Gautam Adani’s succession: Adani’s comments on heirs and equal beneficial interest misinterpreted, company says

Adani Enterprises has issued a statement to address recent media reports concerning Chairman Gautam Adani's succession plans. The company asserts that Adani's comments about heirs and equal beneficial interest in the family trust have been misrepresented.

In a filing to stock exchanges, the company stated, "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. Mr. Adani did not specify any date or point in time."

The clarification comes in response to a Bloomberg report suggesting that the 62-year-old business magnate intended to retire at 70 and transfer control of his business empire to the next generation by the early 2030s. The report claimed that Adani's four heirs - his sons Karan and Jeet, along with nephews Pranav and Sagar - would become equal family trust beneficiaries.

Adani Enterprises refuted these specifics, stating, "Mr 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 addressed recent fluctuations in its share price, emphasizing that these movements are market-driven and beyond the control or knowledge of the company's management. This statement follows a significant market correction of approximately 3 per cent observed the previous day.

In the original interview, Gautam Adani expressed confidence in the next generation's ability to lead the conglomerate, saying, "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."

The exact details of Adani's succession plan remain unclear.