Adani Group-chairman Gautam Adani was misquoted in media reports on his succession plan, the Adani Enterprises said in a clarification statement on August 6. The company said that Adani has been misquoted concerning heirs and equal beneficial interest in the family trust. Adani shared his thoughts on the importance of having a succession plan to ensure business sustainability but did not specify any timeline.
“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,” said company’s statement on exchanges.
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In an interview to Bloomberg, Adani mentioned about his succession plan for the $213 billion business empire. However, as per several media reports, Adani plans to hand over the charge to his two sons and two nephews, once he turns 70. They will become equal beneficiaries of the family trust that holds the Adani Group.
Adani’s elder son Karan is currently the managing director of Adani Ports, while the younger son Jeet is the director of Adani Airports, nephew Pranav is the director of Adani Enterprises and nephew Sagar is the executive director of Adani Green Energy Ltd, as per the Group website.
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“I am happy that all of them are hungry for growth, which is not common in the second generation. They have to work together to build a legacy,” said Adani in the Bloomberg interview.
The company’s statement clarified the chairman talked about his two sons and two nephews, and their involvement in various firms of the conglomerate. But nothing was mentioned by him regarding the four heirs and their equal beneficial interest in the family trust.
It also mentioned that the movement in share prices on August 5 are purely market driven. “The management of the company neither has any control nor has any knowledge of any specific reason for the movement in the prices of shares seen yesterday,” said the company’s statement.
