Chandigarh, March 28
Peeved at the way the land acquisition deal of Trident Industries in Barnala has been dealt with by the Punjab government, the chief executive officer of Trident Group is pulling out his stake from Punjab. He is now on the lookout for his successor to head the groups' operations in the state.
Talking to TNS here today, Rajinder Gupta, CEO, Trident Group, said he was now on the lookout for a successor. "I have had a long innings spread over three decades. I am now looking for somebody who can take over the reins of the company. And no, the successor will not be a member from my family," he said.
Gupta said the board of the company would decide on his successor and the future course that his group would take. He expressed his dismay over the three-year delay in the expansion plans of the group in Barnala because of the farmers' agitation, saying that this had derailed the company's growth.
It may be noted that Trident is one of the fastest-growing groups in Punjab with a compounded annual growth rate of 30 per cent. The textile and paper major, with interests in power generation and IT, is expecting to grow to a $1 billion company by 2010.
Though Gupta refused to elaborate further on the group’s expansion plans outside Punjab, well informed sources said Trident Industries was investing Rs 1,150 crore for its expansion in Madhya Pradesh. "Had the issue of the 360 -acre land acquisition been dealt with by also taking into consideration the interests of the business house, this
diversion to Madhya Pradesh would not have taken place,” said a source in the company.
Gupta also refused to comment on the new enhancement of Rs 19.50 crore to farmers announced by the Punjab government this week. However, he said any businessman would like to operate in an area where it makes more business sense.
The government had announced earlier this week that the Trident Group had agreed to pay an enhancement of 70 per cent over the original compensation amount, announced during the previous Congress government. The group had acquired 360 acres near its facility in Barnala in 2005, which had led to widespread protests by the farmers.
