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201 1

Fastest-Growing Mid-sized Companies

India’s

2011

Optimism: the most enduring ingredient of them all...

Newspapers are full of worrisome news these days. Whether

“We set out on a path almost expecting it to become bigger and broader as we tread it.”
4   |  INC.india |  500

politics, society or indeed, the economy and the environment in which our not-so-large businesses operate, the overall mood is grim. Inflation is the highest it has been in recent years while foreign direct investment at its lowest. Margins are under pressure, yet employees are done with salary freezes and are demanding boom-time hikes. Mid-sized companies are willing to borrow money to finance their growth, but interest rates climb every quarter. Problems abound, but—thank God—so do opportunities. That’s what our readers always manage to see. And that’s precisely what makes watching and writing for Inc. India an energising experience. This never-say-die spirit and the ability to spot the stars and rise to catch them—is what attracted me, personally, to India’s entrepreneurs. Ten years ago, there wasn’t an obvious, equaland-opposite positive factor to every more-than-obvious downside. Yet the all-pervasive entrepreneurial spirit charged on, spotted opportunities and wrote India’s growth story— often against all odds. It left me wondering what makes them tick, day after day. At that time, my day job required me to work with established corporations and their top management. Intuitively, I knew there was a difference in what I saw in management behaviour versus the entrepreneurial style exhibited by the rap-

Business cycles are a reality as is changing luck. They invest in getting started with that one and view him as their best salesman too. particularly traditional market research. Here’s to a future full of hope and winning. This attitude is an expression of entrepreneurs’ confidence in their ability to recognise. Entrepreneurs rely on “effectual reasoning”. a principle Sarasvathy calls “affordable loss”. corporate executives—those in the study group were also enormously successful in their chosen field—use causal reasoning. we just don’t have the time or the energy to worry about someone else’s problems. or as creating a new market entirely. The only ingredient that will ensure we stay in the game and hopefully win is our ability to dip into our reserves of eternal optimism. Mostly. the reality has changed. In Saras’s words. she says. had started multiple companies—both successes and failures—and had taken at least one company public. and I rephrase below in context of my own experiences: 1. Don’t wait for the perfect. Expert entrepreneurs learn the hard way that “having even one real customer on board with you is better than knowing in a hands-off way 10 things about a thousand customers”. I suspect they avoid the troughs. It is to this enduring quality that I want to draw attention to above all else this year. Repeatedly. India 500  |  INC. 2. they often don’t start out with concrete goals. but also the peaks. They “sweat competitors later”. As entrepreneurs scale up—both planning and research and worrying about competitors gain in importance. That is not to say entrepreneurs don’t have goals. entrepreneurs are impatient with anything that suggests long and meticulous planning. The attitude is rooted in their belief that no one can really predict the future and by the time detailed research gets done. and react creatively to contingencies.9 Media’s (the parent company for Inc. But what stays the same amongst us is an “eternal optimism”. Anuradha Das Mathur Publisher. She carried out an experiment with a group that had at least 15 years of entrepreneurial experience. This is true in my view because as entrepreneurs we often see ourselves not in the thick of a market but on the fringe of one. Which is why I was delighted (and relieved) when I read an article in the February 2011 edition of Inc. Saras has some insightful findings that I am confident will resonate with the entrepreneurial heart as it did with mine. Today as an entrepreneur. fire and aim. 3. I understand and live that distinction. we care about our own little patch of ground. Like farmers. and therefore continuously to watch out for opportunities. If I look back at 9. Briefly. The article was based on research carried out by Saras Sarasvathy. Being outstanding improvisers. titled “How Great Entrepreneurs Think”.india |  5 . Congratulations to all of you on another great year. The focus is on not limiting ourselves. Inc. However it is not always ready. I didn’t have a framework to assess the difference and relied on observations and instinct. She addressed the same questions to senior management in corporations like Nestle. we reflect this completely. We set out on a path almost expecting it to become bigger and broader as we tread it. respond to. else you may wait forever. only they are in a hurry to get to market as quickly and cheaply as possible. attrition and bad judgement. the careful forecast is the enemy of the fortuitous surprise. a professor at the University of Virginia’s Darden School of Business.foreword idly-growing mid-sized space. and reshape opportunities as they develop. Philip Morris and Shell to hypothesise the big differences. But without enough evidence to back my gut— it remained just that. they constantly use their personal strengths and available resources to develop goals as they progress. So might as well get on with it. By contrast. These will manifest themselves in different ways during our entrepreneurial journeys and we have to take it in our stride. Instead. India) four entrepreneurial years. They set a goal and diligently seek the best ways to achieve it.

