The News
Asia’s second-richest man refuted details of a report laying out his $213 billion succession plan. Earlier this week, Bloomberg reported that Indian billionaire Gautam Adani was set to retire in the early 2030s, handing off his business empire to his two sons and two nephews. But the Adani Group on Thursday said the 62-year-old had been “misquoted” and hadn’t specified a retirement time frame, adding, “He said that succession is not just one event, but a journey.”
When it does happen, the handover of power at the highly scrutinized conglomerate, which is facing a US Department of Justice bribery investigation, will be “one of the world’s largest and most challenging transfers of wealth,” Bloomberg wrote, with potentially huge implications for the Indian and global economy.