In New Delhi, billionaire Gautam Adani has not set any specific date or time to retire and hand over his $210 billion ports-to-power conglomerate to his sons and nephews, his group's flagship company told the stock exchanges.
In the filing, Adani Enterprises Ltd said the group's chairman had been "misquoted" in a media report "regarding heirs and equal beneficial interest in the family trust".
"In a recent interview, Mr. Gautam Adani shared his thoughts on succession planning to ensure business sustainability. He said that succession is not just an event, but a journey, and it should be organic, gradual and systematic" , the firm said. .
However, he did not set 70 years as his retirement date as stated in the report.
"Mr. Adani did not specify any date or timing," the company said. "Furthermore, Mr. Adani has been misquoted about heirs and equal beneficial interests in the family trust. He had mentioned the involvement of his two sons and two nephews in various businesses of the group."
Bloomberg News reported on August 5 that Adani, 62, plans to resign at 70.
Without giving a direct quote from the statement, Bloomberg News quoted Adani group chairman as saying: "Succession is very, very important for the sustainability of the business... I left the choice to the second generation as the transition must be organic, gradual and very systematic."
The report identified his sons, Karan (37) and Jeet (26), and his cousins, Pranav (45) and Sagar (30), as possible successors.
When Gautam Adani retires, his four heirs will become equal beneficiaries of the family trust that, along with eight foreign entities and one domestically incorporated company, control Adani Enterprises, according to the Bloomberg News report.
In the stock exchange filing, Adani Enterprises did not set any date for succession or retirement.
"Furthermore, Mr. Adani has been misquoted regarding heirs and the same beneficial interest in the family trust," he said.
Adani started as a commodities trader in 1988 and rapidly expanded into ports, airports, highways, power, renewable energy, power transmission, gas distribution, real estate, consumer goods, cement, data centers and media businesses.
The surprising share price rises of listed companies helped Adani become the richest person in India and briefly the second richest person in the world in September 2022. This was before the seller in American short Hindenburg Research accused the conglomerate of "the biggest scam in corporate history" and of using a network of offshore companies to inflate its income and manipulate stock prices, even as the debt burden increased.
While the group repeatedly denied all allegations, the report caused the value of the group's shares to fall at one point by as much as $150 billion. Most companies have recovered their losses, but Adani has not been able to regain the title of India's richest on a sustained basis.
With a net worth of $103 billion, he is ranked 12th behind Gujarati billionaire Mukesh Ambani on the global rich list.
In the filing, Adani Enterprises Ltd said the group's chairman had been "misquoted" in a media report "regarding heirs and equal beneficial interest in the family trust".
"In a recent interview, Mr. Gautam Adani shared his thoughts on succession planning to ensure business sustainability. He said that succession is not just an event, but a journey, and it should be organic, gradual and systematic" , the firm said. .
However, he did not set 70 years as his retirement date as stated in the report.
"Mr. Adani did not specify any date or timing," the company said. "Furthermore, Mr. Adani has been misquoted about heirs and equal beneficial interests in the family trust. He had mentioned the involvement of his two sons and two nephews in various businesses of the group."
Bloomberg News reported on August 5 that Adani, 62, plans to resign at 70.
Without giving a direct quote from the statement, Bloomberg News quoted Adani group chairman as saying: "Succession is very, very important for the sustainability of the business... I left the choice to the second generation as the transition must be organic, gradual and very systematic."
The report identified his sons, Karan (37) and Jeet (26), and his cousins, Pranav (45) and Sagar (30), as possible successors.
When Gautam Adani retires, his four heirs will become equal beneficiaries of the family trust that, along with eight foreign entities and one domestically incorporated company, control Adani Enterprises, according to the Bloomberg News report.
In the stock exchange filing, Adani Enterprises did not set any date for succession or retirement.
"Furthermore, Mr. Adani has been misquoted regarding heirs and the same beneficial interest in the family trust," he said.
Adani started as a commodities trader in 1988 and rapidly expanded into ports, airports, highways, power, renewable energy, power transmission, gas distribution, real estate, consumer goods, cement, data centers and media businesses.
The surprising share price rises of listed companies helped Adani become the richest person in India and briefly the second richest person in the world in September 2022. This was before the seller in American short Hindenburg Research accused the conglomerate of "the biggest scam in corporate history" and of using a network of offshore companies to inflate its income and manipulate stock prices, even as the debt burden increased.
While the group repeatedly denied all allegations, the report caused the value of the group's shares to fall at one point by as much as $150 billion. Most companies have recovered their losses, but Adani has not been able to regain the title of India's richest on a sustained basis.
With a net worth of $103 billion, he is ranked 12th behind Gujarati billionaire Mukesh Ambani on the global rich list.
