August 6, 2024 • 16 mins
Gautam Adani, the controversial Indian billionaire, gathered his two sons and two nephews for a family lunch one day and asked them a bombshell question: Did they want to carve up the Adani Group’s sprawling businesses between themselves or stick together? He gave them three months to decide.
Today on The Big Take, host K. Oanh Ha talks to Bloomberg editor Anto Antony about the Adanis’ ambitious succession plan, in the wake of regulatory probes and a daring short-seller attack. We also hear from the Adanis themselves on their vision of an Adani Group without Gautam at the helm, how they’ll make decisions to manage an empire – which spans everything from airports to solar farms – and what's at stake for India’s $3.5 trillion economy.
Read more: Adani Unveils $213 Billion Succession Plan as Scrutiny Persists
Further listening: The Rise of Modi: Why India’s Leader Is So Popular – and Polarizing
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Episode Transcript
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Speaker 1 (00:03):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
We've all heard succession stories gone wrong, families and businesses
torn apart by battles over control. But there's another succession
story unfolding in India right now that looks very different.
Bloomberg spent nearly two weeks with the Adonis, the family
behind in over two hundred billion dollar conglomerate. I'm Sarah Holder,
(00:30):
and today on the Big Take, Bloomberg's Wanha takes us
inside the world of this powerful family firm and reveals
what lessons other businesses might take from its plans for
the future.
Speaker 1 (00:42):
In twenty eighteen, Asia's second richest man, Galto Madonni, invited
his brother's sons and nephews to his home for a meal.
Speaker 3 (00:51):
All seven of them were sitting around the dining table
having lunch, and very unexpectedly.
Speaker 1 (00:57):
Galto Madanni pop the question, how do you see the future?
Speaker 3 (01:02):
Do you guys want to carve up the business between
you or do you want to run the anti business
ass a single family.
Speaker 1 (01:09):
The business Galtam was asking them about is the Adanni Group,
a sprawling conglomerate which started with the company set up
by Galtham and his brothers back in nineteen eighty eight. Today,
the Adnni Group is worth more than two hundred and
ten billion US dollars and touches almost every facet of
daily life in India.
Speaker 3 (01:28):
When you switch on the electric bulb at the home,
his business is touching your life. When you are buying
groceries from the shop, his business is touching your life.
When you are looking to buy a house, his business
is touching your life.
Speaker 1 (01:42):
Anto Anthony is an editor at Bloomberg News based in Mumbai,
covering South Asia, and he says, for years Galtum has
been essentially the super CEO of the Adnni Group, making
all the decisions for the entire conglomerate. But now he
was asking the family members before him, his only two
sons and two nephews, how they want to run the
(02:04):
company when he the patriarch, steps down. The question surprised
the younger Adanni's.
Speaker 3 (02:12):
Because Godo Madani was still in his fifties. None of
them thought that he's thinking about succession or transition.
Speaker 1 (02:19):
He gave them three months to work it out and
when they came back, it was a united front.
Speaker 3 (02:25):
They said that we have seen my father and his
brothers working together to build up this legacy, and we
always work grew together, so there was no doubt in
their mind that they should stay together.
Speaker 1 (02:40):
It's a bold move for a wide ranging group whose
units span everything from airports to solar farms, and this
succession is poised to be one of the world's largest
and most challenging transfers of wealth. Bloomberg sat down with
Galtum and his four heirs for a series of exclusive
interviews about what this transfer will look like.
Speaker 4 (03:03):
Succession is a very very important for the business sustainability
and it must be is the organic, gradual and now
very systematic.
Speaker 1 (03:21):
Welcome to The Big Take Asia from Bloomberg News. I'm
wan Haf. Every week we take you inside some of
the world's biggest and most powerful economies and the markets,
tycoons and businesses that drive this ever shifting region. Today
on the show, Bloomberg's exclusive interviews with the Adonis, how
the family envisions an Adanni group without their patriarch at
(03:43):
the helm, and what's at stake for India's economy. Galta
Madonni's first big break came when he decided to help
his brother with his plastics factory. That's when he got
into global trading by importing polyvinyl chloride or PVC for
(04:04):
his brother's business, and it led him to set up
his flagship company what would become Adani Enterprises in nineteen
eighty eight.
