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Gokaldas Exports – the country's largest apparel exporter – will shift gears from being a family-run business to a professionally run entity as the founding brothers Mr Dinesh Hinduja and Mr Rajendra Hinduja take a back-seat from the running of the company and become mentors.
Blackstone's Mr Gautam Chakravarti, who has been a senior executive for over two years, will take over as the CEO from April 1. The Hindujas will continue to hold 20 per cent stake in the company.
This change of hands is as per the agreement made in 2007 when private equity firm Blackstone acquired Gokaldas Exports. Blackstone holds 68 per cent in the company.
The Hindujas have been nurturing the company for 42 years now. “We will now take a backseat as we hand over the company to professionals. Mr Chakravarti has been well trained by us. We will, however, continue to be part of the company and hold 20 per cent stake,” said Mr Rajendra Hinduja.
The company has been seeing a rough time with the downturn and then the cotton price rally and registering losses. “The decision to change hands has nothing to do with the vagaries of the business,” said Mr Hinduja.
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