Gautam Adani, 62, chairman of Adani Group, expects to stand down at the age of 70 and hand over leadership to his sons and relatives in the early 2030s, he told Bloomberg News in an interview published on Monday.

When Adani retires, his four heirs - sons Karan and Jeet, as well as cousins Pranav and Sagar - will be equal beneficiaries of the family trust, according to the story.

A private deal will govern the transfer of holdings in the conglomerate's businesses to the heirs, according to Bloomberg, citing individuals familiar with the situation. Adani Group did not immediately reply to Reuters' request for comment.

According to the Adani Group website, Gautam Adani's elder son Karan Adani is the managing director of Adani Ports, and his younger son Jeet Adani is the director of Adani Airport. According to the website, Pranav Adani is the director of Adani Enterprises, while Sagar Adani is the executive director of Adani Green Energy.

According to Bloomberg, Pranav and Karan are the most likely contenders to become chairman in the future.

"Succession is critical to the long-term viability of businesses. "I left the decision to the second generation because the transition must be organic, gradual, and very systematic," Gautam Adani explained.

When Adani takes a step back, the collective decision-making will continue, even if there is a crisis or a significant strategic decision, the Adani children told Bloomberg in separate interviews.

The news comes at a time when Adani Enterprises, the Adani Group's main company, saw its first-quarter profit more than quadruple as the conglomerate expanded its new energy sector by investing more in renewable energy.