Aditya Birla group chairman Kumar Mangalam Birla may join the restructured board of Century Textiles by October.
This follows the acquisition of a majority stake in Pilani Investments and Industries by the Kumar Mangalam-Basant Kumar Birla combine. Pilani Investments holds 37 per cent stake in Century Textiles.
Speaking to Business Standard over telephone from Kolkata, BK Birla said the Century Textiles board, at its next meeting, would propose a berth for Kumar Mangalam Birla. "The next board meeting of Century Textiles is likely in October," he said.
BK Birla added that no decision was taken on Kumar Mangalam Birla's joining the board of Century Enka.
SK Birla and CK Birla, who have sold their stakes to the BK-Kumar Birla combine, are expected to step down from the board. A source at Birla Buildings, headquarters of the Birla group in Kolkata, said they might resign from the board shortly. However, SK Birla and CK Birla could not be contacted for comments.
The nine-member Century Textiles board includes its Chairman BK Birla, CK Birla, SK Birla, PK Daga, EB Desai, Arvind C Dalal, BL Jain, DK Agrawal and Amal Ganguli. Ganguli, a former chairman of PwC, joined the board last year after the death of Priyamvada Birla.
According to BK Birla, Kumar Mangalam Birla will also advise the boards of Kesoram Industries and Jay Shree Tea and Industries from outside after he (BK Birla) steps down. However, he did not say when he would retire. His daughters, Manjushree Khaitan and Jayshree Mohta, will run Kesoram and Jay Shree Tea, respectively.
