A new generation appears to be making a quiet entry into the family-controlled DLF Ltd, India's largest real estate company in which the family of founder-chairman Kushal Pal Singh controls 78% stakes.
The company that is considered the prime force in the building of Delhi's satellite town of Gurgaon has inducted Rahul Talwar, the billionaire founder's grandson, as a senior management trainee.
The board of directors have already approved the appointment of Talwar but the company would seek shareholders approval on August 4 at its annual general meeting. Company officials declined to share details on Rahul.
Talwar joins with a humble annual pay package of a little over Rs 6.9 lakh with other benefits such as medical and provident fund, but as it happens in many family-run companies, the employee status is expected to be a prelude to being groomed for higher responsibilities.
"The board of directors in its meeting….has approved the appointment of Rahul Talwar as the senior management trainee DLF India Ltd, a subsidiary with effect from
20th January, 2011," DLF said tersely in its annual report released on Monday.
{{/usCountry}}20th January, 2011," DLF said tersely in its annual report released on Monday.
{{/usCountry}}Rahul Talwar is the son of Renuka Talwar, the elder daughter of KP Singh. Renuka is married to GS Talwar, who is one of the non-executive directors at DLF Ltd.
KP Singh's younger daughter Pia Singh is also a whole-time director with DLF, while his son Rajiv Singh is the vice-chairman of the company.
DLF's company's revenues for the fiscal 201-11 stood at Rs 2,916 crore. Its current market value is around Rs 39 000 crore.
DLF has dedicated its annual report to India's most acclaimed MF Hussain, who passed away recently, with a detailed note from chairman Singh recounting his "purely by chance" meeting with the artist at a railway station in the '60s.
Hussain later on joined DLF where he took up various painting assignments. He remained with DLF until September 1993.