Asia’s second-richest man and head of a multi-billion dollar behemoth has said he will hand over the reins to his sons and nephews in a few years time. Will the transfer be seamless? Investors are waiting and watching
Gautam Adani, chairman of the Adani Group, plans to step down and hand over the reins of the conglomerate to his heirs in the early 2030s, according to Bloomberg Television. The 62-year-old, Asia’s second-richest man, will be stepping down when he turns 70.
Adani’s heirs—his sons Karan and Jeet, and his nephews Pranav and Sagar—will have equal share of the empire, according to the report.
With a market capitalisation of $213 billion, the Adani Group straddles coal, ports, power, cement and airports, among others.
“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,” Adani said.
According to the report, when Adani retires his heirs said in case of a strategic call joint decision-making will kick in.
But as Outlook Business August cover story shows, managing dynastic wealth is not always easy. Many Indian business families have ruptured leading to bad blood between siblings. However, some families have divvied up the wealth amicably. Read the story here.