A change is in the wings, though perhaps not right now, for Basant Kumar Birla's Kesoram Industries. Birla, who is 90 and the chairman, says his daughter, Manjushree Khaitan, will manage Kesoram, but under his grandson, Kumar Mangalam Birla.
Industrialist Ganga Prasad Birla died last night at 87 after a prolonged illness. His Rs 5,000-crore business included companies like Hindustan Motors, Orient Paper and Industries, Hyderabad Industries, Avtec and Nigeria Engineering Works.
The legal tussle between the Birlas and Lodha has taken another turn with Lodha filing a Rs 100 crore (Rs 1 billion) defamation suit against the Birlas for alleged statements made against him.
Birla was the chairman of Century Textiles and Industries and had been active in business since the age of 15. He was instrumental in a slew of business initiatives, starting with his stint as the chairman of Kesoram Industries.
Basant Kumar Birla, chairman of the Rs 8,000-crore (Rs 80 billion) BK Birla group, has altered his succession plan and at the hub of the change is the Rs 2,500-crore (Rs 25 billion) diversified company Kesoram Industries.
Birla family patriarch Basant Kumar Birla on Tuesday said two of his companies, Century Textiles and Century Enka, would go to grandson, Kumarmangalam Birla
"We are sure that the will is fabricated and so are going to challenge it in the court of law," highly-placed sources in B K Birla group said on Wednesday.
The company had appointed a three-member committee of directors to implement the changes.
Birla Corporation has grown from a Rs 1,763-crore company to Rs 3,200 crore; profitability, however, has suffered due to the slowdown.
Between 2011 and 2014, they indirectly determined the price of tyres in the market, says report
The state needs great numbers of new-generation entrepreneurs.
The fierce litigious fight for little-known Birla Corporation marked the first major controversy for this storied and reserved business family.
Then chief minister Jyoti Basu once told an industrialist that capitalists were class enemies and he should expect no sympathy.
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