India’s Adani plans to hand over control to family by early 2030s, Bloomberg News reports

(Reuters) – Gautam Adani, the 62-year-old chairman of Adani Group, plans to step down at age 70 and hand over control of the company to his sons and their cousins ​​in the early 2030s, he said in an interview with Bloomberg News published on Monday.

Once Adani retires, his four heirs — sons Karan and Jeet and their cousins ​​Pranav and Sagar — will become equal beneficiaries of the family wealth, descendants said, the report said.

As we read in a Bloomberg report, citing people familiar with the matter, the secret agreement will determine the transfer of shares in the conglomerate’s companies to the heirs.

Adani Group did not immediately respond to 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.

According to the website, Pranav Adani is the director of Adani Enterprises and Sagar Adani is the executive director of Adani Green Energy.

According to Bloomberg, the most obvious candidates for the CEO position are Pranav and Karan.

“Succession is very, very important for the sustainability of the business. I have left the choice to the second generation because the transition has to be organic, gradual and very systematic,” Gautam Adani said.

When Adani steps down, joint decision-making will continue, even in the event of a crisis or a major strategic decision, Adani’s children told Bloomberg in separate interviews.

The report comes as Adani Enterprises, the Adani group’s main business, reported a more than doubling of first-quarter profit as the conglomerate expanded its energy technology business with greater investment in renewable energy.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)