Speaker 3 (04:12):
That's where he got his first real break. From there,
he started exploring projects in ports sector. He set up
Mundra Port which is as of now one of the
largest ports in India. After that, we are seeing a
meteoric growth which really gathered pace after twenty ten. Many
(04:35):
people say that it is very closely associated to Prime
Minister Naredra Modi's ascent.
Speaker 1 (04:41):
Adani's businesses have often been closely aligned with Prime Minister
Narendra Modi's priorities and the Adani Group has stepped in
where the nation lacked resources like an infrastructure and green energy.
Speaker 3 (04:53):
India is a country of one point four billion people,
but it really lacks infrastructure, whether it is raw sports, airports, power.
Energy is a huge issue out here. There are so
many millions of household which doesn't have access to electricity.
So that's how when Gaudamadani decides to step in and
help build this infrastructure, his priorities and business interest got
(05:19):
aligned well with that of the federal or state governments
in India. So as he himself puts it, when you
align your interest with the governments, it always gives you
tailwinds rather than headwinds. And it has really propelled his
business forwards and along with it his wealth.
Speaker 1 (05:38):
The Adani Group is India's biggest importer of coal, it's
the largest owner of solar farms, and Nadani owned ports
carry almost half the country's shipping containers, while more than
ninety million people use their airports each year. And for years,
the Adanni Group appear to flourish with infrastructure projects like these.
Galtum is currently Asia's second richest man and one of
(06:02):
the most influential business leaders in the world. He's worth
more than one hundred billion US dollars. But last year
something happened that put the Adani Group's success at risk.
Speaker 5 (06:15):
So, just to give the high level understanding of who
Hindenburg Research is.
Speaker 1 (06:19):
In a daring short selling attack, a New York based
group called Hindenburg Research accused the Adani Group of the
largest khan in corporate history.
Speaker 5 (06:29):
It did disclose a short position in a Dani Group
and what it's saying basically is that the conglomerate engaged
in market manipulation and then accounting fraud as well. Now
Gudamadani has denied this and he says that the report
is baseless.
Speaker 1 (06:42):
Hindenburg alleged that the Adani Group had used a web
of companies in tax havens to inflate its revenue and
manipulate stock prices. Critics have raised similar questions about the
conglomerate for years. The group denied all claims and noted
to Bloomberg that they provided a very long and comprehensive
response in just seventy two hours on every single point.
(07:06):
But the crisis came at a very tense moment for
the Adnni Group.
Speaker 3 (07:13):
This came at a time when the group was looking
at one of the biggest share sales in its history.
That share sale had to be pulled. The group lost
a lot in market cap.
Speaker 1 (07:25):
How much market cap did they lose one.
Speaker 3 (07:27):
Hundred and fifty billion dollars in a few months?
Speaker 1 (07:29):
Wow?
Speaker 5 (07:30):
Huge.
Speaker 3 (07:30):
It took them six months to a year to asswitch
all these concerns and regain that market cap.
Speaker 1 (07:38):
The Adanni Group has also faced regulatory probes at home
and in the US, where prosecutors were investigating whether an
ADNNI entity, executives linked to the company, or billionaire founder
Galtum himself had paid bribes to Indian officials in return
for favorable treatment on a green energy project. Group said
(08:00):
none of its units has been notified of the probe
and that it's not aware of its chairman being part
of the investigation. Noahdani unit has been charged with wrongdoing
by the US Justice Department, and investigations don't always lead
to prosecutions, but the controversies swirling around the conglomerate have
prompted some changes there. What are they doing differently after Hindenburg.
Speaker 3 (08:23):
So they're cutting down on leverage in a big way.
They're putting a load of risk mitigation measures in place.
They're more measured in their approach towards growth and above ald,
they're communicating more.
