Adani Group chairman Gautam Adani, 62, plans to step down at 70 and shift control to his sons and their cousins in the early 2030s, he told Bloomberg News in an interview published on Monday.
When Adani 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.
The Bloomberg report, citing people familiar with the matter, said a confidential agreement will dictate the transition of stakes in the conglomerate’s firms to the heirs.
Adani Group did not immediately respond to a Reuters request for comment.
According to the Adani Group website, Gautam Adani’s elder son, Karan Adani, is the managing director of Adani Ports, while his younger son, Jeet Adani, is the director of Adani Airports.
The website shows that Pranav Adani is the director of Adani Enterprises, and Sagar Adani is the executive director of Adani Green Energy.
Pranav and Karan are the most obvious candidates to eventually take over as chairman, according to the Bloomberg report.
“Succession is very, very important for the business sustainability. I left the choice to the second generation as the transition must be organic, gradual and very systematic,” Gautam Adani said.
When Adani does step back, the joint decision-making will continue even in the event of a crisis or a major strategic call, the Adani children told Bloomberg in separate interviews.
The report comes at a time when Adani Enterprises, the flagship firm of the Adani Group, saw its first-quarter profit more than double as the conglomerate expanded its new energy business through more investments in renewable energy.