Kumar Mangalam will inherit all cement companies: B K Birla
13 August 2007
Birla Patriarch B K Birla wants to retire when he turns 90 in three years. In an exclusive interview to CNBC-TV18, Birla said he wanted his grandson Kumar Mangalam to take over his business empire then.
Birla has named his grandson Kumar Mangalam Birla as the successor of most of his companies. Like brother Krishna Kant, B K Birla, too, wants to retire, but can't because his grandson has so far refused to take over his companies.
"I spoke to Kumarmangalam. But he was keen that I should continue as long as my health is all right. I am not in favour of that. I told him that I would like to enjoy my life," said Birla, chairman, B K Birla Group. (See: B K Birla: Going strong at 85)
But now, B K has set a deadline. He has told his grandson he would retire in three years. And by then, he would have separated the ownership of his companies.
"I would like to complete (the separation of the ownership) when actually I reach 90 years. But I should say that plus minus another year. But it depends on Kumarmangalam. In case he is prepared to cooperate, it will be faster." he added.
The 87-year old industrialist has decided his grandson would inherit all his cement companies, including Kesoram Industries, which, he had earlier said, would go to his daughter Manjushree Khaitan.
He told TV18 in an exclusive interview that Kesoram could be curved up so that Manjushree got a part of it, probably its tyre business.
"Jayshree will take Jayshree Tea, and part of Kesoram will go to Manjushree. The remaining things would all go to Kumarmanglam," he added.
The process of separating the ownership of companies in accordance with Birla's succession plan has already begun. And the grand old man has decided that he would distribute his collection of paintings equally amongst his two daughters and grandson. And after retirement, he says he would love to spend more time on his cultural pursuits.