Confirming the move to hand over Kesoram Industries [Get Quote] to grandson Kumaramangalam Birla, industry stalwart B K Birla on Thursday denied the immediate possibility of stepping down from the position of chairman of the Rs 2,500-crore (Rs 25 billion) company.

Accepting the demand of the grandson, the grandfather said though he wanted to step down from the company, Kumaramangalam had insisted that he stay on as the head of the company as long he is alive.

Uncertain over how long he would be able to lead the Rs 8000-crore (Rs 80 billion) B K Birla group, Birla said he wanted to lead a peaceful life after the age of 90.

However, Manjushree Khaitan, Birla's daughter, seemed indifferent to the row over the family succession plans. Sitting on the dais with other board members, she was silent at the annual general meeting.

While the role of Khaitan in Kesoram Industry is yet to be decided, B K Birla did not miss the opportunity to remind the board members that Khaitan was still a part of the Birla family.

Thus, when one board member endorsed Birla's decision to hand over Kesoram to Kumara Mangalam, Birla spared no time to interject and clarify, "The newspaper reports also mentioned that Manjushree Khaitan will be with Kesoram."

Later, talking to media persons he said, "I have only three children - whatever I have, will be inherited by them."

B K Birla has not yet clarified who will get Mangalam Cement [Get Quote] or ECE. Birla refused to comment on whether Khaitan might inherit the two businesses, with grand daughter Vidula Jalan inheriting Mangalam Timber.

Birla recounted his long journey of 62 years in the company at the AGM. He said he joined the company at the age of 18 and became a director at 23, and had so far attended 58 AGMs.