Basant Kumar Birla, the grand old man of Indian business, has decided to hand over the reins of his empire over the next three years, if not earlier, to his grandson Kumar Mangalam Birla, who heads the AV Birla group. As per his wishes, all cement companies will go to his grandson, but a part of Kesoram Industries, the flagship of the group, is likely to be given as a
share to his daughter, Manjushree Khaitan.
The succession plan of the B K Birla Group has been much in news over the last couple of months, with the Birla patriarch expressing his intent of dividing his wealth among his children and grandchildren.
"I plan to retire within the next three years, when I will be 90. All cement companies will go to my grandson Kumar along with Kesoram Industries. Depending on Kumar and in case he is prepared to cooperate, it will be faster," B K Birla said. "A part of Kesoram will also go to Manjushree," he categorically added.