Birla families not to buy M.P. Birla''s Pilani stake

Mumbai: The Birlas yesterday said that none of the families want to buy the M.P. Birla family''s 25 per cent stake in Pilani Investments, a holding company that owns shares in several concerns of the group.

A statement issued here on behalf of the entire Birla family sought to "clarify issues raised and comments made by the media regarding the purported will of the late Priyamvada Birla". "We wish to clarify that the M.P. Birla family holds about 25 per cent in Pilani Investments. The other Birla families, i.e., K.K. Birla, B.K. Birla, G.P. Birla and S.K. Birla families together hold about 60 per cent of the equity of Pilani Investments. Importantly, none of the Birla families have any intent to buy the M.P. Birla family''s stake in Pilani whatsoever. We hope this will set to rest speculation in the media about Pilani Investments."