The Birla group has engaged global executive search and advisory firm EMA Partners.
The $44-billion strong Aditya Birla Group led by Kumar Mangalam Birla is on the lookout for a new dealmaker to steer the diversified conglomerate's M&A, capital raising, and restructuring activities. It has appointed a head-hunting firm to find a candidate for the strategic role, two sources with knowledge of the matter told Moneycontrol.
"The Birla group has engaged global executive search and advisory firm EMA Partners to find a new Head, Group Corporate Finance to replace Ashish Adukia who takes over as Grasim Industries Chief Financial Officer (CFO) from July 1, 2019. The process is on and the candidate’s profile could be of a young MD or director at a global or domestic investment bank," said one of the sources.
Adukia will replace Aditya Birla Group CFO Sushil Agarwal at Grasim Industries. Agarwal recently relinquished his role at Grasim Industries as the whole time director and CFO.
Sushil Agarwal is a Birla group veteran and has worked with the conglomerate for the past three decades. He was recently appointed as a director at Aditya Birla Management Corporation (ABMC).
ABMC is the apex corporate body providing strategic direction and vision to group firms in various functional areas.
"The new hire will work under the guidance of Sushil Agarwal who will now have a wider & more focused role from the group's perspective," added another source.
Ashish Adukia had joined the Birla Group as the Senior President & Head of Group Corporate Finance in August 2014 where he advised Group Chairman Kumar Mangalam Birla & other group business heads.
Adukia was previously an Executive Director, Investment Banking at Morgan Stanley. During Adukia’s tenure, the Birla group has announced several big-bang and marque deals including the landmark Idea Cellular-Vodafone merger, the $2.4 billion-dollar acquisition of Jaypee Group’s cement assets by Ultratech Cements.
His dealbook also included Ultratech Cements' hard-fought $1 billion-plus acquisition of Binani Cement under the insolvency and bankruptcy code, Hindalco's acquisition of Aleris for $2.58 billion to create the world's second-largest aluminium maker, the Aditya Birla Nuvo-Grasim merger and the listing of Aditya Birla Capital amongst other transactions.
An Aditya Birla Group spokesperson was unavailable for comment.Moneycontrol is awaiting an email response from EMA Partners and will update this article as soon as it hears from them.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.