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Mr Adani was misquoted about retirement and heirs: Adani Group

Inshorts · 1y ago

Mr Adani was misquoted about retirement and heirs: Adani Group

Gautam Adani, chairman of Adani Enterprises, discussed succession planning in a Bloomberg interview, emphasising it should be gradual and systematic. The $213 billion company clarified that Adani was misquoted regarding his heirs and their stakes in the family trust. Adani didn’t specify a succession timeline, contrary to media reports suggesting his retirement and control transfer by early 2030s.

Related News

Gautam Adani’s succession plan: Sons Karan and Jeet, nephews Pranav and Sagar to be in saddle; all about the 4 heirs | Mint

Livemint

Livemint · 1y ago

Gautam Adani’s succession plan: Sons Karan and Jeet, nephews Pranav and Sagar to be in saddle; all about the 4 heirs | Mint

Gautam Adani, India's second richest man, discussed his retirement plans and business successors in an interview with Bloomberg. Adani plans to step down from the business at the age of 70. He is the Founder and Chairman of the Adani Group, while his brother Rajesh Adani is the Managing Director. Adani's sons Karan and Jeet, as well as his nephews Pranav and Sagar, are named heirs through a family trust. Pranav Adani handles consumer businesses, Karan Adani is in charge of Adani Ports and SEZ, Sagar Adani oversees Adani Green Energy, and Jeet Adani leads Adani Digital Labs.

Gautam Adani to step down from Adani Group in the 2030s: Who is likely to gain control?

Livemint

Livemint · 1y ago

Gautam Adani to step down from Adani Group in the 2030s: Who is likely to gain control?

Gautam Adani, Chairman of Adani Group, announced his plan to step down from his role once he turns 70. Adani, the second richest man in Asia, intends for the succession to be organic and gradual, leaving it to his sons and cousins. After his retirement, his heirs will become equal beneficiaries of the family trust that holds the Adani Group. The names being considered for the vacant Chairman's post are Karan and Pranav. Adani Enterprises recently reported strong Q1 results, with doubled profits thanks to expansion in renewable energy.

Adani unveils $213 billion succession plan as scrutiny persists | Mint

Livemint

Livemint · 1y ago

Adani unveils $213 billion succession plan as scrutiny persists | Mint

In an interview, Gautam Adani, Asia's second-richest man, outlined his retirement and succession plans for the first time. The Adani Group plans to transfer leadership gradually to the next generation, which includes Adani's sons and nephews. The conglomerate's businesses, which span various sectors from infrastructure to energy, will be jointly managed by the younger generation. However, questions and challenges surrounding the conglomerate's controversies, such as investor concerns and a US Department of Justice bribery investigation, remain. The transition of power is seen as a significant event for both the Adani family and India's economy.

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

Livemint

Livemint · 1y ago

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

In a recent annual general meeting, Gautam Adani of Adani Enterprises dismissed the Hindenburg report's allegations as baseless. While he did not name the short seller responsible, Adani stated that the attack on the company's financial standing was a calculated strike aimed at defaming them. The Hindenburg report had accused Adani of using tax havens, raising concerns about debt, and engaging in stock manipulation. The Adani group has strongly refuted these allegations, referring to them as unsubstantiated speculations.

Gautam Adani bribery case: No direct agreement involved, says Jagan Reddy’s YSRCP over charges of power purchase | Company Business News

Livemint

Livemint · 8m ago

Gautam Adani bribery case: No direct agreement involved, says Jagan Reddy’s YSRCP over charges of power purchase | Company Business News

The YSR Congress party claims that the Andhra Pradesh government had no direct agreement with Adani Group regarding the power sale pact. The party stated that the agreement was signed between the Solar Energy Corporation of India (SECI) and AP Discoms, and not directly with Adani Group. The party's response comes after Adani Group was indicted by the US Department of Justice for allegedly paying bribes for solar power contracts in Andhra Pradesh during the YSRCP's rule. The YSR Congress party emphasized that the allegations against the state government are incorrect as there is no direct agreement with Adani Group.

Kenya cancels proposed power transmission deal with Adani Group following US bribery indictment scandal

Livemint

Livemint · 8m ago

Kenya cancels proposed power transmission deal with Adani Group following US bribery indictment scandal

Kenya has cancelled a power transmission deal with Adani Group after the group was indicted in a bribery scandal in the US. The cancellation decision was made following the indictment of executives of Adani Group for alleged bribery in relation to a power transmission project in India. The cancellation reflects Kenya's commitment to fighting corruption and maintaining ethical business practices. Stay up to date with the latest news, financial performance, and market changes of companies across various industries.

'Hindenburg report tried to shake our foundation but...': Gautam Adani

Livemint

Livemint · 1y ago

'Hindenburg report tried to shake our foundation but...': Gautam Adani

In a speech in Mumbai, Chairman Gautam Adani of the Adani Group addressed the controversy surrounding a report released by short seller Hindenburg Research last year. Adani stated that the objective of the report was to destabilize the conglomerate and politically defame India's governance practices. Despite the attack, Adani emphasized the firm's resilience and focus on operations. The report had alleged money laundering and stock price manipulation by the Adani Group, leading to a significant sell-off in their stocks. Adani's net worth has since risen, and he is currently the 13th richest person on the planet.

Bijlee was way ahead of its time, says Anand Mahindra on firm's first EV created in 1999

IndianStartupNews

IndianStartupNews · 1y ago

Bijlee was way ahead of its time, says Anand Mahindra on firm's first EV created in 1999

On World EV Day, Anand Mahindra, Chairman of the Mahindra Group, reminisced about their first EV, 'Bijlee,' created in 1999 by Mr. Nagarkar. Despite being ahead of its time, the market wasn't ready, and production ceased. Mahindra remains committed to the dream, continuing to work towards making it a reality.

Gautam Adani meets Uber CEO Dara Khosrowshahi, says ‘excited for future…’

Livemint

Livemint · 1y ago

Gautam Adani meets Uber CEO Dara Khosrowshahi, says ‘excited for future…’

Billionaire Gautam Adani hinted at a potential collaboration between the Adani group and Uber CEO Dara Khosrowshahi during Khosrowshahi's recent visit to India. Adani praised Khosrowshahi's vision for Uber's expansion in India and his commitment to empowering Indian drivers. Meanwhile, Khosrowshahi expressed that Uber has faced challenges in the Indian market due to intense price competition. Further details about the potential collaboration were not provided.

Rajiv Jain’s GQG sees its investment in Adani stocks grow 150% to $10 billion

Money Control

Money Control · 1y ago

Rajiv Jain’s GQG sees its investment in Adani stocks grow 150% to $10 billion

GQG Partners Chairman and Chief Investment Officer Rajiv Jain has seen his investments in the Adani Group grow by 150% over the past year, reaching a total value of $10 billion. Jain strategically invested in various Adani enterprises following a report by Hindenburg Research in January 2023 that raised concerns about corporate governance and debt-related issues. His total investment of $4.3 billion in Adani companies, including Adani Power and Adani Green Energy, has significantly appreciated in value. Jain's successful investments have cemented his reputation as a skilled investor in various sectors.

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