Ponty Chadha’s elder son Manpreet to get 64% assets in Wave Group split: Report

Diversified conglomerate Wave Group will be split between late owner Ponty Chadha’s sons Manpreet Singh Chadha and Rajinder Chadha, as per a report by The Economic Times.

As per the report, 64 percent of the Rs 15,000 crore group, which would include the real estate vertical, farm sector, sugar mills, malls and beverage plants, are likely to go to Manpreet Singh.

Meanwhile, Rajinder is likely to get at least 36 percent of the pie, including the legacy liquor business, film business, paper mills and the 41-storey Noida building – Wave One, it added.

Moneycontrol could not independently verify the report.

Wave Group’s spokesperson declined to comment on ET’s queries, but Rajinder Chadha’s spokesperson confirmed that both sides had signed the agreement and the asset split was amicable.

Wave Group was founded in 1963 by Kulwant Singh Chadha as a liquor distribution company. The business still holds vast distribution networks in Uttar Pradesh and Punjab, two distilleries and a brewery.

His son Ponty Chadha transformed the company into a diversified conglomerate. After Ponty Chadha’s death in 2012, his sons took over the Group - Manpreet as th evice president and Rajinder as the chairman.

While liquor is the legacy business, the highest-valued vertical is real estate with Rs 9,000 crore worth of land and projects. The group also operates one Coca Cola India franchise and a beverage plant in Amritsar.