the MD of Vikas Global One. mid-sized companies. 09 This Is Big The 3rd annual Inc.1.contents 2011 Mr High-Growth His father’s advice to him is to slow down. Also. says he’s only just getting started 23 Top 6 Business Cities 20 6   |  INC. 1 His company grew by 631% in the last three years—but Vikas Garg. But. MD.india |  500 The hubs with the most action . Vikas Global One. India 500 ranking—India’s fastest-growing. doesn’t know how to. our No. a peek into our methodology 14B The Class of 2011 this page: photograph by Subhojit Paul Our complete list of 500 honourees 20 No.

2011 contents Sole Magic Relaxo Footwears has firmly got a toe in India’s rural and semi-urban shoe market. 36 Fastest-Growing Private Companies Making It A look at the top 10 fastestgrowing private companies A photo-feature of everyday products by our winners 40B  Tara Health Foods 42 Macleods Pharma 44 Relaxo Footwears Wired Well B.001 crore .000 crore G. It now wants to step into foreign shores.`1. Reddy MARG 34  `1. By the Numbers 24  Below `100 crore Satheesh Kumar K.`500 crore Vijay Shekhar Sharma One97 Communications 31  `501 crore .R. our pick of interesting entrepreneurs within these bands 42 44 Tall Ambitions Macleod’s Pharma has bolstered its business by emerging as a leading supplier of medicines.K. Hima Hindu have created a Rs1. Venkataramana and his wife B.`1. 53 500  |  INC. And.india |  7 .R.000 crore business in less than eight years. Enzen Global 26  `101 crore .500 crore Arun Kumar Jagatramka Gujarat NRE Coke A look at the top 500. categorised by four revenue bands.

BS TransComm 53  B. Kejriwal Bee Care India 46  Jayadev Galla. 46 Public Wealth Creators Ten companies that have created the maximum wealth for their shareholders 48 Fearlessly Ambitious Rajesh Agarwal is gunning for a billion-dollar turnover in two years. A list of companies that fared well at the stock market in 2010 74 53 On Our Radar 62B A Top View Companies to look out for—they are poised for superstardom Get to know our top 100 better Eight company builders on their twists and turns 36  N.contents 2011 The Meticulous Planner Manav Garg has coded delivery excellence into Eka Software Solutions. Vuppalamritha Magnetic Components 58  Sudhir Seth. edible oils market.M. Angelique International My Story 63/67 A Rapid Fire We gave pop quizzes to our MDs. Sanraa Media 81  Daya K. Here are some of the best answers 8   |  INC. 48 Top IPOs A look at an important entrepreneurial milestone—going public. Sudhir Gensets 74  Manav Garg. Venkataramana. Goyal. Amara Raja Batteries 48  Rajesh Agarwal. It’s the only path to a $100 mn business. CEOs and founders—on how they hire and who they wish to be. Kejriwal. 40B Sizzling Shift Tara Health Foods has left its fodder days behind. Eka Software Solutions 78  Sukumar Subramanian.india |  500 . Now its focus is the nutritive. Goyal and Ajay K.

This is Introducing the definitive list of India’s fastest-growing. mid-sized enterprises big 500  |  INC.india |  9 .