Speaker 1 (08:39):
And now Anto says he's seen a huge change in
how the company is trying to be more transparent about
their operations.
Speaker 3 (08:46):
Till the Hiddenburg reports hit, many considered it as an
opaque group. Many knew nothing about the group or its
inner workings, the kind of processes they have and so on.
Now they are very aggressive about communicating, whether it's to
the investors or media.
Speaker 1 (09:04):
And this newfound openness of the Adanni family to the
media may have also helped Bloomberg get rare access to
the tycoon and his family. Anto and a TV crew
spent nearly a dozen days following leaders of the Adanni group,
and while Gotham Madonni declined to address controversies swirling around
his conglomerate, he did agree to talk about the family
(09:26):
conversations around succession.
Speaker 4 (09:28):
Succession is not in one of the events, but it
is a long drawn journey and my plan of succession
started almost decade ago.
Speaker 1 (09:43):
After the break what the Adanni family plans might mean
for India and the rest of the world. Bloomberg's Anto
Anthony was given unprecedented access to the Dani family. He
(10:05):
and a TV crew spent nearly two weeks in India,
visiting the headquarters and meeting employees.
Speaker 3 (10:10):
Right from the janitor right up to group CEOs.
Speaker 1 (10:14):
And taking field trips to visit their sites.
Speaker 3 (10:16):
We went to a place called Kavda in Gujarat, which
is a very arid region. It said does at ball.
So what they're trying to do is they're trying to
cover up the area five times the size of Paris
with solar panels and win turbines.
Speaker 1 (10:33):
One thing Anto wanted to talk with Galta Madani about
was why he was planning for succession now when he's
still very much engaged in the business. Galtum told him
he and his brothers want to be around to help
the next generation.
Speaker 3 (10:48):
So watch Gautamadani and his two brothers, who are involved
in the business is trying to do is transition it
into the next generation at a time when they are
still around to oversee and correct them when needed. This
is a conglomerate which runs from selling apples to running airports.
It's a complex set of businesses spread across various sectors.
(11:12):
So the complexity of this transition is probably the reason
why he's thinking of it right now.
Speaker 1 (11:17):
And when is he planning to hand over the reins.
Speaker 3 (11:19):
He's sisty two right now. When he's seventy is when
the transition happens. That's when he will retire. Godabadana is
looking at handing over his empire to four successors.
Speaker 1 (11:31):
These four successors are Gautum's sons Karen and Jet and
their cousins Pranav and Sagar. The businesses have been split
between the four younger Adanis, with each heading their own units.
But when it comes to the decisions that affect the
entire group, the four have agreed to make the call together.
(11:51):
And so how is this going to work in reality?
Because you've essentially got four heirs. I mean, who calls
a shot if there's a disagreement.
Speaker 3 (12:00):
So they're very clear that there is not going to
be a first among the equals. All four will have equals,
say in management. So now if you are to take
a major strategy decision, then all four has to be
on board. It is going to be a joint decision making.
Speaker 1 (12:18):
That sounds too good to be true.
Speaker 3 (12:20):
That is what everybody is telling me. Most of the
succession experts I talked to made that point. Some of
them even said that you have to work against basic
instincts of human beings to make this work because at
some point meritocracy will come up, some people will be
more committed to the businesses and will build their businesses
(12:44):
up in a better way.
Speaker 1 (12:46):
And so did press Prana the eldest Air on how
realistic this new joint management structure actually is.
Speaker 3 (12:53):
Transition plans at various large conglomerates had failed due to
internal fissures within the next generation. What plans the group
is putting in place to make sure that that doesn't happen.
Speaker 6 (13:07):
I don't know if you're aware, but we as a family,
we have lunch every day together. Chairman, my uncle, my
father wins in when he is there, and the whole
second generation we all actually have lunch together. We discuss issues,
so there's a lot of communication happening. Having said that,
everyone is of course looking at different businesses, and though
(13:29):
we are looking at different businesses, we are like one
team when it comes to discussions like talent management, how
we look at the future of the.
