The Pilani group has decided to move out of the other Birla companies although it will take some time to complete the process.
Pilani will hold shares in the companies of BK Birla and Aditya Birla group firms once it is over.
The market value of the quoted and unquoted investment of Pilani stands at Rs 3,223 crore as on March 31, 2006.
Pilani is the Birla family's investment arm and holds stake in all major group companies, with about 37 per cent in Century Textiles.
As an initial step, the company has pulled out of S K Birla group companies Mysore Cements and Xpro India, and K K Birla group firm Sutlej Cotton Mills Supply.
During 2005-06, Pilani sold 26.61 lakh shares or 3.1 per cent stake in Mysore Cements and 2.30 lakh shares or 2.28 per cent in Xpro India. During the period, it sold 10,564 shares in Sutlej Cotton Mills Supply, according to the annual report.
marketing@alchempro.com
