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Rediff News  All News  » Business » Sahara shares to go to a trust

Sahara shares to go to a trust

February 18, 2006 12:57 IST
The fortune will belong to all. Even as Brand Finance of the UK has valued the brand Sahara at $10.5 billion, Sahara supremo Subrato Roy has decided to transfer the shares controlled by him in all his group companies to a trust in order to avoid any possibility of a family split.

Roy said the trust, which would be headed by him, would have over 60 members but only six or seven would be from the family. The remaining trustees will be drawn from Sahara executives and other independent personalities.

Speaking to Business Standard, Roy said, "The trust is being made to ensure that no single person can play around with the shares for his own benefit. I will see that even a peon is a member of this trust. That is what we believe in."

Roy's two sons – Sushanto and Seemanto – and his brother are all associated with the group's businesses.

The Sahara supremo, however, denied that the idea to form a trust came especially after the bitter spat between Anil Ambani and Mukesh Ambani.

Roy said he had been toying with the idea for many years now and had even discussed it with Anil's father Dhirubhai Ambani when he was alive.

The Sahara boss also added that he is open to strategic investors picking up around 26 per cent equity in his housing and infrastructure ventures, which included Ambi Valley, Sahara City Homes - the housing company - and hotels.

Talks are already on with some potential partners. But he denied he was going to sell Ambi Valley or his TV business.

BS Bureau in Lucknow