Speaker 1 (13:38):
Company, and when it comes to Galtum's personal fortunes, some
one hundred billion dollars of it, Anto sources told them
it would also be split equally among the four.
Speaker 3 (13:49):
All this is held through a trust, the family trust,
and areas down the line, when Godomadani turns seventy, each
of the second generation will be and equal beneficiary of
that trust. If we were doing it today, each of
them could have got about twenty five billion dollars. But
then we have to keep in mind the meteoric rise
(14:11):
in wealth of the group. So seven years down the line,
it is anybody's guess what they will.
Speaker 1 (14:16):
Be inherited center billionaires for sure, and Anto says this
humongous wealth transfer and leadership transition doesn't just concern this
single family. There's far reaching ramifications for India's three point
five trillion dollar economy and its future development. One reason
(14:38):
for that is that the Idani Group has played such
a key role in helping India shore up its infrastructure.
Speaker 3 (14:44):
There's a lot of deficiencies in the infrastructure, so Adani
is somebody who has come up and has been trying
to plug that gap. We haven't seen anybody trying to
do it at this scale ever in independent indias history.
So his success is very important because if he succeeds,
(15:04):
then India will be able to grow at a faster pace.
And India growing at a faster pace and living up
to his potential is quite important for the global economy
also because as the powerhouses like China to Germany are
facing its own issues and brokerage Houses has been pointing
(15:26):
out that India is among the countries which has to
contribute most to pull up the slack. So not only
for India, but even for the global economy, it is
quite important that this succession plan succeeds.
Speaker 1 (15:44):
And what about galtem If this all goes well.
Speaker 3 (15:47):
Once the transition is complete and once you have more
time at hand, what would be your plans?
Speaker 4 (15:53):
Oh, ultimately we will retire and be more relaxed.
Speaker 1 (16:02):
This is The Big Take Asia from Bloomberg News. I'm wanha.
This episode was produced by Young Young Naomi m Jessica
Beck and Alex Sugia, who also mixed it. It was
fact checked by Naomi and edited by Caitlin Kenney and
Alyssa McDonald. Our senior producers are Nami Shaven and Kim Gettelson.
Our senior editor is Elizabeth Ponso. Nicole Beemster Bower is
(16:24):
our executive producer, and Sage Bauman is Bloomberg's head of Podcasts.
Please follow and review The Big Take Asia wherever you
listen to podcasts. It helps new listeners find the show.
See you next time.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
We've all heard succession stories gone wrong, families and businesses
torn apart by battles over control. But there's another succession
story unfolding in India right now that looks very different.
Bloomberg spent nearly two weeks with the Adonis, the family
behind in over two hundred billion dollar conglomerate. I'm Sarah Holder,
(00:30):
and today on the Big Take, Bloomberg's Wanha takes us
inside the world of this powerful family firm and reveals
what lessons other businesses might take from its plans for
the future.
Speaker 1 (00:42):
In twenty eighteen, Asia's second richest man, Galto Madonni, invited
his brother's sons and nephews to his home for a meal.
Speaker 3 (00:51):
All seven of them were sitting around the dining table
having lunch, and very unexpectedly.
Speaker 1 (00:57):
Galto Madanni pop the question, how do you see the future?
Speaker 3 (01:02):
Do you guys want to carve up the business between
you or do you want to run the anti business
ass a single family.
Speaker 1 (01:09):
The business Galtam was asking them about is the Adanni Group,
a sprawling conglomerate which started with the company set up
by Galtham and his brothers back in nineteen eighty eight. Today,
the Adnni Group is worth more than two hundred and
ten billion US dollars and touches almost every facet of
daily life in India.
Speaker 3 (01:28):
When you switch on the electric bulb at the home,
his business is touching your life. When you are buying
groceries from the shop, his business is touching your life.
When you are looking to buy a house, his business
is touching your life.
