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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: We've all heard succession stories gone wrong, families and businesses

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Speaker 2: torn apart by battles over control. But there's another succession

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Speaker 2: story unfolding in India right now that looks very different.

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Speaker 2: Bloomberg spent nearly two weeks with the Adonis, the family

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Speaker 2: behind in over two hundred billion dollar conglomerate. I'm Sarah Holder,

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Speaker 2: and today on the Big Take, Bloomberg's Wanha takes us

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Speaker 2: inside the world of this powerful family firm and reveals

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Speaker 2: what lessons other businesses might take from its plans for

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Speaker 2: the future.

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Speaker 1: In twenty eighteen, Asia's second richest man, Galto Madonni, invited

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Speaker 1: his brother's sons and nephews to his home for a meal.

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Speaker 3: All seven of them were sitting around the dining table

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Speaker 3: having lunch, and very unexpectedly.

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Speaker 1: Galto Madanni pop the question, how do you see the future?

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Speaker 3: Do you guys want to carve up the business between

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Speaker 3: you or do you want to run the anti business

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Speaker 3: ass a single family.

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Speaker 1: The business Galtam was asking them about is the Adanni Group,

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Speaker 1: a sprawling conglomerate which started with the company set up

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Speaker 1: by Galtham and his brothers back in nineteen eighty eight. Today,

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Speaker 1: the Adnni Group is worth more than two hundred and

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Speaker 1: ten billion US dollars and touches almost every facet of

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Speaker 1: daily life in India.

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Speaker 3: When you switch on the electric bulb at the home,

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Speaker 3: his business is touching your life. When you are buying

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Speaker 3: groceries from the shop, his business is touching your life.

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Speaker 3: When you are looking to buy a house, his business

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Speaker 3: is touching your life.

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Speaker 1: Anto Anthony is an editor at Bloomberg News based in Mumbai,

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Speaker 1: covering South Asia, and he says, for years Galtum has

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Speaker 1: been essentially the super CEO of the Adnni Group, making

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Speaker 1: all the decisions for the entire conglomerate. But now he

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Speaker 1: was asking the family members before him, his only two

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Speaker 1: sons and two nephews, how they want to run the

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Speaker 1: company when he the patriarch, steps down. The question surprised

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Speaker 1: the younger Adanni's.

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Speaker 3: Because Godo Madani was still in his fifties. None of

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Speaker 3: them thought that he's thinking about succession or transition.

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Speaker 1: He gave them three months to work it out and

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Speaker 1: when they came back, it was a united front.

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Speaker 3: They said that we have seen my father and his

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Speaker 3: brothers working together to build up this legacy, and we

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Speaker 3: always work grew together, so there was no doubt in

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Speaker 3: their mind that they should stay together.

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Speaker 1: It's a bold move for a wide ranging group whose

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Speaker 1: units span everything from airports to solar farms, and this

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Speaker 1: succession is poised to be one of the world's largest

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Speaker 1: and most challenging transfers of wealth. Bloomberg sat down with

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Speaker 1: Galtum and his four heirs for a series of exclusive

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Speaker 1: interviews about what this transfer will look like.

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Speaker 4: Succession is a very very important for the business sustainability

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Speaker 4: and it must be is the organic, gradual and now

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Speaker 4: very systematic.

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Speaker 1: Welcome to The Big Take Asia from Bloomberg News. I'm

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Speaker 1: wan Haf. Every week we take you inside some of

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Speaker 1: the world's biggest and most powerful economies and the markets,

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Speaker 1: tycoons and businesses that drive this ever shifting region. Today

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Speaker 1: on the show, Bloomberg's exclusive interviews with the Adonis, how

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Speaker 1: the family envisions an Adanni group without their patriarch at

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Speaker 1: the helm, and what's at stake for India's economy. Galta

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Speaker 1: Madonni's first big break came when he decided to help

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Speaker 1: his brother with his plastics factory. That's when he got

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Speaker 1: into global trading by importing polyvinyl chloride or PVC for

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Speaker 1: his brother's business, and it led him to set up

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Speaker 1: his flagship company what would become Adani Enterprises in nineteen

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Speaker 1: eighty eight.

