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- Gautam Adani To Revamp Family Offices, Hire Auditors And CEO To Boost Oversight
New Delhi2 minutes ago
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Industrialist Gautam Adani is preparing to appoint CEO and auditors for his family office. These auditors will be appointed from top global firms. According to media reports, the purpose behind these appointments is to bring transparency in business.
The founders of the Adani Group are talking to 2 to 6 big accounting firms to audit the accounts of the family office. The two wealth offices of the Adani family were till now running informally with the help of the CFOs of the group firms.
While hiring professionals to oversee wealth offices for billionaires is not new, hiring a global audit firm and offering transparency is a different matter altogether. This initiative is in contrast to the practices of most family offices, where confidentiality is preferred. However, a representative of the Adani Group declined to comment on this matter.
Some managers will be appointed next month
The family office management will monitor the shareholding of the founders in the Adani Group firms and will also prepare financial reports with the aim of bringing more transparency.
Some professional managers may be appointed next month, while the family office will become fully operational from April 2025. According to media reports, this structure may also change from time to time.
Preparations to change the group’s image by increasing transparency
It is clear from this initiative that the Adani Group is preparing to change its image after the turmoil of last year. Increasing transparency will also improve the credibility of the group, which will benefit the group. The Adani Group is expanding its presence globally and is engaged in attracting investors from all over the world.
The business of Adani Group has grown rapidly in the last 5 years. With this, the shares also saw a tremendous rise. However, after the allegations of Hindenburg in January 2023, the company’s shares suffered a major setback.
Gautam Adani will step down as chairperson at the age of 70
Recently, news came that Adani Group chairman Gautam Adani plans to step down at the age of 70, he is currently 62 years old. News agency Bloomberg quoted an interview as saying that Adani may hand over the reins of the company to his sons and cousins in early 2030.
This is the first time Gautam Adani has spoken about his successor. According to the report, when Adani retires, his four successors – sons Karan and Jeet, cousins Pranav and Sagar will become beneficiaries like a family trust.
10 listed companies of Adani Group in the stock market
Adani Group has 10 companies listed in the stock market, of which Adani Enterprises is the flagship company of the group. Along with this, Adani Ports, Adani Green Energy, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, Ambuja Cement, ACC and NDTV are included.
Gautam Adani’s net worth is ₹7.10 lakh crore
According to Forbes, Gautam Adani’s net worth is Rs 7.10 lakh crore. He is at number 21 in the list of the world’s richest people. The Adani Group’s empire extends to coal trading, mining, logistics, power generation and distribution. The Adani Group has also entered the cement industry. At the same time, Mukesh Ambani’s net worth is Rs 9.71 lakh crore, he is at number 11 in the list of the world’s richest people.
Some interesting facts related to Gautam Adani and his journey…
Tried luck in diamond industry
Born on June 24, 1962, college dropout Gautam Adani hails from Gujarat. He tried his luck in Mumbai’s diamond industry in the early 1980s before returning to Gujarat to help run his brother’s plastics business. He then started the Adani Group in 1988 with a small agri trading firm.
It has now grown into a group that spans across coal trading, mining, logistics, power generation and distribution. The Adani Group is also into green energy, airports, data centers and the cement industry. Gautam Adani has committed to invest a total of $70 billion by 2030 to make his group the world’s largest renewable energy producer.
Adani Foundation was formed in 1996
The Adani Foundation was established in 1996 under the leadership of his wife Preeti Adani. It has worked on social programs in rural areas of India. According to the website of Adani Group, currently this foundation is helping in the upliftment of 34 lakh people annually in 18 states of the country. Preeti Adani is a doctor by profession, who has graduated in dental surgery (BDS).
Read this also…
Hindenburg said- SEBI chief accepted the allegations in clarification: It is clear that his investment in foreign funds, Adani’s brother increased the price of shares with this
US short seller Hindenburg said SEBI Chairperson Madhabi Buch has admitted several things in her response to our report, which has raised many new questions.
Hindenburg said – Butch’s reply confirms that his investment was in Bermuda/Mauritius funds. This is the same fund that was used by Gautam Adani’s brother Vinod Adani. It is alleged that Vinod Adani used these funds to increase the price of his group’s shares.
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