Munjals to set up family council
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The Munjal family, which runs various businesses under the Hero brand name, is in the process of setting up a family council to ensure smooth functioning post the division of businesses amongst different branches of the extended family in June this year. A top Munjal family source told FE said that the proposed council would have representation from key family members and also ensure that there are no hostile takeovers from within the family.
The extended Munjal family, whose combined businesses have a turnover of over $4 billion, have an exemplary record of discord-free operations even as the reins passed on to the third generation of the family. The division in June this year, which basically untangled the complex cross-holdings, was also the smoothest seen in the country's business history in recent times.
"We are in the process of setting up a council that will have representation from the four families. The idea is that the group should meet periodically and discuss and sort out issues if any," a family source said. Representatives from the four Munjal families would form the core part of the council. When contacted the spokesperson of the Munjal family, Sunil Kant Munjal, refused to comment on the development.
The businesses were divided among the family of Brij Mohan Lal Munjal, chairman of the country's largest two-wheeler manufacturer, Hero Honda, and his three brothers -— OP Munjal, Satyanand Munjal and the late Dayanand Munjal.
As per the understanding reached, BM Munjal's four sons – Pawan Kant, Sunil Kant, Suman Kant and the late Raman Kant -- got control of Hero Honda, Hero Mindmine, Hero Corporate Services, Rockman Cycles Industries and Easy Bill, respectively.
OP Munjal's family got ownership of Hero Motors and Hero Cycles while Hero Electric, Hero Exports and Sunbeam Auto went to the sons of the late Dayanand Munjal. Component maker Munjal Showa, Majestic and Munjal Auto were given to the family of Satyanand Munjal.