
The group clarified, “We would like to clarify that, in a recent interview, Mr. Gautam Adani shared his thoughts on succession planning to ensure business sustainability. He said that succession is not just one event, but a journey, and that it must be organic, gradual, and systematic. Mr. Adani did not specify any date or point in time.”
“Further, Mr. Adani has been misquoted about heirs and equal beneficial interest in the family trust. He had mentioned the involvement of his two sons and two nephews in various businesses of the group,” the group said.
Bloomberg had earlier reported that Gautam Adani plans to retire at 70 and pass on his business to his four heirs by the early 2030s.
Social Media Reaction:
Online users showed considerable interest in the succession plan of Adani’s multi-billion dollar empire.
One user wrote, “Dividing such an empire needs strategic insight. Adani’s approach highlights key succession challenges. Reflecting on UAE’s supportive business measures could offer valuable lessons. #Leadership”
Another user noted, “Adani family’s methodical preparation sets them apart, making their succession plan noteworthy.”