Passing the baton and taking it: How tycoons do it

Passing the baton, knowing the right time to pass it, and knowing whether the scion is ready to accept it are some of the crucial questions that promoters will face.

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According to Ajay Piramal, chairman of the ₹52,120 crore Piramal Group, it is a decision that can never be forced.

"I think it is more important to know that you have to step aside and actually do it...My only advice is that you have to give the choice to your children, and ultimately, I believe that each one must do what they are their own internal passion is. If you are passionate running about your business, then you should do, but do not force the next generation that you have to do my business," said the 69-year-old Piramal.

Today, his daughter Nandini Piramal is the chairperson of Piramal Pharma Ltd and son Anand Piramal is the executive director of Piramal Group.

The senior Piramal attended the Mint India Investment Summit along with his daughter, where duo spoke a session called "Passing the baton".