Speaker 1 (01:42):
Anto Anthony is an editor at Bloomberg News based in Mumbai,
covering South Asia, and he says, for years Galtum has
been essentially the super CEO of the Adnni Group, making
all the decisions for the entire conglomerate. But now he
was asking the family members before him, his only two
sons and two nephews, how they want to run the
(02:04):
company when he the patriarch, steps down. The question surprised
the younger Adanni's.
Speaker 3 (02:12):
Because Godo Madani was still in his fifties. None of
them thought that he's thinking about succession or transition.
Speaker 1 (02:19):
He gave them three months to work it out and
when they came back, it was a united front.
Speaker 3 (02:25):
They said that we have seen my father and his
brothers working together to build up this legacy, and we
always work grew together, so there was no doubt in
their mind that they should stay together.
Speaker 1 (02:40):
It's a bold move for a wide ranging group whose
units span everything from airports to solar farms, and this
succession is poised to be one of the world's largest
and most challenging transfers of wealth. Bloomberg sat down with
Galtum and his four heirs for a series of exclusive
interviews about what this transfer will look like.
Speaker 4 (03:03):
Succession is a very very important for the business sustainability
and it must be is the organic, gradual and now
very systematic.
Speaker 1 (03:21):
Welcome to The Big Take Asia from Bloomberg News. I'm
wan Haf. Every week we take you inside some of
the world's biggest and most powerful economies and the markets,
tycoons and businesses that drive this ever shifting region. Today
on the show, Bloomberg's exclusive interviews with the Adonis, how
the family envisions an Adanni group without their patriarch at
(03:43):
the helm, and what's at stake for India's economy. Galta
Madonni's first big break came when he decided to help
his brother with his plastics factory. That's when he got
into global trading by importing polyvinyl chloride or PVC for
(04:04):
his brother's business, and it led him to set up
his flagship company what would become Adani Enterprises in nineteen
eighty eight.
Speaker 3 (04:12):
That's where he got his first real break. From there,
he started exploring projects in ports sector. He set up
Mundra Port which is as of now one of the
largest ports in India. After that, we are seeing a
meteoric growth which really gathered pace after twenty ten. Many
(04:35):
people say that it is very closely associated to Prime
Minister Naredra Modi's ascent.
Speaker 1 (04:41):
Adani's businesses have often been closely aligned with Prime Minister
Narendra Modi's priorities and the Adani Group has stepped in
where the nation lacked resources like an infrastructure and green energy.
Speaker 3 (04:53):
India is a country of one point four billion people,
but it really lacks infrastructure, whether it is raw sports, airports, power.
Energy is a huge issue out here. There are so
many millions of household which doesn't have access to electricity.
So that's how when Gaudamadani decides to step in and
help build this infrastructure, his priorities and business interest got
(05:19):
aligned well with that of the federal or state governments
in India. So as he himself puts it, when you
align your interest with the governments, it always gives you
tailwinds rather than headwinds. And it has really propelled his
business forwards and along with it his wealth.
Speaker 1 (05:38):
The Adani Group is India's biggest importer of coal, it's
the largest owner of solar farms, and Nadani owned ports
carry almost half the country's shipping containers, while more than
ninety million people use their airports each year. And for years,
the Adanni Group appear to flourish with infrastructure projects like these.
Galtum is currently Asia's second richest man and one of
(06:02):
the most influential business leaders in the world. He's worth
more than one hundred billion US dollars. But last year
something happened that put the Adani Group's success at risk.
Speaker 5 (06:15):
So, just to give the high level understanding of who
Hindenburg Research is.
Speaker 1 (06:19):
In a daring short selling attack, a New York based
group called Hindenburg Research accused the Adani Group of the
largest khan in corporate history.
Speaker 5 (06:29):
It did disclose a short position in a Dani Group
and what it's saying basically is that the conglomerate engaged
in market manipulation and then accounting fraud as well. Now
Gudamadani has denied this and he says that the report
is baseless.
Speaker 1 (06:42):
Hindenburg alleged that the Adani Group had used a web
of companies in tax havens to inflate its revenue and
manipulate stock prices. Critics have raised similar questions about the
conglomerate for years. The group denied all claims and noted
to Bloomberg that they provided a very long and comprehensive
response in just seventy two hours on every single point.
