Business baron Nusli Wadia has reorganised leadership in his group companies, and in an interesting twist involving his sons Jeh and Ness, has swapped them at the helm of the two high-profile companies of his industrial empire.
The Wadia group chairman effectively shuffled his empire by giving younger Jeh control of flagship Bombay Dyeing while the elder Ness will run Bombay Burmah Trading corporation. They start in their new roles on April 1.
“Eventually the decision is a division of the empire between two brothers. The group will benefit from this as it is now clear which brother will be heading what,” said SP Tulsian, an independent analyst.
Bombay Dyeing informed the BSE on Wednesday that Ness, 38, had stepped down as its joint managing director to make way for Jeh, 36.
Jeh, who is often credited for turnaround of GoAir, will now run the flagship that has turned from a textile firm into a profitable realty player that in 2010 sold a property in Mumbai’s Worli area for R650 crore and posted a net profit of R67 lakh on revenues of R447 crore in the October-December third quarter this year.
The promoters hold 47% while domestic institutional investors hold 18.6% in Bombay Dyeing.
Bombay Burmah, also BSE-listed firm that has interest in plantations, trading and commodities, showed revenues of R80.48 crore in the December quarter with a net profit of
Rs 3.32 crore. The Wadias control 64 % in it.
Bombay Dyeing shares rose 2% to R371.9 on Wednesday, while Bombay Burmah was up 3.5 % at Rs 412.75.