Ruia may step down from boards of all group cos'
Ruia group Chairman P K Ruia may step down from the board and allow the group companies to be managed by professionals, while he would remain group chairman.india Updated: Jul 07, 2009 20:40 IST
Ruia group Chairman P K Ruia may step down from the board and allow the group companies to be managed by professionals, while he would remain group chairman.
Ruia, who had last year stepped down from the board of wagon manufacturer Jessop & Co, on Tuesday said that the model of management in the group companies could be based on the one in Jessop. This model would be followed only in companies which were on the right track.
Asked about Dunlop India, Ruia said it was not on the right track. He did not categorically say whether he would continue as executive chairman of the ailing tyre company.
On commencement of operations at Dunlop, Ruia said funds were ready, but it hinged on a court case related to non-restoration of power in the plant.Speaking about Jessop, Ruia said he was planning to list Jessop on the stock exchanges.
"To get it listed our holding has to be brought down to 75 per cent from over 94.5 per cent currently. There are a few options like inducting strategic investors and disinvestment," Ruia said while speaking on the sidelines of Jessop & Co AGM.
The Durgapur facility of Jessop may reopen this year. The company would install the machinery of Mukund Foundry. So far, Ruia has invested Rs 30 crore in the plant.