Basant Kumar Birla, the 89-year-old patriarch of the Birla family, is ready with his succession plan.
After getting his will approved by other members of the family, Birla has made it official that the reins of his Rs 9,000 crore empire will pass on to grandson Kumar Mangalam Birla and to his daughters.
Briefing reporters after the annual general meeting (AGM) of Kesoram Industries Ltd — flagship company of the BK Birla Group — Birla said on Friday that he wished to continue to be actively involved in the running of group companies for just another year, but his grandson (Kumar Mangalam Birla) insisted that he should go on.
“We are old people now and the times have changed,” he said. “Kumar is expanding business in his own way and he will expand activities of Kesoram.”
Birla added that almost a month back, he had made all the necessary changes in his will and got it endorsed by the Birla family.
As per the will, Kesoram Industries, Century Enka and Century Textiles and Century Extrusions will go to Kumar Mangalam Birla. Mangalam Plantation and Manjushree Infotech will go to younger daughter Manjushree, while Jayashree Tea & Industries and ECE Industries will go to elder daughter Jayashree Mohta. Vidula Jalan, daughter of Manjushree, would be getting control of Mangalam Cement and Mangalam Timber.
Birla, who has interacted with shareholders and attended each and every AGM of Kesoram since 1937, claims that even today he reaches “Birla Building” at 9.00 am in the morning and is at work till 3.30 pm in the afternoon. “I would like to leave when I’m 90,” he said, taking questions, one after the other, from reporters and reading out with ease the expansion plans of Kesoram Industries.