Mumbai, August 5: Gautam Adani, the 62-year-old Chairman of Adani Group and Asia's second richest man, has announced plans to retire at 70 and transfer his business empire to his sons and nephews in early 2030, according to a Bloomberg interview. This transition is expected to be one of the largest and most complex wealth transfers in the world. This marks the first time Adani has publicly disclosed his retirement and succession plans. 

The total market capitalisation of the Adani group is USD 213 billion. Adani plans to hand over control to his sons and nephews, who will assume pivotal roles within the conglomerate. Pranav Adani, Karan Adani, Sagar Adani, and Jeet Adani will lead various key sectors of the group in the upcoming succession. The Adani Group is India's largest coal importer, top solar farm owner, and second-largest cement manufacturer. Adani-operated ports handle nearly half of the country's shipping containers, and its airports serve over 90 million passengers annually. Adani Group Project Gets Massive Local Support in Mumbai: Dharavi Residents Back Government Survey To Accelerate USD 3 Billion Aid for Rehabilitation Under Proposed Redevelopment Project.

Meet the Four Hiers of the Adani Group

Pranav Adani, Managing Director of Agro, Oil, and Gas at Adani Enterprises, expanded Adani Wilmar's market share to 20% and made Adani Gas India's largest private city gas distribution firm. He oversees Adani Realty and the Dharavi redevelopment project. He holds a BSc from Boston University and an MBA from Harvard Business School. Gautam Adani Becomes Asia's Richest Person Again, Overtakes Mukesh Ambani With Net Worth of USD 111 Billion.

Karan Adani, Managing Director of Adani Ports and SEZ, drives the transformation of APSEZ into a leading integrated logistics company. An economics graduate from Purdue, he's expanded the company from 2 to 10 ports, aiming to handle a billion metric tonnes of cargo by 2030 and position India as a key supply chain hub. 

Sagar Adani, who joined the Adani Group in 2015 after earning an economics degree from Brown University, manages the group's energy and finance sectors. He established Adani Green Energy's solar and wind portfolio and is spearheading the creation of the world's largest renewable energy park by 2030. 

Jeet Adani, who joined the Adani Group in 2019 after studying engineering at the University of Pennsylvania, manages the group's most extensive private airport network and digital ventures. He is leading initiatives in the defence and digital sectors, including the development of Adani Digital Labs' super app. He initially worked in strategic finance, capital markets, and risk and governance policy. 

"Succession is very, very important for business sustainability; I left the choice to the second generation, as the transition must be organic, gradual, and very systematic." Gautam Adani. 

(The above story first appeared on LatestLY on Aug 05, 2024 10:52 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).