The Chairman of the Basant Kumar Birla Group, B K Birla has named his grandson Kumar Mangalam Birla as the successor of most of his companies. And 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 Kumar Mangalam. 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,” says B K Birla.
But now, the Birla family patriarch 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 when actually I reach 90 years. But I should say that plus minus another year. But it depends on Kumar Mangalam. In case he is prepared to cooperate, it will be faster,” says B K Birla.
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 Kumar Manglam,” says the Birla patriarch.
The process of separating the ownership of companies in accordance with B K 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. After retirement, he says he would love to spend more time on his cultural pursuits.
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