Overview
- Grasim’s board accepted Hargave’s resignation with his exit effective at close of business on December 5, citing his decision to pursue opportunities outside the company.
- Himanshu Kapania, Grasim’s managing director, will serve as interim CEO of the paints business while the board finalizes a permanent successor.
- Britannia said Hargave will join on a five-year term starting December 15 and will report to chairman and managing director Varun Berry.
- Grasim approved acquiring 26% equity in captive renewable-energy SPVs for Birla Opus plants at Vilayat, Balabhadrapuram and Ganjam with Prozeal Green Energy and GMR Energy as partners.
- Analysts called the exit unexpected and flagged a recent slowdown in Birla Opus growth, while brokerages including Citi, Jefferies and Morgan Stanley maintained positive views on Grasim shares.