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Speaker 3: That's where he got his first real break. From there,

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Speaker 3: he started exploring projects in ports sector. He set up

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Speaker 3: Mundra Port which is as of now one of the

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Speaker 3: largest ports in India. After that, we are seeing a

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Speaker 3: meteoric growth which really gathered pace after twenty ten. Many

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Speaker 3: people say that it is very closely associated to Prime

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Speaker 3: Minister Naredra Modi's ascent.

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Speaker 1: Adani's businesses have often been closely aligned with Prime Minister

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Speaker 1: Narendra Modi's priorities and the Adani Group has stepped in

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Speaker 1: where the nation lacked resources like an infrastructure and green energy.

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Speaker 3: India is a country of one point four billion people,

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Speaker 3: but it really lacks infrastructure, whether it is raw sports, airports, power.

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Speaker 3: Energy is a huge issue out here. There are so

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Speaker 3: many millions of household which doesn't have access to electricity.

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Speaker 3: So that's how when Gaudamadani decides to step in and

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Speaker 3: help build this infrastructure, his priorities and business interest got

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Speaker 3: aligned well with that of the federal or state governments

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Speaker 3: in India. So as he himself puts it, when you

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Speaker 3: align your interest with the governments, it always gives you

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Speaker 3: tailwinds rather than headwinds. And it has really propelled his

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Speaker 3: business forwards and along with it his wealth.

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Speaker 1: The Adani Group is India's biggest importer of coal, it's

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Speaker 1: the largest owner of solar farms, and Nadani owned ports

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Speaker 1: carry almost half the country's shipping containers, while more than

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Speaker 1: ninety million people use their airports each year. And for years,

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Speaker 1: the Adanni Group appear to flourish with infrastructure projects like these.

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Speaker 1: Galtum is currently Asia's second richest man and one of

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Speaker 1: the most influential business leaders in the world. He's worth

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Speaker 1: more than one hundred billion US dollars. But last year

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Speaker 1: something happened that put the Adani Group's success at risk.

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Speaker 5: So, just to give the high level understanding of who

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Speaker 5: Hindenburg Research is.

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Speaker 1: In a daring short selling attack, a New York based

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Speaker 1: group called Hindenburg Research accused the Adani Group of the

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Speaker 1: largest khan in corporate history.

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Speaker 5: It did disclose a short position in a Dani Group

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Speaker 5: and what it's saying basically is that the conglomerate engaged

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Speaker 5: in market manipulation and then accounting fraud as well. Now

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Speaker 5: Gudamadani has denied this and he says that the report

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Speaker 5: is baseless.

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Speaker 1: Hindenburg alleged that the Adani Group had used a web

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Speaker 1: of companies in tax havens to inflate its revenue and

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Speaker 1: manipulate stock prices. Critics have raised similar questions about the

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Speaker 1: conglomerate for years. The group denied all claims and noted

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Speaker 1: to Bloomberg that they provided a very long and comprehensive

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Speaker 1: response in just seventy two hours on every single point.

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Speaker 1: But the crisis came at a very tense moment for

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Speaker 1: the Adnni Group.

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Speaker 3: This came at a time when the group was looking

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Speaker 3: at one of the biggest share sales in its history.

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Speaker 3: That share sale had to be pulled. The group lost

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Speaker 3: a lot in market cap.

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Speaker 1: How much market cap did they lose one.

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Speaker 3: Hundred and fifty billion dollars in a few months?

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Speaker 1: Wow?

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Speaker 5: Huge.

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Speaker 3: It took them six months to a year to asswitch

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Speaker 3: all these concerns and regain that market cap.

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Speaker 1: The Adanni Group has also faced regulatory probes at home

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Speaker 1: and in the US, where prosecutors were investigating whether an

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Speaker 1: ADNNI entity, executives linked to the company, or billionaire founder

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Speaker 1: Galtum himself had paid bribes to Indian officials in return

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Speaker 1: for favorable treatment on a green energy project. Group said

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Speaker 1: none of its units has been notified of the probe

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Speaker 1: and that it's not aware of its chairman being part

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Speaker 1: of the investigation. Noahdani unit has been charged with wrongdoing

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Speaker 1: by the US Justice Department, and investigations don't always lead

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Speaker 1: to prosecutions, but the controversies swirling around the conglomerate have

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Speaker 1: prompted some changes there. What are they doing differently after Hindenburg.

