Key Points
The plan to divide the Murugappa Group equally among the three family groups has reportedly hit a roadblock..
According to a report in the Economic Times, the Murugappa Chettiar family had been negotiating an amicable split of the business empire..
However, the turnaround of CG Powers fortunes within four years of its takeover by Murugappa company Tube Investments of India (TII) a much-celebrated affair has now become the bone of contention among the different family groups that comprise the promoter group..
The family had also made headlines last year over the settlement between family branch of the late MV Murugappan (including Valli Arunachalam and Vellachi Murugappan) on one side and the rest of the family on the other..
Coromandel International (formerly Coromandel Fertilisers), the second largest manufacturer and marketer of phosphatic fertiliser in India, is part of the first group.All the three companies CG Power, its parent TII and even Cholamandalam Finance are steered by Vellayan Subbiah (second group), while Carborundum Universal Ltd, Cholamandalam MS General Insurance Co, Cholamandalam Financial Holdings and EID Parry are overseen by the third group..
