A Family Affair
The next generation of the Poddar family, who control the £175 million Siyaram group, is getting ready to take the baton from their elders. Rajeev Poddar has recently joined his father Arvind at the group’s flagship company, Balkrishna Industries, which manufactures OTR and agricultural tyres in India under the BKT brand name. Avnish and Gaurav Poddar have also joined the family controlled business, this time taking on roles at Siyaram Silk Mills, the group’s textile business.
The Poddar family recently undertook a management restructuring of the Siyaram group’s subsidiary companies, confirming management of Balkrishna Industries by Vinod and Arvind Poddar, sons of the late Mahavirprasad Poddar. The other branch of the Poddar family, the sons of Dharaprasad Poddar, remain in charge of the company’s textile business. However both families continue to hold equal stakes in each of the group’s companies.
Last year the Poddars sold a 7.43 per cent stake in Balkrishna Industries to private equity firms Evercore and Chryscapital in order to fund the company’s future expansion plans.