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.
Currently, the company is in the process of demolishing the old buildings and is expected to start construction work on the mill land by the year-end, a top company official said. The company plans to build a hotel and a commercial complex for IT and ITeS (IT-enabled Services) companies on the 20-acre land.
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.
It is unrealistic to expect that change will happen in one year: Birla