More resignations at KOEL, Kulkarni family set to exit Kirloskar Group

After the exit of several top executives including that of its managing director, Kirloskar Oil Engines Ltd. (KOEL) said Nihal Kulkarni had resigned from the board of directors, heralding the exit of

After the exit of several top executives including that of its managing director, Kirloskar Oil Engines Ltd. (KOEL) said Nihal Kulkarni had resigned from the board of directors, heralding the exit of a section of the promoter’s family from the Kirloskar Group.

In a filing with the stock exchanges late on Wednesday the company said, “Late Mr. Gautam Kulkarni’s family which includes his wife Jyotsna Kulkarni, his sons Nihal Kulkarni and Ambar Kulkarni [including their respective family branches] have decided to exit from the Kirloskar Group companies to pursue their respective independent ambitions and interests, which are different and independent of the Kirloskar group businesses.”

“Nihal Kulkarni has also resigned from the Board of Directors of Kirloskar Oil Engines Limited, Kirloskar Industries Limited, Kirloskar Americas, Navasasyam Dandekar Private Limited and G.G. Dandekar Machine Works Limited with effect from February 9, 2022,” the statement added. “Consequently, Mrs. Jyotsna Kulkarni and her family members have indicated that they shall, in due course cease to be shareholders and promoters in the Kirloskar group companies,” the statement said.