GeNext takes charge of Siyaram

Mumbai: The Rs1,500-crore Siyaram group is ina flux; the next generation of the Poddar family is taking charge.

Pawan Poddar chairman of Siyaram Silk Mills has been joined by his son Avnish and his late brother Pramod Poddar's son Gaurav.

Arvind Poddar chairman of Balkrishna Industries, maker of tractor tyres has inducted Rajeev Poddar into the company while Rahul Poddar son Vinod Poddar the chairman of Govind Rubber, the Rs280-crore rickshaw tyre-maker has also joined his father's company.

In 1940 brothers Dhara Prasad, Mahavir Prasad and Ram Prasad opened a rubber factory in South Mumbai's Dockyard Road.

Dharaprasad had four sons Ramesh, Pawan, Pramod and Kishan, of whom Pramod has passed away. Mahavir Prasad had three sons Suresh, Vinod and Arvind of whom Suresh is no more.
The textile business was launched in 1978. Ramprasad's family separated from the business in 1998, walking away with Vinakaya Synthetics.

The Poddars have now restructured the managements of the three group companies. While the textile business is managed by the sons of Dharaprasad Poddar, the rubber businesses are in the hands of the two sons of late Mahavirprasad Poddar.

However, both branches of the family continue to hold equal stakes in all the three group companies. The promoter holding stands at 65 per cent for Siyaram, 54 per cent for Balkrishna and 55 per cent for Govind Rubber.

The Poddars have also drawn up an expansion plan for their textile businesses, while Balkrishna Industries sold a 7.43 per cent stake to private equity firms Evercore and Chryscapital last year to fund its expansion plans.