Priyamvada will for 2-layer group

The three-and-half page will of Priyamvada Birla had outlined in different paragraphs her vision of the M P Birla group, her opinion on the way the group was operating and laid down a roadmap for the future restructuring of the group's businesses and the intention to devote more and funds to charity, according to sources.

The document was not placed for probate and would possibly be submitted only next week, the document spelt out the "progress made in improving the efficiency and the working of group companies such as Birla Corporation under the stewardship of the management team".

It said the group businesses would continue to make investments in strategic sectors which offered good potential for growth and as identified from time to time through meetings of the group's team of senior professional managers.

At the same time the group would continue its focus on support for charities and projects relating to social welfare such as hospitals, educational institutions and similar projects for the public good.

It was the intention of the late Priyamvada to put these down clearly to indicate the group's continued commitment to charity and to support such activities through increasing allocation of funds from the group's business interests.

The professional management team running the M P Birla group companies would continue to manage operational issues relating to the businesses. The working of the group, as reflected in the running of its trusts, would in turn be managed by the group of trustees already in place.

In other words, the will endorsed the double-layered structure of the group with the holding trusts being the upper level and corporate operations the lower level.

The document recorded the intention of Priyamvada to take steps to "maintain the independent identity of the group and the continuity in its workings without any disruptions".

While individuals such as Nandini Nopany and R S Lodha were expected to act as pilots for the activities of the trust, professional managers in the group would steer the companies.

"This is the continuation of status quo", sources said in reference to the document through which Priyamvada had settled M P Birla group assets in favour of group co-chairman R S Lodha.

R S Lodha had been co-chairman of the trusts for close to five years now.