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Published: Aug 29, 2019
Updated: Aug 29, 2019
Over a century old, the Rs. 37,000-crore Murugappa group, a well-known industrial house of south India, seems to be heading for a split. One of India’s leading business conglomerates, with its headquarters in Chennai, the group has 28 businesses and nine listed companies – including Carborundum Universal, Coromondel International, EID Parry, Parry Agro, Cholamandalam Investment and Finance Company, Cholamandal am MS General Insurance Company, Shanti Gears, Tube Investments of India, Wendt (India) and Coromandel Engineering. The group is being navigated by the fourth-generation descendants of founder Murugappa Chettiar, with the fifth generation taking up different roles across functions and businesses. M.M. Murgappan is the Executive Chairman of the group.
If the legal grapevine is to be believed, a wellknown law firm and a valuer have already been appointed by the family to decide which family member will get which business.
Some of the members of the fifth generation would like to chart their own course. A section of the family is said to be interested in the venture capital business.
Interestingly, the talk of dividing business operations has started after 119 years of the group’s existence. It looks like the fifth generation of the family may witness the split actually happening.
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