Last Updated on 08/08/2024 by wccexam Desk
A few days ago, a media report claimed that 62-year-old Gautam Adani is ready to transfer his $213 billion business to the next generation. Gautam Adani is planning to hand over his business to the next generation and will soon divide the business among his sons and nephews. After that he will retire at the age of 70. However, now the Adani Group has issued a clarification.
On Monday, Bloomberg reported that 62-year-old Adani is planning to step down from the business at the age of 70. The report said that the business will be divided among four successors – Gautam Adani’s sons Karan and Jeet Adani and their cousins Pranav and Sagar Adani. Pranav Adani is the son of Vinod Adani. While Sagar Adani is the son of Rajesh Adani. The report said that all four have been named successors through a family trust.
What did the company say on succession planning?
Now the company has cleared the confusion about the retirement plan of Adani Group Chairman Gautam Adani and said, wrong information was given about equal beneficial interest in heirs and family trust. Gautam Adani has no plans for retirement right now.
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In an official statement, the company said, ‘We want to clarify that in a recent interview, Gautam Adani shared his views on succession planning to ensure the sustainability of the business. He said that succession is not just an event but a journey and should be systematic. Adani did not give any date or time.’
Adani’s statement was misrepresented
The company further said in the statement that Adani’s statement regarding heirs and equal beneficial interest in the family trust was taken in the wrong way. In his statement, he had mentioned the participation of only two sons and two nephews. The company also said in its statement, ‘We would also like to say that the share prices are completely driven by the market and the company’s management neither has any control nor is aware of any specific reason for the fluctuations in the share prices yesterday.’
It is worth noting that according to Bloomberg’s Billionaire Index, Gautam Adani is currently the second richest person after Mukesh Ambani. In the interview, Adani told Bloomberg that his four successors will do well. He said that I am happy that they all want development. They will have to work together to create a legacy.
Source (PTI) (NDTV) (HINDUSTANTIMES)