The Hindu Business Line : Vidula Jalan to get Mangalam Timber Products

Kolkata, June 30 Two days after he indicated that Kesoram Industries will be looked after by grandson Mr Kumar Mangalam, Mr Basant Kumar Birla on Friday threw further light on his succession plan, suggesting that Mangalam Timber Products will pass on to Ms Vidula Jalan, his granddaughter.

With this, the fate of some of the other B.K. Birla group outfits — notably, Mangalam Cement and ECE Industries — will have to be decided to round off the succession plan that has been clearly been put in place.

“There is no decision on companies like Mangalam Cement,” Mr Birla told newspersons after chairing the 88th annual general meeting of Kesoram Industries on Friday.

Interestingly, Mr Birla indicated, while responding to a shareholder’s question, that Mr Kumar Mangalam “(along) with Ms Manjushree Khaitan”, will be responsible for Kesoram Industries.

This may be seen in the context of earlier reports which quoted Mr Birla as saying that the cement-and-tyre company will be bequeathed to Mr Kumar Mangalam.

The latter, the Birla patriarch mentioned on Friday, could take charge whenever he wanted.

The Rs 80-crore turnover Mangalam Timber Products — a BSE-listed entity, specialising in manufacturing medium density fibre (MDF) board — produces both plain and pre-laminated MDF.

Ms Jalan, daughter of Ms Manjushree Khaitan, is currently on the board of the company.

The promoter group holds about 24 per cent of its shares. Among the larger shareholders are Kesoram Industries (which holds over 13 per cent) Century Textiles and Mangalam Cement.

The public holds a little over 58 per cent, according to figures supplied by the BSE.

Institutional shareholders, with minor stakes, include IFCI and UTI.

The Mangalam Timber stock ended at Rs 22.40 up 0.67 per cent on the BSE. Its 52-week high and low stand at Rs 26.40 and Rs 13.25 respectively.

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