Overview
- Britannia’s board approved Hargave as Executive Director and CEO for a five-year term effective on his joining date of December 15, 2025, subject to shareholder approval.
- Grasim accepted Hargave’s resignation from Birla Opus with his exit effective at close of business on December 5, 2025, and appointed Managing Director Himanshu Kapania as interim CEO.
- Shares moved on Thursday with Britannia rising up to about 5% after the announcement while Grasim fell around 6% following the exit news.
- Citi raised Grasim’s target price to Rs 3,450 and kept a buy rating as Jefferies and Morgan Stanley stayed constructive, though all flagged the departure as a negative surprise.
- Under Hargave’s tenure, Birla Opus committed roughly Rs 9,727 crore in capex, built six integrated plants and expanded distribution to 10,000-plus towns, as Grasim also cleared SPVs for captive renewable power at plants in Gujarat, Andhra Pradesh and Odisha.