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Showing posts with the label Kumar Birla

Kumar Birla takes over as Vice Chairman of Century Textiles

In a move widely perceived as the formal takeover of Century Textiles  by the Aditya Birla group, the board of the company has appointed Kumar Mangalam Birla as its Vice Chairman with immediate effect. Kumar is grandson of company's chairman BK Birla. The company's stock was trading flat at Rs 552 a share. Kumar's mother Rajshree Birla is also a director on the company's board and joined the board in May this year. The move was a foregone conclusion as  BK Birla  had made it clear that Kumar will takeover the company from him. Apart from textiles, Century has a sprawling cement business which, analysts believe, will be ultimately merged with Aditya Birla group owned Ultratech. Ultratech is India's biggest cement company with 67.7 million tonnes per annum of capacity.  BK Birla group companies  -- Century Textiles has 12.8 million tonnes of cement capacity while Kesoram Industries has 7.25 million tonnes. The Aditya Birla group  companies  have also