Niranjan Hiranandani denies splitting existing realty business

MUMBAI: A feud may be brewing between the son and daughter of Niranjan Hiranandani, co-founder of Mumbai-based real estate and construction major Hiranandani Group and is raising doubts if the business is headed for a split. However, Niranjan Hiranandani has quashed these possibilities, saying this isn't likely to result in any split in the existing realty business.

"It's natural to have differences between two individuals. There's no question of division of assets or business control. Her (Priya's) claim is in terms of money and not stake in existing realty business," said Managing Director Niranjan Hiranandani.

Niranjan - who was ranked 41st in the Forbes list of richest Indians for 2011 with wealth of $1.27 billion - manages realty, social infrastructure and hospitality businesses of the group. His son Darshan handles overseas realty operations of the group and upcoming power venture. Daughter Priya Hiranandani-Vandrevala, based out of London, has co-control of Hirco Plc that is listed on the Alternative Investment Market of the London Stock Exchange.

According to media reports, a confidential inquiry has been carried out by the Mumbai Crime Branch and it has revealed that Priya could be behind the alleged efforts to delay brother Darshan's ambitious 2,500 MW power project at Maval in Pune.

"We do not know as yet if Priya is actually involved in this matter at all. If she is, it will be very sad thing," Niranjan Hiranandani said, adding Priya will at most continue to retain her stake in Hirco that has two township projects in Chennai and Panvel.