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Speaker 3: So they're cutting down on leverage in a big way.

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Speaker 3: They're putting a load of risk mitigation measures in place.

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Speaker 3: They're more measured in their approach towards growth and above ald,

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Speaker 3: they're communicating more.

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Speaker 1: And now Anto says he's seen a huge change in

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Speaker 1: how the company is trying to be more transparent about

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Speaker 1: their operations.

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Speaker 3: Till the Hiddenburg reports hit, many considered it as an

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Speaker 3: opaque group. Many knew nothing about the group or its

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Speaker 3: inner workings, the kind of processes they have and so on.

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Speaker 3: Now they are very aggressive about communicating, whether it's to

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Speaker 3: the investors or media.

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Speaker 1: And this newfound openness of the Adanni family to the

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Speaker 1: media may have also helped Bloomberg get rare access to

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Speaker 1: the tycoon and his family. Anto and a TV crew

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Speaker 1: spent nearly a dozen days following leaders of the Adanni group,

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Speaker 1: and while Gotham Madonni declined to address controversies swirling around

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Speaker 1: his conglomerate, he did agree to talk about the family

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Speaker 1: conversations around succession.

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Speaker 4: Succession is not in one of the events, but it

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Speaker 4: is a long drawn journey and my plan of succession

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Speaker 4: started almost decade ago.

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Speaker 1: After the break what the Adanni family plans might mean

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Speaker 1: for India and the rest of the world. Bloomberg's Anto

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Speaker 1: Anthony was given unprecedented access to the Dani family. He

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Speaker 1: and a TV crew spent nearly two weeks in India,

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Speaker 1: visiting the headquarters and meeting employees.

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Speaker 3: Right from the janitor right up to group CEOs.

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Speaker 1: And taking field trips to visit their sites.

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Speaker 3: We went to a place called Kavda in Gujarat, which

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Speaker 3: is a very arid region. It said does at ball.

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Speaker 3: So what they're trying to do is they're trying to

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Speaker 3: cover up the area five times the size of Paris

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Speaker 3: with solar panels and win turbines.

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Speaker 1: One thing Anto wanted to talk with Galta Madani about

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Speaker 1: was why he was planning for succession now when he's

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Speaker 1: still very much engaged in the business. Galtum told him

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Speaker 1: he and his brothers want to be around to help

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Speaker 1: the next generation.

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Speaker 3: So watch Gautamadani and his two brothers, who are involved

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Speaker 3: in the business is trying to do is transition it

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Speaker 3: into the next generation at a time when they are

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Speaker 3: still around to oversee and correct them when needed. This

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Speaker 3: is a conglomerate which runs from selling apples to running airports.

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Speaker 3: It's a complex set of businesses spread across various sectors.

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Speaker 3: So the complexity of this transition is probably the reason

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Speaker 3: why he's thinking of it right now.

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Speaker 1: And when is he planning to hand over the reins.

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Speaker 3: He's sisty two right now. When he's seventy is when

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Speaker 3: the transition happens. That's when he will retire. Godabadana is

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Speaker 3: looking at handing over his empire to four successors.

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Speaker 1: These four successors are Gautum's sons Karen and Jet and

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Speaker 1: their cousins Pranav and Sagar. The businesses have been split

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Speaker 1: between the four younger Adanis, with each heading their own units.

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Speaker 1: But when it comes to the decisions that affect the

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Speaker 1: entire group, the four have agreed to make the call together.

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Speaker 1: And so how is this going to work in reality?

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Speaker 1: Because you've essentially got four heirs. I mean, who calls

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Speaker 1: a shot if there's a disagreement.

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Speaker 3: So they're very clear that there is not going to

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Speaker 3: be a first among the equals. All four will have equals,

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Speaker 3: say in management. So now if you are to take

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Speaker 3: a major strategy decision, then all four has to be

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Speaker 3: on board. It is going to be a joint decision making.

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Speaker 1: That sounds too good to be true.

