Piramal maps out succession plan

MUMBAI: The broad contours of succession roadmap have been drawn up at the over Rs 3,500-crore Piramal group. Ajay Piramal's son Anand, 25, will soon spearhead the group's real estate business. Ajay Piramal's daughter Nandini, 30, is already serving as executive director on Piramal Healthcare board and is involved in several departments like "operational excellence" within the pharma business.
Speaking to The Times of India, Ajay Piramal's wife Swati, who is group strategy director, said Anand will soon join the real estate company-Piramal Realty.Anand has completed his MBA from Harvard Business School, and has dabbled in a couple of rural healthcare projects of the company. Nandini has been involved in the company's pharma business over the last few years. She was inducted on the board two years ago and has handled some of the overseas businesses of the pharma unit.
Swati Piramal said that Ajay, besides providing direction and strategy to the group's businesses, is handling the financial services' foray since it is still in its infancy. The company had appointed former State Bank of India chairman A K Purwar to head its financial services business, while Ramesh Jogani leads the group's real estate private equity fund, Indiareit.
The Piramal group, with interest across real estate, pharmaceuticals, glass and financial services, recently announced a strategic 5.5% stake in telecom major Vodafone Essar. The group sold its domestic formulation business to Abbott last year in a deal valued at Rs 17,000 crore.
Not just the Piramal group, but over the last couple of years quite a few second generation entrepreneurs have been inducted to play a key role in their respective business groups. Last year, Wipro's founder chairman Azim Premji's son Rishad was elevated as the company's chief strategy officer, while Anant, scion of RPG Enterprises led by Harsh Goenka, is already deputy MD of group company, CEAT.
While Sanjiv Goenka's son Shashwat will join the family business next year after graduating from Wharton Business School, his daughter Avarna is already managing the group's cafe chain, Au Bon Pain Cafe.