Gautam Adani, chairman of the Adani Group, who is 62 years old, intends to step down at the age of 70 and transfer control to his sons and their cousins in the early 2030s.

Upon his retirement, his four heirs'sons Karan and Jeet, along with their cousins Pranav and Sagar' are set to become equal beneficiaries of the family trust, as reported by Bloomberg.

A confidential agreement will govern the transition of stakes in the conglomerate's companies to the heirs.

Gautam Adani's elder son, Karan Adani, currently serves as the managing director of Adani Ports, while his younger son, Jeet Adani, is the director of Adani Airports, as detailed on the Adani Group's website. Pranav Adani is the director of Adani Enterprises, and Sagar Adani is the executive director of Adani Green Energy.

Pranav and Karan are the most likely candidates to eventually succeed as chairman.

Gautam Adani emphasised the importance of succession for business sustainability, stating that he has left the choice to the second generation, as the transition must be organic, gradual, and systematic.

The Adani children indicated in separate interviews with Bloomberg that even after Gautam Adani steps back, decision-making will continue to be a joint process, particularly during crises or major strategic decisions.

This report follows a period of significant growth for Adani Enterprises, the flagship firm of the Adani Group, which saw its first-quarter profit more than double as the conglomerate increased investments in renewable energy.