India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player FMCG 41 8. Even as Indian GDP grew by 8. European countries continued their downward spiral. There’s still a latent positivity. it seems global conditions have only made our entrepreneurs smarter. Ask the honourees who make up our list of the fastest-growing mid-sized companies in India.2% `17. Take the United States of America.11% `277. 2011 will be remembered in economic and political history as a time when seemingly-impossible and unimaginable events occurred. There’s also the understanding that Indian businesses are incredibly well-placed to take advantage of global conditions. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player 500 IT&ITeS 58 11. It took us months to get here— but what a sector profile Sector No. Fortunately.75 cr Dhunseri Petrochem & Tea .54 cr ICSA (India) INC. We hope you find our heroes as impressive as we do.332 cr 33. for example.333 cr ` 7.6% `16. Our third annual ranking is finally out. 10   |  INC. INDIA It’s been a year of intense economic upheaval.india |  500 Sector No. Undoubtedly. The global giant was jolted to its very core by twin assaults on its economic health— the protracted debt crisis and Standard & Poor’s subsequent downgrading of its 70-year-old AAA rating. That US Treasury bonds would ever cease to be the safest investment in the world wasn’t an eventuality any economic forecast would’ve possibly put forward.097 cr `5.rewarding journeyit’s been. but one that has benefited from the realisation that obstacles do exist and established success paths can go wrong. India continued to grow amid this gloom. albeit at a slower pace.5 per cent.21% `422. Many of them might not be on any public radar but they are silently and effectively scripting our country’s next chapters of growth.852 cr 40. In fact. of companies Share in Inc. of companies Share in Inc. Meanwhile. the top 50 companies on our list clocked a healthy upswing of 187 per cent in turnover in the past three years.

Take the No.8% Sector No. we brought down the number of listed companies to 200 this year.336 cr 36. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player Pharma 35 7% `17.500 crore should not be considered. By putting in the filter that subsidiary companies of groups larger than `1. unlisted companies. 1 this year.269 cr `8.758 cr 45. we’ve added value to our rankings. Encouraged by the feedback. but in all likelihood few of us had ever heard of them before. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player Engineering 35 7% `11. of companies Share in Inc.6% FMCG 8. With each year.92 cr Prime Impex IT&ITeS 11. India launched its annual 500 ranking of mid-sized companies in 2009. they’ve grown 530 per cent in three years. mainly because it includes a much larger chunk of privately-held.459 cr 26. of companies Share in Inc.89% `493.2% `13. other than the top 100—the ones that regularly inhabit the pages of our mainstream business press— precious little is known about the huge Top 10 Sectors A stack-up of the most prominent sectors in our survey Sector No. in our third annual edition.2% Sector No. 1. the company’s 38-year-old MD.691 cr `5. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player Steel 41 8. is more than an Inc. 2 and 3 companies on our list.this is big Inc. this was also his first full-fledged media interview. a few more than 400 of the 500 companies on our list were listed entities. It’s certainly added that zing of freshness to our list.2% Steel 8. Between them.76 cr HBL Power Systems 500  |  INC. there are around 850. On paper.500 companies.8% Infrastructure 5% Chemicals 4. our No. We’ve dramatically changed that composition. of companies Share in Inc. This is what drives us at Inc.647 cr `3. gleaned from our database of more than 3. This ranking is our bravest yet. we’ve really pushed the envelope.79% `332. India debutante. India— navigating through uncharted territory to discover centres of excellence.000 registered companies in India.india |  11 .9% `333. In our survey last year. For Vikas Garg.4% 7% Capital Goods Textiles 6% 5.41 cr Micro Labs Pharmaceuticals 7% Engineering Construction & Real Estate 6. Vikas Global One. Yet. The remaining 300 are public unlisted and privately-held companies.

