Kumar Mangalam Birla is set to tighten his grip over Century Textiles & Industries and Century Enka by taking over as chairman of the two companies owned by Basant Kumar Birla. Both companies are scheduled to hold their board meetings on May 5, where Kumar Birla is likely to be made ther chairman.

Kumar Birla has been buying shares of Pilani Investments, which owns 37 per cent of Century Textiles. Birla owns a 51 per cent stake in Pilani Investments. His formal accession will bring both companies under the Aditya Birla Group that he controls. His mother Rajashree Birla is a director on the boards of all major Aditya Birla Group companies including Grasim, Hindalco, Aditya Birla Nuvo and Ultra-Tech Cement. She is involved mainly with the group’s social and welfare driven work.

Century Textiles is among BK Birla’s top group companies, having cement, textiles and paper businesses. Century is looking for buyers to sell its paper and textiles businesses. Century Textiles would become the Aditya Birla group’s real estate arm. The company has already initiated development of around 50 lakh sq. ft. at Parel and holds 500 acres at Kalyan near Mumbai.

www.centurytextind.com/