(07:06):
But the crisis came at a very tense moment for
the Adnni Group.
Speaker 3 (07:13):
This came at a time when the group was looking
at one of the biggest share sales in its history.
That share sale had to be pulled. The group lost
a lot in market cap.
Speaker 1 (07:25):
How much market cap did they lose one.
Speaker 3 (07:27):
Hundred and fifty billion dollars in a few months?
Speaker 1 (07:29):
Wow?
Speaker 5 (07:30):
Huge.
Speaker 3 (07:30):
It took them six months to a year to asswitch
all these concerns and regain that market cap.
Speaker 1 (07:38):
The Adanni Group has also faced regulatory probes at home
and in the US, where prosecutors were investigating whether an
ADNNI entity, executives linked to the company, or billionaire founder
Galtum himself had paid bribes to Indian officials in return
for favorable treatment on a green energy project. Group said
(08:00):
none of its units has been notified of the probe
and that it's not aware of its chairman being part
of the investigation. Noahdani unit has been charged with wrongdoing
by the US Justice Department, and investigations don't always lead
to prosecutions, but the controversies swirling around the conglomerate have
prompted some changes there. What are they doing differently after Hindenburg.
Speaker 3 (08:23):
So they're cutting down on leverage in a big way.
They're putting a load of risk mitigation measures in place.
They're more measured in their approach towards growth and above ald,
they're communicating more.
Speaker 1 (08:39):
And now Anto says he's seen a huge change in
how the company is trying to be more transparent about
their operations.
Speaker 3 (08:46):
Till the Hiddenburg reports hit, many considered it as an
opaque group. Many knew nothing about the group or its
inner workings, the kind of processes they have and so on.
Now they are very aggressive about communicating, whether it's to
the investors or media.
Speaker 1 (09:04):
And this newfound openness of the Adanni family to the
media may have also helped Bloomberg get rare access to
the tycoon and his family. Anto and a TV crew
spent nearly a dozen days following leaders of the Adanni group,
and while Gotham Madonni declined to address controversies swirling around
his conglomerate, he did agree to talk about the family
(09:26):
conversations around succession.
Speaker 4 (09:28):
Succession is not in one of the events, but it
is a long drawn journey and my plan of succession
started almost decade ago.
Speaker 1 (09:43):
After the break what the Adanni family plans might mean
for India and the rest of the world. Bloomberg's Anto
Anthony was given unprecedented access to the Dani family. He
(10:05):
and a TV crew spent nearly two weeks in India,
visiting the headquarters and meeting employees.
Speaker 3 (10:10):
Right from the janitor right up to group CEOs.
Speaker 1 (10:14):
And taking field trips to visit their sites.
Speaker 3 (10:16):
We went to a place called Kavda in Gujarat, which
is a very arid region. It said does at ball.
So what they're trying to do is they're trying to
cover up the area five times the size of Paris
with solar panels and win turbines.
Speaker 1 (10:33):
One thing Anto wanted to talk with Galta Madani about
was why he was planning for succession now when he's
still very much engaged in the business. Galtum told him
he and his brothers want to be around to help
the next generation.
Speaker 3 (10:48):
So watch Gautamadani and his two brothers, who are involved
in the business is trying to do is transition it
into the next generation at a time when they are
still around to oversee and correct them when needed. This
is a conglomerate which runs from selling apples to running airports.
It's a complex set of businesses spread across various sectors.
(11:12):
So the complexity of this transition is probably the reason
why he's thinking of it right now.
Speaker 1 (11:17):
And when is he planning to hand over the reins.
Speaker 3 (11:19):
He's sisty two right now. When he's seventy is when
the transition happens. That's when he will retire. Godabadana is
looking at handing over his empire to four successors.
Speaker 1 (11:31):
These four successors are Gautum's sons Karen and Jet and
their cousins Pranav and Sagar. The businesses have been split
between the four younger Adanis, with each heading their own units.
