Birla family patriarch Basant Kumar Birla on Friday made the first public disclosure of his succession plan, saying that his final will has been approved by the family a month ago.
In 2007, in an exclusive interview to CNBC-TV18 (See: Kumar Mangalam will inherit all cement companies: B K Birla), the Birla patriarch said he wanted his grandson Kumar Mangalam to take over his business empire when he would retire at 90.
Birla, who like brother Krishna Kant, too, wants to retire, but can't because his grandson has so far refused to take over his companies.
The 89-old Birla, who is at the helm of his group firms Kesoram Industries, Jayshree Tea, Manjushree Plantations, Mangalam Cement, Century Textiles, Century Enka and Century Extrusions, has divided his empire between his grandson Kumar Mangalam Birla, two daughters Manjushree Khaitan and Jayshree Mohta, and granddaughter Vidula Jalan.
Birla said at a press conference in Kolkata that while Kumar Mangalam (son of the late Aditya Birla) would get Kesoram, the group's flagship company, along with the Century companies, Manjushree Plantations and Jayshree Tea would go to Manjushree and Jayshree respectively.
Manjushree's daughter Vidula, along with her husband, would get control of Mangalam Cement.