Family feud between Baba Kalyani, sister for Hikal stake escalates

THE family feud between the Pune-based Kalyani group led by Baba Kalyani and his sister Sugandha Hiremath who controls a majority in Hikal has taken a murky turn.

- BENN KOCHUVEEDAN

The Baba faction shared a letter that the late N Vaghul, ex-head of ICICI, wrote to them on the disputes over the ownership of Hikal shares between Sugandha's husband Jai Hiremath and Surajmukhi Investment & Finance, an erstwhile subsidiary of Kalyani Steels.

Baba, the patriarch of the diversified Kalyani group led by its flagship Bharat Forge, and his sister Sugandha along with her husband Jai, are embroiled in a legal battle over the ownership of Hikal (matters are pending in the Bombay High Court and a civil court in Pune).