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.
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.
The country's textile industry is concentrated in a few pockets of Gujarat and Maharashtra in the west and Tamil Nadu and Karnataka in the south.
UltraTech currently has 19% market share with Shree Cement commanding 22% of the market
The 30-share Sensex ended up 214 points at 27,890 and the 50-share Nifty closed up 52 points at 8,430.