Kushagra gets Birla booster

The Aditya Birla group has set aside 6.5 per cent stake in Bachhraj & Co, the company that controls 24.54 per cent of Bajaj Hindusthan, for Kushagra Bajaj's wife, Vasavadatta, sources close to the development said.

Vasavadatta is the sister of the chairman of the Aditya Birla group, Kumar Mangalam Birla. This additional stake becomes important for Kushagra as it gives him a better bargaining position with the rest of the Bajaj family.

This 6.5 per cent is a part of the Aditya Birla/B K Birla group's 11 per cent stake in Bachhraj.

The fate of the balance 4.5 per cent shares held by Vasavadatta's grandfather, B K Birla is not known.

Bajaj group's main investment firm, Bajaj Sevashram holds 78 per cent shares in Bachhraj & Co, which also holds 1.82 per cent shares in Bajaj Auto.

The Bajajs had bought 18 per cent stake in Bachhraj from the other Birlas, including Sudarshan Kumar, Chandra Kant and Yash Birla, a couple of years ago. When contacted, Rahul Bajaj refused to speak on the issue.

Kushagra is fighting a battle for control of Bajaj Hindusthan after Rahul Bajaj and his four brothers bought 1.9 per cent shares in Bajaj Sevashram, which in turn, holds shares in Bajaj Hindusthan

Kushagra had complained that Rahul Bajaj and family tried to foist two directors on the board of another holding firm, Bajaj Sevashram to take control of sugar firm Bajaj Hindusthan Ltd.