His nephew Gautam Thapar (son of BM Thapar) has taken over LM Thapar's companies in the year 2005. He left his voting rights, shares and most of his personal effects to Gautam in his will.
An alumni of The Doon School LMT was known to be fond of the good life as well as known for being charming and polished. In most of his obituaries his bon vivant persona was highlighted.
Greaves Cotton and JCT group is with MM Thapar. His son Samir Thapar runs JCT Mills and his son Arjun Thapar runs JCT electronics.
The Crompton Greaves , BILT, Bilt Chemicals and Bharat Starch was vested with BM Thapar and hence would be under his sons Gautam and Karan Thapar's control. Gautam has also been named by L.M. Thapar as the successor of his group of companies.
IM Thapar's son Vikram Thapar looks after his group which includes the Calcutta based coal trading business K.C Thapar started out with and prawn farms for prawn exports as well as the Tiger Bay restaurant chain.
Thapar Institute of Engineering and Tech. (Now Thapar University) is a group project funded by the Thapar's.
After L.M Thapar's death in 2007, his nephew Gautam Thapar (son of BM Thapar and grandson of Karam Chand Thapar) has taken the reigns of BILT which is the flagship company of the group.
One saw group business line like edible oil, being hived off and company resorting to economy measures like restricting executive benefits like business class airtravel, withdrawal of lunch facility for senior executives. So much so that it decided to move out its offices to Sainik Farms from Thapar house in Janpath. Executive turn over in the company rose very high about this time. Its chemical business declined and it sold off its glass business, and edible oil business.
The company gave up its policy of growth through diversification. Now the company is consolidating in its core business by mergers and acquisition the most significant of which was the acquisition of SINARMAS India operation. Fortunately for the company, paper industry is still protected by high customs duty on import of most variety of papers. But it is unlikely to get that protection because India is committed to bring down tariff to Asean Levels. For last couple of years under leadership of Mr. Gautam Thapar the company is doing well??? From a low price of around twenty, the share value has shot up to 100 plus - a huge leap in market capitalisation.
BILT has recently also acquired a paper company in Malaysia which has captive forests for raw material. This would help the company in meeting the risks of low tarrifs granted by the Indian Government to ASEAN.