The patriarch of the Rs 16,000-crore (Rs 160-billion) diversified conglomerate RPG Enterprises, R P Goenka said on Friday that the empire would be divided between his two sons by December this year.
Stressing that the division between his sons, Harsh, chairman of the group, and Sanjiv (vice-chairman) has been done purely on goodwill, Goenka told PTI that there is 'no need of a 'Will' to effect the segregation'.
Asked how long would it take to recast the shareholding pattern of the group for the division, he said the process should be completed 'during this year, by December'.
He also said the division of the group has been on the basis of the existing businesses that his two sons were looking after respectively and 'has not been done based on valuation.'
At present, Harsh is involved with tyre maker Ceat, infrastructure firm KEC International, IT company Zensar Technologies, RPG Life Sciences and two unlisted entities engineering consultancy firm RPG Raychem, and Spencer's Travel.
Sanjiv, on the other hand is taking charge of power utility CESC, Noida Power, music company Saregama, Phillips Carbon Black, retail chain Spencer's Retail, and music chain Music World.
The patriarch himself looks after firms, including Harrisons Malayalam that is involved in tea gardens in the Nilgiris, rubber and pepper production.
Although R P Goenka, who turned 80 this year, oversees the group's affairs as Chairman Emeritus, his sons Harsh and Sanjiv have been spearheading the group's management since 1990.
