KOCHI: At the age of 74, Babu George Valavi is involved in the battle of his life. The stakes are high. Very high. If he wins, he and four family members get to take home a whopping Rs 1,448.5 crore, and he believes he has a strong case.
The story of Babu Valavi, a Kochiite, begins when he along with four other close relatives bought 3,500 shares constituting about 2.8% of Mewar Oil and General Mills Ltd — then an unlisted Udaipur-based company — in April 1978. Years have gone by, 43 to be precise. Over that period, the company got itself listed on stock exchanges, changed its name to PI Industries, and is doing pretty well with a market cap of over Rs 50000 crore currently.