Gautam Adani to Resign at 70, Plans to Hand Over Control to Family by 2030

Gautam Adani, the 62-year-old chairman of Adani Group, has announced his intention to retire by the age of 70 and transfer control of his $213 billion empire to the next generation by the early 2030s. In an interview with media, Adani detailed his succession plan, emphasizing that his sons, Karan and Jeet, along with their cousins, Pranav and Sagar, will hold equal shares in the family trust.

Adani Group’s Growth

Adani Group, a conglomerate with interests ranging from edible oil to airports, saw a major surge in stock prices, propelling Gautam Adani back to the position of Asia’s wealthiest individual. With a net worth of $111 billion, Adani ranks 11th on the global list of the richest individuals, while Reliance Chairman Mukesh Ambani, with a wealth of $109 billion, is now ranked 12th.

Hindenburg Allegations 

In January 2023, Hindenburg Research accused Adani Group of engaging in offshore shell entities, corruption, money laundering, and taxpayer theft, labeling it “the largest con in corporate history.” Despite these allegations, which initially wiped out nearly 60% of Adani’s fortune, the group denied all claims and eventually recouped the $153 billion loss.

Future Leadership

Adani expressed confidence in his heirs’ ability to lead the conglomerate. “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.” Even after Adani steps back, joint decision-making will continue, ensuring cohesive leadership during crises or major leadership decisions.

Business Expansion 

Adani Enterprises, the flagship firm of the Adani Group, reported a more than doubling of its first-quarter profit, driven by substantial investments in renewable energy. This expansion into the new energy market marks a milestone in the conglomerate’s growth.

Conclusion: In conclusion, Gautam Adani’s detailed succession plan brings out his commitment to ensuring a smooth transition of leadership within the Adani Group. With his four heirs set to take equal control, the future of the conglomerate appears secure and ready for continued growth.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.