The Birla family patriarch Mr Basant Kumar Birla has put a three-year timeframe to finalise his succession plans. While bulk of the Rs 8,000 crore empire is slated to go to grandson Kumar Mangalam Birla, grand daughter Vidula Jalan seems to be out of the reckoning.
On Monday, the 87 years old Mr Birla told a private TV channel that he plans to retire at 90 and all the cement companies run by the group will go to Kumar Mangalam, including the flagship Kesoram Industries. Daughter Manjushree Khaitan, who is also on the board of Kesoram, will get a partial stake.
In end-June this year, after Kesoram Industries’ annual general meeting, Mr Birla had hinted that the reins of Mangalam Timber Products Ltd would pass on to grand daughter Vidula Jalan, which now looks uncertain as he has made it clear that Jayshree Tea will go to daughter Jayashree and part of Kesoram will go to Manjushree. “The remaining things will all go to Kumar Mangalam,” Mr Birla reportedly told the TV channel.
In fact, this is the first time that Mr Birla has spelt out a time frame to his succession plans. Earlier, he had made it clear that the fate of Kesoram Industries has already been decided and will go to Kumar Mangalam but he had to take a decision on the inheritance of two of its other companies Mangalam Cement and ECE Industries shortly.
Mr Birla had also told the channel that the succession plan can be expedited upon cooperation from Kumar Mangalam.