Gautam Adani, 62, is planning to step down as the chairman of the Adani group when he turns 70 as he looks to transfer control to the next generation in early 2030s.

This was disclosed by the billionaire industrialist in an interview to Bloomberg. "Succession is very, very important for the business sustainability. I left the choice to the second generation as the transition must be organic, gradual and very systematic,” he said.

The succession plan of the group began almost a decade ago, with cousins Pranav, Karan, Sagar and Jeet taking up different positions in the conglomerate.

Karan and Jeet Adani are the sons of Gautam Adani, while Pranav Adani is the son of Vinod Adani, Gautam Adani’s elder brother.

Sagar is the son of Rajesh Adani, Gautam Adani’s younger brother.

All the cousins will be equal beneficiaries of the family trust guided by a confidential agreement.

The next generation leaders themselves said they will take all decisions jointly after Gautam Adani steps down.

Karan Adani, who is an economics graduate from Purdue University, USA, is the managing director of Adani Ports and SEZ Ltd (APSEZ).

He is engaged in transforming the company to an integrated logistics company.

Sagar Adani joined the group in 2015 after graduating in Economics from Brown University, US.

He started off his career in projects and built the entire solar and wind portfolio of Adani Green Energy.

Sagar currently oversees organization building as well as all strategic and financial matters at Adani Green Energy.

Pranav Adani is the managing director (agro, oil & gas) and director of Adani Enterprises, the flagship and in-house incubator of the group.

He heads a diverse portfolio of businesses such as city gas distribution, agro, real estate and natural resources.

Jeet Adani joined the group in 2019, after attending the University of Pennsylvania – School of Engineering and Applied Sciences.

He started his career in the Group CFO’s office, where he looked at strategic finance, capital markets apart from risk and governance policy.

He is also leading the Adani Airports business as well as the Adani Digital Labs – which is building a super app to cater to all the consumers of the group businesses.

The report comes at a time flagship Adani Enterprises saw its Q1 profit more than double, as the conglomerate expanded its new energy business through more investments in renewable energy.

Meanwhile, Adani Energy Solutions Limited on Monday said it has raised ₹8,373.10 crore through qualified institutions placement route to build capacity for evacuation of electricity from renewable sources.