Billionaire Gautam Adani has not determined a specific date for retiring or passing control of his USD 210-billion ports-to-energy conglomerate to his sons and nephews. Adani Enterprises Ltd clarified in a filing that the group chairman was “misquoted” in a media report regarding his heirs and their equal beneficial interest in the family trust.
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Gautam Adani Clarifies Succession Planning and Family Trust Misquotes
In a recent interview, Mr. Gautam Adani discussed succession planning for business continuity, emphasizing that it is a gradual, systematic process rather than a single event, according to his firm. The company clarified that Mr. Adani did not mention any specific date for succession. Additionally, they noted that he was misquoted regarding heirs and equal interests in the family trust, explaining that he had normally referred to the involvement of his two sons and two nephews in the group’s various businesses.
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Adani Enterprises Denies Succession Date
When Gautam Adani retires, his four heirs will become equal beneficiaries of the family trust which along with eight overseas entities and a domestically incorporated company control Adani Enterprises, the Bloomberg News report said.In the stock exchange filing, Adani Enterprises did not put any date for the succession or retirement. Adani started off as a commodity trader in 1988 and expanded rapidly into ports, airports, roads, power, gas distribution, real estate, FMCG, cement, data centres and media business.
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