Kumar Mangalam Birla to whom Mr Basant K Birla wants to hand over the reins of the flagship company Kesoram Industries, has made it clear that the octogenarian industry doyen must continue as long as he is active.

“He (Kumar Mangalam ) wants that I must continue as long as I am active,” Mr Birla told reporters here on Friday at the sidelines of the 88th annual general meeting of Kesoram Industries Ltd.

In a revised succession plan announced by Mr Birla a couple of days ago, Kesoram Industries would be handed over to Mr Kumar Mangalam Birla and not to daughter Manjushree.

 When asked how this entire succession exercise will be carried out, Mr Birla was evasive:”I don’t know how it’ll be done. But there’ll be no capital raising for this at the moment.”  According to the scheduled 2001 succession plan, Kesoram was to have gone in favour of Manjushree only who is currently one of the directors in Kesoram.

Equal share for all
The 87-year-old Mr Birla indicated that the grand daughter Vidula Jalan might get Mangalam Timber. “She may,” he said.

He said a decision on Mangalam Cement and ECE Industries has not been taken. According to the new plan, the reins of Kesoram, Century Textiles and Century Enka’s would go to Kumar Mangalam Birla. Mr Birla’s daughter Jayshree Mohta would get Jay Shree Tea, while another daughther Manjushree Khaitan has nothing on the table as of now. According to a previous succession plan she was tipped to get Kesoram.

“She (Manjushree) will get something,” Mr Birla had said. Manjushree currently heads Manjushree Infotech, an ITeS unit. Ms Jalan, daughter of Manjushree, is already on the board of Mangalam Timber.

Sources in the group said though B K Birla’s present succession plan was firm, but yet to be incorporated in his will.

“Birla babu wants his group companies to see growth under able hands and does not want any of his successors to be unhappy. He wants to strike a balance between the two. However, there is no opposition to his current plan,” sources added.