‘Kumar Mangalam will take charge of Kesoram when required’July 5th, 2011 - 8:31 pm ICT by IANS
Kolkata, July 5 (IANS) Kesoram Industries director Manjushree Khaitan Tuesday said Aditya Birla Group chief Kumar Mangalam Birla will take charge of the company when required.
“He (Kumar Mangalam) will take charge when it is required,” Khaitan told reporters on the sidelines of the 92nd annual general meeting of the company here.
“As of now, he has no time,” she added.
Birla Group patriarch B.K. Birla had earlier indicated that Kumar Mangalam will be the chairman of the company.
Present at Kesoram’s annual general meeting Tuesday, Birla said: “Kumar Mangalam is holding 28 companies at present. He is not ready to take additional responsibility. He has no time. He is very busy.”
Kesoram Industries is looking forward to restructuring its management and revamping the product line.
The company’s tyre division, Birla Tyres, has been facing pressure on the margins and is looking forward to more margin-oriented products. It is also planning to appoint a new chief executive officer for the business.
“McKinsey will decide on the future course of action,” Khaitan said.
During the last fiscal, Kesoram Industries reported a net loss of Rs.210.2 crore, mainly due to poor performance in the tyre segment.
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Tags: annual general meeting, birla group, birla tyres, chief executive officer, group chief, kesoram industries, khaitan, mangalam, margins, mckinsey, patriarch, poor performance, segment, sidelines, tyre