Adani Group: ‘Mr Adani was misquoted about retirement and heirs'

Adani Enterprises clarified media reports on chairman Gautam Adani's succession plan. The chairman said that succession planning should be gradual and systematic, but did not specify a timeline.

The $213 billion company said Gautam Adani "has been misquoted concerning heirs and equal beneficial interest in the family trust." 

In a recent interview with Bloomberg, Mr Gautam Adani talked about succession planning for business sustainability, emphasising 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 said his two sons and two nephews will 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 revealed earlier that Adani Group chairman 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 took quite an interest in Adani's multi-billion dollar empire's succession plan.

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."