Weeks after becoming in-charge of the Trinamool Congress (TMC) affairs in North India, business tycoon-turned-politician Kanwar Deep Singh has resigned from all posts in the corporate sector, also relinquishing the post of chairman-cum-MD of Alchemist Group, which he had founded in 1981 and taken to dizzying heights in the last few years.
Popularly known by his initials, KD Singh, who is a TMC Rajya Sabha MP, has passed the baton to his 23-year-old son Karan Deep Singh, who will now be chairman of the Alchemist Group. "I have done business-building, and now I think the time has come when I should contribute to nation-building," KD Singh said in a communication to his "about 9,700 employees".
The decision to jump into full-time politics is being seen as an attempt by KD Singh to get a berth in the union cabinet. "This nation needs people who come into politics for a passion and not for a profession. I draw this inspiration from Mamata Didi," he said in a press statement, referring to TMC chief and West Bengal chief minister Mamata Banerjee.
The Alchemist Group has a presence in healthcare, pharmaceuticals, food-processing, real estate, infrastructure and tea estates, possessing well-known retail brands like Republic of Chicken.