Adani Group's clarification on Gautam Adani's succession plan: ‘Misquoted, didn’t specify time’

Adani Enterprises issued a clarification after media reports on Gautam Adani's succession plan. The company said that group's chairman Gautam Adani "has been misquoted concerning heirs and equal beneficial interest in the family trust." 

In a statement to the exchanges, the company said, "We would like to clarify that, in a recent interview, 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. Adani did not specify any date or point in time."

It added, "Further, 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 company also said, "We would further like to submit that the share prices are purely market driven and the management of the Company neither has any control nor has any knowledge of any specific reason for the movement in price of shares seen yesterday. 

It is worth noting that the share market itself saw a correction of approximately 3% yesterday."

This comes after Bloomberg reported that Gautam Adani, 62, plans to retire at 70 and hand over the business to the next generation by the early 2030s. 

As per the report, "Adani plans to retire at age 70, with his four heirs—sons Karan and Jeet, along with cousins Pranav and Sagar—set to become equal beneficiaries of the family trust."

In the interview, Gautam Adani said his four heirs will deliver, asserting, "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."