But when it comes to the decisions that affect the
entire group, the four have agreed to make the call together.
(11:51):
And so how is this going to work in reality?
Because you've essentially got four heirs. I mean, who calls
a shot if there's a disagreement.
Speaker 3 (12:00):
So they're very clear that there is not going to
be a first among the equals. All four will have equals,
say in management. So now if you are to take
a major strategy decision, then all four has to be
on board. It is going to be a joint decision making.
Speaker 1 (12:18):
That sounds too good to be true.
Speaker 3 (12:20):
That is what everybody is telling me. Most of the
succession experts I talked to made that point. Some of
them even said that you have to work against basic
instincts of human beings to make this work because at
some point meritocracy will come up, some people will be
more committed to the businesses and will build their businesses
(12:44):
up in a better way.
Speaker 1 (12:46):
And so did press Prana the eldest Air on how
realistic this new joint management structure actually is.
Speaker 3 (12:53):
Transition plans at various large conglomerates had failed due to
internal fissures within the next generation. What plans the group
is putting in place to make sure that that doesn't happen.
Speaker 6 (13:07):
I don't know if you're aware, but we as a family,
we have lunch every day together. Chairman, my uncle, my
father wins in when he is there, and the whole
second generation we all actually have lunch together. We discuss issues,
so there's a lot of communication happening. Having said that,
everyone is of course looking at different businesses, and though
(13:29):
we are looking at different businesses, we are like one
team when it comes to discussions like talent management, how
we look at the future of the.
Speaker 1 (13:38):
Company, and when it comes to Galtum's personal fortunes, some
one hundred billion dollars of it, Anto sources told them
it would also be split equally among the four.
Speaker 3 (13:49):
All this is held through a trust, the family trust,
and areas down the line, when Godomadani turns seventy, each
of the second generation will be and equal beneficiary of
that trust. If we were doing it today, each of
them could have got about twenty five billion dollars. But
then we have to keep in mind the meteoric rise
(14:11):
in wealth of the group. So seven years down the line,
it is anybody's guess what they will.
Speaker 1 (14:16):
Be inherited center billionaires for sure, and Anto says this
humongous wealth transfer and leadership transition doesn't just concern this
single family. There's far reaching ramifications for India's three point
five trillion dollar economy and its future development. One reason
(14:38):
for that is that the Idani Group has played such
a key role in helping India shore up its infrastructure.
Speaker 3 (14:44):
There's a lot of deficiencies in the infrastructure, so Adani
is somebody who has come up and has been trying
to plug that gap. We haven't seen anybody trying to
do it at this scale ever in independent indias history.
So his success is very important because if he succeeds,
(15:04):
then India will be able to grow at a faster pace.
And India growing at a faster pace and living up
to his potential is quite important for the global economy
also because as the powerhouses like China to Germany are
facing its own issues and brokerage Houses has been pointing
(15:26):
out that India is among the countries which has to
contribute most to pull up the slack. So not only
for India, but even for the global economy, it is
quite important that this succession plan succeeds.
Speaker 1 (15:44):
And what about galtem If this all goes well.
Speaker 3 (15:47):
Once the transition is complete and once you have more
time at hand, what would be your plans?
Speaker 4 (15:53):
Oh, ultimately we will retire and be more relaxed.
Speaker 1 (16:02):
This is The Big Take Asia from Bloomberg News. I'm wanha.
This episode was produced by Young Young Naomi m Jessica
Beck and Alex Sugia, who also mixed it. It was
fact checked by Naomi and edited by Caitlin Kenney and
Alyssa McDonald. Our senior producers are Nami Shaven and Kim Gettelson.
Our senior editor is Elizabeth Ponso. Nicole Beemster Bower is
(16:24):
our executive producer, and Sage Bauman is Bloomberg's head of Podcasts.
Please follow and review The Big Take Asia wherever you
listen to podcasts. It helps new listeners find the show.
See you next time.
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Sarah Holder
Saleha Mohsin
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