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Speaker 3: That is what everybody is telling me. Most of the

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Speaker 3: succession experts I talked to made that point. Some of

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Speaker 3: them even said that you have to work against basic

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Speaker 3: instincts of human beings to make this work because at

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Speaker 3: some point meritocracy will come up, some people will be

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Speaker 3: more committed to the businesses and will build their businesses

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Speaker 3: up in a better way.

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Speaker 1: And so did press Prana the eldest Air on how

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Speaker 1: realistic this new joint management structure actually is.

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Speaker 3: Transition plans at various large conglomerates had failed due to

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Speaker 3: internal fissures within the next generation. What plans the group

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Speaker 3: is putting in place to make sure that that doesn't happen.

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Speaker 6: I don't know if you're aware, but we as a family,

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Speaker 6: we have lunch every day together. Chairman, my uncle, my

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Speaker 6: father wins in when he is there, and the whole

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Speaker 6: second generation we all actually have lunch together. We discuss issues,

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Speaker 6: so there's a lot of communication happening. Having said that,

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Speaker 6: everyone is of course looking at different businesses, and though

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Speaker 6: we are looking at different businesses, we are like one

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Speaker 6: team when it comes to discussions like talent management, how

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Speaker 6: we look at the future of the.

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Speaker 1: Company, and when it comes to Galtum's personal fortunes, some

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Speaker 1: one hundred billion dollars of it, Anto sources told them

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Speaker 1: it would also be split equally among the four.

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Speaker 3: All this is held through a trust, the family trust,

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Speaker 3: and areas down the line, when Godomadani turns seventy, each

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Speaker 3: of the second generation will be and equal beneficiary of

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Speaker 3: that trust. If we were doing it today, each of

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Speaker 3: them could have got about twenty five billion dollars. But

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Speaker 3: then we have to keep in mind the meteoric rise

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Speaker 3: in wealth of the group. So seven years down the line,

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Speaker 3: it is anybody's guess what they will.

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Speaker 1: Be inherited center billionaires for sure, and Anto says this

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Speaker 1: humongous wealth transfer and leadership transition doesn't just concern this

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Speaker 1: single family. There's far reaching ramifications for India's three point

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Speaker 1: five trillion dollar economy and its future development. One reason

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Speaker 1: for that is that the Idani Group has played such

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Speaker 1: a key role in helping India shore up its infrastructure.

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Speaker 3: There's a lot of deficiencies in the infrastructure, so Adani

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Speaker 3: is somebody who has come up and has been trying

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Speaker 3: to plug that gap. We haven't seen anybody trying to

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Speaker 3: do it at this scale ever in independent indias history.

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Speaker 3: So his success is very important because if he succeeds,

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Speaker 3: then India will be able to grow at a faster pace.

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Speaker 3: And India growing at a faster pace and living up

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Speaker 3: to his potential is quite important for the global economy

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Speaker 3: also because as the powerhouses like China to Germany are

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Speaker 3: facing its own issues and brokerage Houses has been pointing

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Speaker 3: out that India is among the countries which has to

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Speaker 3: contribute most to pull up the slack. So not only

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Speaker 3: for India, but even for the global economy, it is

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Speaker 3: quite important that this succession plan succeeds.

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Speaker 1: And what about galtem If this all goes well.

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Speaker 3: Once the transition is complete and once you have more

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Speaker 3: time at hand, what would be your plans?

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Speaker 4: Oh, ultimately we will retire and be more relaxed.

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Speaker 1: This is The Big Take Asia from Bloomberg News. I'm wanha.

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Speaker 1: This episode was produced by Young Young Naomi m Jessica

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Speaker 1: Beck and Alex Sugia, who also mixed it. It was

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Speaker 1: fact checked by Naomi and edited by Caitlin Kenney and

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Speaker 1: Alyssa McDonald. Our senior producers are Nami Shaven and Kim Gettelson.

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Speaker 1: Our senior editor is Elizabeth Ponso. Nicole Beemster Bower is

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Speaker 1: our executive producer, and Sage Bauman is Bloomberg's head of Podcasts.

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Speaker 1: Please follow and review The Big Take Asia wherever you

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Speaker 1: listen to podcasts. It helps new listeners find the show.

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Speaker 1: See you next time.