Indian private companies aren’t mandated to share their financials. of companies Capital Goods 30 Share in Inc. For starters. India 500 holds a mirror to the future of Indian business. gas and FMCG) could be a pointer to the strengths of Indian enterprises and our opportunity to establish new outposts. several chemical.india |  500 . By law.03% `312. IT&ITeS continues to be the top sector with 11. 12   |  INC.4% `14.8% `501-1000 crore 8.6% `101-500 crore Sector No.80% `367.8% `10. of companies Share in Inc. But. Similar to the previous two rankings. especially in financial governance are definite to-dos our companies might want to take a look at. Alignment with global financial reporting standards will undoubtedly help these companies present a better business case when they go out to bid for international contracts or seek out capital.57% `439. In fact.this is big Sector No. Amid the excitement. issues like standardisation and best-practices.257 cr 35.361 cr 29.4% `1001-1500 crore ocean of enterprises. of companies Share in Inc. As mid-sized enterprises chase growth. It’s gratifying to see the rise of mid-sized enterprises beyond the “more popular” IT&ITeS.662 cr `4. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player Textiles 29 5. But our efforts have been rewarding. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player Construction & Real Estate 32 6.32 cr Chettinad Cement 44.526 cr We take a closer look at the distribution of firms categorised by their turnover. See if you can spot a trend Splitting Numbers 58. The emergence of many “old-new” firms (in steel. The Inc. oil and gas and FMCG companies have found their way into the list this year. this year’s list is definitely more diverse. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player 6% `9. there are also improvement areas. Our stories with these entrepreneurs also reveal a quiet confidence that their time has arrived and they’re ready to lead.370 cr `4.38 cr Madhucon Projects 18% `50-100 crore Sector No. FMCG accounts for 8 per cent of the total companies.6 per cent of the total companies.060 cr `3.66 cr Shri Lakshmi Cotsyn 18. That made the task of unearthing audited data even more challenging. Our team went through thousands of balance sheets and found many of them to be outdated templates.

500 companies across 35 sectors—one each for public listed companies. relevant quarterly data was tabulated to arrive at this information. of companies Share in Inc. we opted for the latter. 2.  Leadership: The leadership was assessed on information available online.99% `675. 2.  Company’s year of incorporation and the line of business. Hence this year we have decided to look at sales growth alone.63% `235.367 cr 33. we only get to hear about the 7000-odd listed companies. Information available as on April 1. Finally. The final Inc. to rank the companies under each master-list.india |  13 Sector No. absence of information on top management is regarded as ‘‘not keeping up with the Joneses” and hence penalised.38 cr Jayant Agro Organics Sales CAGR (%) 1. We began by creating three “master lists” of more than 3.500 crore. India 500 consists of 200 listed companies. We excluded BFSIs (revenue is difficult to define). Should we look at sales growth over a period of time? Or. These companies were then assessed by Inc. 3. While there are more than 8. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player Chemicals 24 4. of companies Share in Inc. we assessed net sales data of the last four financial years.622 cr 53. we were faced with a dilemma. India decided to wade into the uncharted waters recognising business excellence among mid-sized enterprises in India.5 lakh registered companies in the country. 500  |  INC. But we realised that assessing the overall financial performance of these companies—mostly unlisted and largely family-owned—was far more difficult than the common job of covering listed companies and our approach filtered out many deserving entities for lack of data. India’s research team on the following: 1. but can have unlimited number of shareholders. 2011. So we changed our approach to identify future winners in India’s rapidly transitioning mid-size space. After this subjective assessment.876 cr `4. Where annual data was not available. Unlisted Public Limited companies are Public Limited companies that are not listed on any stock exchange.04 cr Tecpro Systems The Process Schematic Privately-held businesses Listed Public Companies Unlisted Public Companies Subjective assessment on three parameters Sector No. India 500 Sales in 2010 Sales in 2007 3-year CAGR Average size of company Top Player Infrastructure 25 5% `16.8% `5. 200 unlisted public companies and 100 privately held businesses. In this digital world. mainly to allow a wider coverage of unlisted and privatelyheld businesses. should we look at the overall performance of a company? Over the last two years.  Digital presence: Each company was subjectively assessed on a scale of 1 to 5 on company website and the availability of company information online. PSUs (not really independent) and companies whose group turnover exceeds `1.649 cr `2.this is big The Methodology When we at Inc. we calculated the compound annual growth rates (CAGR) of net sales. public unlisted companies and privately-held businesses. .

