GMR firms up process for succession

As founder chairman G Mallikarjuna Rao turns 61 this Wednesday, the GMR Group is firming a smooth succession plan. Rao, who is to retire in the next five years, is understood to have given his two sons and his sole son-in-law the power to decide on the next boss of the infrastructure major. A committee will be formed for the task.
Rao, a native of Rajam in Srikakulam district of Andhra Pradesh, also owns the Indian Premier League Twenty20 cricket team Delhi Daredevils.
According to people in the know, if the trio fails to arrive at a mutually agreeable solution, the deadlock will be resolved with assistance from an external agency/person. An official spokesperson for the Group avoided comment.
As a precursor to the plan, GMR recently rejigged its management team to run its three main businesses — airports, power, highways — among the two sons and son-in-law. Rao’s elder son, G B S Raju, who was chairman of corporate functions and international business, is heading the energy division. His younger brother, Kiran K Grandhi, who was in charge of the Delhi, Hyderabad, Istanbul and Male airports, is focusing on urban infrastructure and highways. Rao’s son-in-law, Srinivas Bommidala, stepped down as MD of GMR Infra and is in charge of the airports business.
12/12/11 Business Standard

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Categories: airports Dec 2011