New Delhi, March 31 -- Ajay Piramal, head of the eponymous $10-billion pharma-to-financial services conglomerate, said for a succession plan to succeed, the control of businesses should be passed on to the children only if they are passionate about it.

Piramal, 69, chairman of the Piramal group, was discussing the group's business succession plan with his daughter Nandini Piramal, chairman, Piramal Pharma Ltd, in the Mint India Investment Summit in Mumbai on Friday.

"Allocation of businesses (among children) should be done on the basis of their interest areas," Piramal said. "I don't know if there is a specific time or age. It's just that when you find that if you are having a succession with your family, they are ready to take up the r...