Adani Enterprises claims Gautam Adani was misquoted in media reports on succession plan

The company clarified that Gautam Adani had been misquoted regarding his heirs and their equal beneficial interest in the family trust.

"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. Adani did not specify any date or point in time," Adani Enterprises stated in an exchange filing.

"Further, 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 added.

Addressing the recent fluctuations in the company's share prices, Adani Enterprises stated, "The share prices are purely market-driven, and the management of the company neither has any control nor has any knowledge of any specific reason for the movement in the price of shares seen yesterday. It is worth noting that the share market itself saw a correction of approximately 3 percent yesterday."

Earlier this week, several media reports, including one by Bloomberg on Monday (Aug 5), claimed that the 62-year-old billionaire plans to retire at 70 and transfer the control of his business empire to the next generation by the early 2030s.

"Adani plans to retire at age 70, with his four heirs—sons Karan and Jeet, along with their cousins Pranav and Sagar—set to become equal beneficiaries of the family trust," the Bloomberg report stated.

Gautam Adani, in the interview, said his four heirs will deliver, as per the reports.

"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," he said.

Gautam Adani, in June, reclaimed the title of Asia's wealthiest individual, surpassing Reliance Chairman Mukesh Ambani.