Group to double turnover to $65 billlion in next five years: Kumar Mangalam Birla
19 Feb 2010
According to Kumar Mangalam Birla, chairman Aditya Birla Group (ABG), the group plans to more than double its turnover to $65 billion in the next five years.
Speaking at the annual conference of the National Institute of Personnel Management in Kolkata, Birla said it was the group's ambition to become a Fortune 500 company and it was able to achieve this in 2008, two years ahead of the deadline. He added that the group was now eyeing a $65-billion turnover by 2015.
The highly diversified group currently has a turnover of around $30 billion with half of it coming from overseas operations. According to analysts, the ambitious target set by the group meant it was likely to become more aggressive in overseas markets and has already identified east Europe, South America, Southeast Asia and China as its target areas.
In February 2007, the group's flagship metals company, Hindalco bought Canadian aluminium major Novelis for $6 billion which made it the world's largest aluminium rolling company and one of the largest primary aluminium producers in Asia.
Speaking on the sidelines of the conference, Birla discounted the possibility of the group returning to power generation. In 2006, the group exited Rosa Power Supply Company, which it followed up with a subsequent exit in 2007 from Bina Power Supply Company.
Birla said he had no plans to join the boards of Kesoram Industries and Century Enka of the B K Birla Group. Birla's grandfather B K Birla is said to be keen to hand over the reins of the two companies to his grandson.
