- Hindi News
- Business
- Gautam Adani To Revamp Family Offices, Hire Auditors And CEO To Boost Oversight
New Delhi4 days ago
- copy link
Gautam Adani has assets worth Rs 8.5 lakh crore.
Adani Group chairman Gautam Adani is planning to hire auditors from a large global company for his family offices. He is also considering hiring a CEO. The aim is to increase transparency in his business, as is usually the case with listed companies.
According to sources familiar with the matter, Adani is talking to two of the six big accounting firms to audit the accounts of family offices that manage assets worth Rs 8.5 lakh crore. According to sources, a team of five people is going to be formed, which will be headed by the CEO and Chief Investment Officer, to bring transparency in the wealth management of family offices.
This team will first report to the group’s Chief Financial Officer (CFO) Jugeshinder Singh. Later it will report to Gautam Adani. Till now the two wealth offices of the Adani family were being run informally with the help of the CFOs of the group companies.
Gautam Adani is at 21st position in the list of richest people in the world.
Efforts to improve the image, this will strengthen the credibility
It is believed that Adani’s plan to hire auditors is a strategy to improve his image and strengthen his credibility after the allegations made by Hindenburg. Increasing transparency will also improve the credibility of the group, which will benefit the group. Especially when Gautam Adani is busy attracting investors for global expansion.
The new family office management will oversee the founders’ stake in the group’s listed companies. The Adani Group’s business has grown rapidly in the last 5 years. With this, the shares also saw a tremendous rise. However, the company’s shares suffered a major setback after Hindenburg’s allegations in January 2023.
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.
Gautam Adani will sell shares worth Rs 4,200 crore in Ambuja
The Adani family can raise around Rs 4,197 crore by selling 3% stake in the country’s second largest cement company Ambuja Cements through a block deal. Currently, the Adani family holds 90.33% in Ambuja Cements
stake, which it bought from Swiss company Holcim in May 2022.
Adani Group was accused of money laundering and share manipulation
On 24 January 2023, Hindenburg Research published a report on the Adani Group. After the report, there was a huge decline in the shares of the group. However, there was a recovery later. Regarding this report, the Indian stock market regulator Securities Exchange Board of India (SEBI) had also sent a 46-page show cause notice to Hindenburg.
In a blog post published on July 1, 2024, Hindenburg Research said that the notice states that it has violated the rules. The company said, SEBI has alleged that Hindenburg’s report contains some false statements to mislead readers. In response to this, Hindenburg had made several allegations against SEBI itself.
Adani Enterprises shares fell 59% after the report
On 24 January 2023 (25 January Indian time), the share price of Adani Enterprises was Rs 3442. On 25 January, it fell 1.54% to close at Rs 3388. On 27 January, the share price fell 18% to Rs 2761. By 22 February, it had fallen 59% to Rs 1404. However, later the stock saw recovery.
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.
Click here to read full news