Textile Exporter, Textile Manufacturer, Textile Designing , Home Textile India

MUMBAI: Ness Wadia, the elder son of Nusli Wadia, head of the eponymous Wadia Group, has joined the board of Britannia Industries, joining younger brother Jeh Wadia, who had joined the board of the fast moving consumer goods company four years ago.

The board of the maker of a host of breakfast food items such as biscuits, bread cheese and milk, has approved Ness Wadia’s inclusion into the board from April 29, the company said in a filing to the stock exchange. Mr Wadia will be a non-executive director, representing the Wadia family on the board of the company, India’s second-largest biscuit-maker after Parle, owned by the Chouhan family.

Ness Wadia is also the joint MD of the group flagship Bombay Dyeing and joining the board of Britannia could mean changes in roles for the second generation promoters in the diversified family-run conglomerate. Bombay Dyeing, whose main textile business has been suffered from the twin effects of falling export orders and stiff competition in the domestic market, is witnessing changes at the top level.

Durgesh Mehta, a group veteran, is tipped to join Ness Wadia as joint MD of Bombay Dyeing from May 1. He replaces PV Kuppuswamy, who retired after a long innings in the diversified group. Nusli Wadia had brought the textile business under Britannia managing director Vinita Bali to turn around its fortunes. Bombay has generally had two joint managing directors.

Jeh Wadia has recently taken charge of the group’s growing property business that was once handled by his elder brother. A senior Wadia group professional has been asked to manage the low-cost airline Go Air, earlier run by Jeh, allowing the younger Wadia to pay undivided attention to the property business.

“Britannia is the most profitable company in the group. It is natural that both the sons are given seats on the board,” said a person close to the Wadia group. The real estate business posted a profit before interest and a tax of Rs 159.47 crore while the textile division reported a loss of Rs 65.98 crore for the year to end March. The property division also posted a profit of Rs 18.03 crore for the quarter to end December.

News printed in http://economictimes.indiatimes.com/