21 October, 2020

The Turkey Hunting Season

With their empires shrinking, midsize family-run businesses are seeing fissures withi

The Turkey Hunting Season
Anil Nanda has always been finicky about doing things his own way, be it business matters or the house decor. So much so that his father, the late H.P. Nanda—an old-style Punjabi refugee who built Escorts from scratch—once commented that his younger son should never marry, for he would only be getting into fights with his wife. Well, Anil, now 51, hasn't married yet. While he may have escaped the bickering over how the dinner table is laid out, he has landed himself in a bitter business feud with brother Rajan, who is 10 years elder to him.

The central issue at the moment is the younger Nanda's opposition to the proposed sale of 17.1 per cent equity in the prestigious Escorts Heart Institute & Research Centre to Merlion India fund, owned by the Singapore-based Temasek Holdings and Standard Chartered Bank, for Rs 65 crore. However, it looks like snowballing into a battle for control of the group's flagship, Escorts. Anil now claims he owns the majority of the promoters' holding (of 35 per cent) in the company. "I will prove it. It has been willed to me," he told...


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