A decade ago, he initiated plans for the future of the Adani Group, emphasising the significance of succession in ensuring the business's enduring success. “Succession is important for business sustainability, and it must be organic, gradual, and systematic. When I gave the G2 the idea of independent businesses, they decided collectively that they want multiple businesses but one family, so they have a strong unity among themselves,” he shares. Admiring the hard work, humility, and drive of the next generation—Pranav, Karan, Sagar, and Jeet—he expressed his pride, noting their uncommon hunger for success as second-generation entrepreneurs.

Reflecting on the past two years, the Chairman believes that the challenges the group had to face have strengthened family bonds. “In hindsight, I can say that this incident has brought us more together. The family addressed and corrected issues across their businesses, contributing to what was the highest performance year in the history of the Adani Group,” he notes. When questioned about his plans after the transition, he reveales his anticipation of a more relaxed routine and eventual retirement.

Pranav Adani, the nephew of Gautam Adani, plays a crucial role as the Managing Director (Agro, Oil & Gas) and Director of Adani Enterprises, the in-house incubator of the Adani Group. At present, he is driving forward the ambitious Dharavi Redevelopment Project for the Adani Group. Situated in Mumbai, Dharavi, Asia’s largest slum, holds the key to transforming the city into a modern metropolis.

“Dharavi project is, of course, a challenging project. It is a project that for the last almost four decades, different governments have been trying to redevelop,” he acknowledges.

Dharavi residents are fervently seeking improved living conditions and are deeply concerned about the potential displacement of their homes and businesses to make space for new developments, including modern apartments and malls. Mr Pranav personally confronted these worries while navigating through Dharavi's narrow passages. “Now, we are double confident because at the end of the day, when we talk to the people at the ground level, those are the people who are really wanting the change,” he says. He also leads Adani Realty, the group’s realty business with established presence in Gujarat, Maharashtra and the NCR. At the group level, he plays a key role as the chief custodian of Brand Adani.

Addressing accusations of crony capitalism, he clarifies that the group’s investments are aligned with the priorities of various states across India, rather than being influenced by any single political party. “We are actively invested in 24 out of 28 states in India,” he explains, while adding, “We have also invested in neighbouring countries, ensuring our projects align with both the host country’s needs and India’s strategic interests.”

Karan Adani, the elder son of Gautam Adani, is the driving force behind Adani Ports, one of Asia’s largest logistics empires. He has assumed control of all the ports and has expanded his role to include Adani Cements. His unwavering mission is to ensure sustained growth and further expansion of the business. The Group's international projects, such as those in Sri Lanka and Israel, are widely regarded as integral to India’s strategic trade routes. He shares, “Certain positions that we are taking arealso strategic for us as a company. We do see that there is going to be continuous disruption, and we look at where are the major trade routes from India and how do we minimise those disruptions.” Mr Karan adds that while geopolitical priorities are considered, profitability also remains crucial.

Addressing concerns about the group's holding structure, he says, “If you look at from an investor's perspective, we as a group went through this transition from 2007-2008. We had a holding structure – Adani Enterprises and then we had its subsidiaries. Taking feedback from the investors we started the demerging. Ports got demerged; Power got demerged”. He emphasises transparency and compliance, noting, “We have 23-25 international issues, bond issues across various companies, rated by all international agencies.”

Looking to the future, he talks about the legacy he will inherit. “As we move from first generation to the next, we do realise that what they (the first generation) are leaving behind is a legacy and not just a business. It is a platform which we must protect and ensure that we pass on to the next generation as well.”

Sagar Adani, the nephew of Gautam Adani, is a dynamic leader in his early 30s who is driving the transformation of the Adani Group's energy sector. With almost a decade of experience within the group, he is spearheading its ambitious energy ventures. Under his visionary leadership, the once desolate salt land of Khavda is on track to emerge as one of the world's largest renewable energy parks.

In addition to this role, Mr Sagar is responsible for the group's finances, which brings him into the spotlight in addressing the investor concerns, especially those raised by the Hindenburg report. “It is a perception and not reality. From our viewpoint, purely, this report was nothing but an accumulation of everything that was written and alleged the last ten years before.” He further emphasises the strength of the group's investor base, which includes long-term equity partners like QIA from Qatar, Total Energies of France, and major corporates such as ITC. “We have the most diverse institutional shareholding, long-term equity in our portfolio compared to any other global businesses or domestic businesses,” he explains.

Addressing the dramatic increase in the group’s market capitalisation over the past 5-6 years, he shares, “Today one should look at it as a premium fund infrastructure company. We have a once-in-a-generation opportunity of investing significantly in assets that have 35-40 years stability.” Addressing concerns about succession, “There is a close interaction among us, the G2 members. Different people take the lead in different aspects, but everyone is incorporated in everything. we will continue to move forward with the same approach.”

Jeet Adani, at 26, is the youngest member of the G2 and a key figure in the Adani Group. He efficiently manages seven airports across India while also taking charge of the defence, petrochemicals, and digital businesses. Currently, he is driving the construction of a USD 2.1 billion airport on the outskirts of Mumbai (Navi Mumbai). While the first phase is on track, he is emphatic about accelerating the completion of the remaining phases.

“If you look historically, when the initial privatisation of both Mumbai and Delhi happened together in 2006, Mumbai Airport was larger than Delhi Airport. It hit the road because it has a capacity limitation, being a single runway airport,” he notes. He expects the new airport to quickly utilise 60-70% of its capacity once operational and plans to begin phase two as soon as phase one is completed to meet growing demand.

In the defence sector, his focus is on impactful areas rather than large-scale projects. “We primarily are focusing on areas where we can make a significant impact,” he shares. The strategy includes unmanned systems, small arms, and ammunition. He highlights recent achievements such as delivering a MALE (Medium Altitude Long Endurance) category drone to the armed forces and advancing indigenisation in small arms and ammunition.

Acknowledging the immense capabilities of his father, he adds, “We realise that our collective capabilities are not going to match his because he is the once-in-a-generation kind of entrepreneur.” But Mr Jeet is confident that with the right mentors and focus, the G2 will successfully manage and grow the business in the future.