Birla steps up consolidation in holding cos

KOLKATA: In a fresh push, Kumar Mangalam Birla is consolidating investments in group companies under Birla Group Holdings.

The latest round of consolidation will impact seven companies, including Jay Shree Tea & Industries, which is run by Jayshree Mohta, Kumar's aunt & elder daughter of Basant Kumar Birla. The other companies are Hindalco, Aditya Birla Fashion, Grasim Industries, Century Textiles and Century Enka.

Birla Group Holdings will see its stake in textile giant Grasim rise to over 23% from nearly 19% after the consolidation. Birla Group Holdings, which currently holds no stake in Century Textiles, will get almost 7% in the company. Kumar had inherited Century Textiles and Century Enka from his grandfather B K Birla.

"Aditya Birla Group's consolidating will help in establishing a unique entity, simplifying holding structure and to raise promoter holding in group entities," said Arijit Malakar of Ashika Stock Broking.


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