Adani Enterprises Clarifies Media Reports on Gautam Adani

Adani Enterprises clarified following media reports about Chairman Gautam Adani’s succession plan. The company emphasized that Mr. Adani was misquoted regarding heirs and their equal beneficial interest in the family trust.

The official statement to the exchanges highlighted the following points:

• Succession Planning Misinterpretation: Gautam Adani recently shared his thoughts on succession planning in a recent interview. He emphasized that succession is a gradual, organic, and systematic journey, not a single event. He did not specify an exact date or timeline for this process.

• Heirs and Family Trust Misquote: The reports incorrectly quoted Mr. Adani regarding his heirs and equal beneficial interest in the family trust. He mentioned his two sons and two nephews’ involvement in various group businesses without specifying their equal stakes in the trust.

• Market-Driven Share Prices: The company clarified that share price movements are market-driven, and the management has no control or specific knowledge about the reasons for the recent price changes. The share market experienced a general correction of approximately 3% the previous day.

Adani Enterprises on Media Reports and Succession Plan:

This clarification comes in response to a Bloomberg report. Stating that Gautam Adani, aged 62, plans to retire at 70 and transfer his business to the next generation. According to the report, Adani’s four heirs—sons Karan and Jeet and nephews Pranav and Sagar—are expected to become equal family trust beneficiaries.

Interview Insights:

In the interview, Gautam Adani expressed confidence in his four heirs’ ability to carry forward the business legacy. He stated, “I am happy that all of them are hungry for growth, which is uncommon in the second generation. They have to work together to build a legacy.”

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