BK Birla wills stake to grandson

Basant Kumar Birla will bequeath his stakes in Pilani Investments, Century Textiles and Century Enka to his grandson and the Aditya Birla group Chairman Kumar Mangalam Birla.

Immediately after signing the Pilani deal, the octogenarian Birla told Business Standard, "In my last will, written in July 2004, I had bequeathed my holding in Pilani and other group companies, barring a few exceptions, to Kumar. He will take charge when he finds time."

Kumar Birla at Pilani helm

In addition to these three companies, Kumar Mangalam Birla will get nearly 15 charitable trusts that run 16 schools and educational institutes across the country and the Birla Academy of Fine Arts in Kolkata. The trusts also look after BK Birla's interest in a host of unlisted companies.

He has also got a part of his grandfather's rich collection of paintings. He has a collection of 5000 artworks including caricatures, Kalighat pots, and the paintings of Rabindranath Tagore and Abanindranath Tagore.

BK Birla has also bequeathed a slice of his wealth to Kumar Mangalam Birla's children -- Ananyashree (10 years), Aryaman Vikram (6 years) and Advaitesha (one-and-half years). BK Birla said his daughters -- Manjushree Khaitan and Jayshree Mohta -- would get Kesoram Industries and Jay Shree Tea and Industries, respectively.

Vidula, the daughter of Manjushree Khaitan, will also receive a portion of his wealth.