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Siyaram's reins in the hands of next generation

Mar '07
Poddar, promoters of Rs1,500 crore Siyaram group is handing over the charge to family's next generation.

Pawan Poddar's son Avnish and late Pramod Poddar's son Gaurav have joined Siyaram Silk Mills, the Rs450 crore textile company.

The textile business was launched in 1978. Ramprasad's family separated from the business in 1998, walking away with Vinakaya Synthetics.

Poddars recently restructured managements of three group companies to give clearer responsibility to two family branches.

While textile business is largely managed by sons of Dharaprasad Poddar, rubber businesses are in hands of two sons of late Mahavirprasad Poddar.

However, both branches of the family continue to hold equal stakes in all the three group companies.

The promoter holding stands at 65 percent for Siyaram, 54 percent for Balkrishna and 55 percent for Govind Rubber.

"Although business responsibilities have been divided to give the businesses a clear direction and focus, we remain a close-knit joint family and there are no plans at present to separate the family holdings," Said Ramesh Poddar, Vice-President and Managing Director of Siyaram Silk Mills,

Poddars have drawn up an expansion plan for their textile businesses, while Balkrishna Industries sold a 7.43 percent stake to private equity firms Evercore and Chryscapital last year to fund its expansion plans.

"We are focusing on expanding and consolidating our existing businesses and will leave new business planning to the younger generation. They will be free to run the business as they wish," he said.

"All of them are joining the business at trainee levels to gain shop floor experience and only then will they move up," Poddar said.

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