Gautam Adani, the second richest man in Asia, has shared a succession plan for his multi-billion empire.
Gautam Adani, Chairman of Adani Group, in a recent media interview revealed that he plans to step down from his role once he reaches the age of 70, in around the 2030s. “Succession is very, very important for business sustainability. I left the choice to the second generation as the transition must be organic, gradual and very systematic,” Adani spoke to Bloomberg, as reported by Reuters on August 5.
For those caught unaware, 62-year-old is the second richest man in Asia, after Mukesh Ambani, and boasts of a fortune of more than $100 billion, as per the Bloomberg Billionaire Index (BBI).
As per Bloomberg, as part of the succession plans for his multi-billion empire, it is Gautam Adani’s sons Karan (37) and Jeet (26) Adani and their cousins Pranav (45) and Sagar (30) Adani, who have been named as “heirs” via the family trust. Reportedly, once Gautam Adani takes retirement, his heirs Jeet, Karan, Pranav and Sagar, will become equal beneficiaries in the family trust that holds the Adani Group.
Karan Adani, Gautam Adani's elder son, currently looks at Adani’s several businesses including cement, ports and logistics – sectors which have the steadiest cash flows. In the interview, Karan Adani even mentioned that Adani Group's ports business is “looking to expand its network and is seen as an extension of India’s strategic priorities developing ports in Vietnam, Israel and a US-funded port in Sri Lanka that seeks to unseat China’s regional dominance.”
Pranav Adani, who joined the Adani Group in 1999, now looks at consumer businesses, including consumer goods, gas distribution, media and real estate. Speaking to Bloomberg about the crisis that Adani Group has faced, Pranav said, “We weren’t communicating the way we should have. So now we are going out and communicating.” He is also the force behind one of Adani Group’s most high-profile projects: redeveloping Asia’s largest slum Dharavi.
Jeet, who is Gautam Adani’s younger son, joined the group in 2019, after attending the University of Pennsylvania – School of Engineering and Applied Sciences. He looks at the company's Strategic Finance, Capital Markets and Risk & Governance Policy, apart from leading Adani Airports business along with Adani Digital Labs. Under the latter, the company now aims to build an app for all the consumers of Adani Group businesses.
Joining the Adani Group in 2015 after graduating in Economics from Brown University, Sagar spearheaded the entire solar and wind portfolio of Adani Green Energy. He also looks at the organisation building, strategic and financial matters of Adani Green Energy.
It is believed that with a vacated Chairman's post in the future, Pranav and Karan will be the likely candidates, as per the Bloomberg report. Speaking to Bloomberg in separate interviews, the ‘heir apparents’ said that decision-making during crisis and strategic calls will be “joint” even when Gautam Adani lets go of his role.
