Adani outlines plans for sons, nephews to take over business

Asia’s second richest man Gautam Adani has laid out his succession plans for the first time.

In a rare interview, the 62-year-old tycoon says he will retire at 70 and hand over the reins of his vast Adani Group conglomerate to his two sons, Karan and Jeet, and their cousins, Pranav and Sagar, Bloomberg reports.

Adani is the 11th richest individual in the world, with a net worth of more than $100 billion, and has deep business connections in the Gulf from ports and power to tech and AI.

Planning for one of the world’s largest and most complex transfers of wealth kicked off in 2018 when Adani invited the four heirs to lunch at his home and gave them a three-month ultimatum to decide whether they would keep the Adani Group together or split it up and part ways, Bloomberg reported.

The four men decided to stick together. “I am happy that all of them are hungry for growth, which is not common in the second generation,” Adani said. “They have to work together to build a legacy.”