Ness Wadia is joint MD

Ness Wadia was today redesignated as Joint Managing Director of Bombay Dyeing from Deputy Managing Director.

The latest development is significant since the company is yet to find a replacement for Ninu Khanna, who earlier this year resigned as Managing Director of the company and joined Reliance's retail venture.

The company had roped in S K Gupta from Raymond as President and CEO of the textile division. Gupta was today appointed as Executive Director. S M Palia has been appointed as Additional Director.

The Wadia group supremo Nusli Wadia has been grooming his sons Jeh Wadia and Ness Wadia to take up bigger responsiblites in his business empire. Elder son Jeh has taken charge of the recently-launched low-cost airline GoAir and is also on the Britannia board.

Ness Wadia has been involved in the family's real estate and textile business. The group has plans for a major foray into real estates, which includes malls and residential and office complexes.

Nusli Wadia has lately refocussed resources on emerging sectors like financial services and airlines and has also revamped the textiles business.

Bombay Dyeing, which last year had net sales of Rs 1,013 crore, had made a turnaround in its domestic textiles business. The company's portfolio includes interests in home furnishing, bed and bath linen.

It also has plans to revive its once-popular brand Vivaldi. Bombay Dyeing has about 450 franchisees in 300 cities across the country.