india |  14 .2011 The Honourees 1 1 2 3 4 5 6 7 8 9 10 10 11 12 13 14 Vikas Global One EdServ Softsystems Tirupati Inks SRS Real Infrastructure Sreepathi Lab Excel Entertainment RMP Infotech Kejriwal Bee Care India Vikas Granaries Bhanot Construction & Housing FATPipe Networks India Sai Service Spares & Accessories Tara Health Foods Arcotech 15 16 17 18 19 20 20 21 22 23 24 25 26 IBI Chematur (Engineering & Consultancy) Mynah Industries Sanraa Media Enzen Global Kalpataru AMR Constructions ASEEM Global Protech Galvanisers & Fabricators Asahi Infrastructure & Projects Cura Technologies Dhunseri Petrochem & Tea Trinethra Infra 27 28 29 30 30 31 32 33 34 35 36 37 38 39 Vuppalamritha Magnetic Components Orbit Corporation Horizon Infrastructure Balaji Coke Industry Brandhouse Retails Linkson International Aradhya Wire Ropes VHCL Industries Mittal Corp JP Infrastructure Driplex Water Engineering Nila Infrastructures Bartronics India For details on the ranking methodology. please refer to Page 36.india |  500 500  |  INC. | Source: Capitaline and online registration 14 B   |  INC.

THE CLASS OF 2011 40 40 41 42 43 44 45 46 47 48 49 50 50 51 52 53 54 55 56 57 58 59 60 60 61 62 63 64 65 66 67 68 69 Armtech (India) Aravali Infrapower Angelique International Econix Hi-Tech Components Manthan Software Services b4S Solutions Baba Arts UPL Environmental Engineers Educomp Solutions One97 Communications ARSS Infrastructure Projects AQUA logistics Goenka Diamond & Jewels Rainox Wires Kwality Dairy (India) Confidence Petroleum India EKa Software Solutions Everonn Education J Kumar Infraprojects DEEP Industries Sandhar Locking Devices SeQuent Vishwa Infrastructure and Services Champalal Motilal Steel Company Tecpro Systems Veena Industries A2Z Maintenance & Engineering Services Totem Infrastructure MARG CORE Education & Technologies 71 72 73 74 75 76 77 78 79 81 82 83 84 85 86 87 88 89 91 92 93 94 95 96 97 98 99 Sterling & Wilson Clinigene International Supreme Infrastructure India Gala Equipment Electrical Manufacturing Company Man Infraconstruction Credit Analysis & Research (CARE) First Steps Babywear Diamond Power Infrastructure NKG Infrastructure Coastal Projects Nexxoft Infotel Glodyne Technoserve LGS Global Karuturi Global Shiv-Vani Oil & Gas Exploration Services Max Flex & Imaging Systems Sunil Hitech Engineers DM Corporation USHER Agro Jaihind Projects Som Datt Builders Paladion Networks Caliber Point Business Solutions Gemini Engi-Fab BVG India Camson Bio Technologies 101 Compact Disc India 102 Dempo Mining Corporation 103 Symphony 104 Concast Ispat 105 VRS Foods 106 Simplex Projects 107 Kilitch Drugs (India) 108 Kemrock Industries & Exports 109 Opto Circuits (India) 110 110 Shirdi Industries 111 Continental Carriers 112 TCG Lifesciences 113 Modern India 114 Hindustan Dorr-Oliver 115 RT Outsourcing Services 116 KND Engineering Technologies 117 Valley Iron & Steel Company 118 Rohit Ferro Tech 119 120 120 Anugraha Construction Equipment Services & Support Kavveri Telecom Products 80 Enmas GB Power Systems Projects 80 90 Gravita India 90 121 Vanaz Engineers 122 Solar Industries India 123 Tilaknagar Industries 124 Raj Oil Mills 125 Ess Dee Aluminium 126 Mantri Developers 127 Kumar Urban Development 128 Technical Associates 129 Man B&W Diesel (India) 130 130 Synoprene 100 Cantabil Retail India 100 70 SB & T Designs 70 For details on the ranking methodology. please refer to Page 9.india |  15 . | Source: Capitaline and online registration 500  |  INC.

THE CLASS OF 2011 131 Acropetal Technologies 132 Ankita Knit Wear 133 MBL Infrastructures 134 Indofil Organic Industries 135 Cheema Boilers 136 Jotindra Steel & Tubes 137 Compuage Infocom 138 Toshbro Medicals 139 Harish Chandra (India) 140 140 Jocil 141 Astec Lifesciences 142 C & C Constructions 143 Shree Ashtavinayak Cine Vision 144 Vakrangee Softwares 145 K L Rathi Steels 146 Premium Paper & Board Industries 147 Jollyboard 148 Goyal MG Gases 149 Oil Field Instrumentation India 150 150 B.Billimoria 151 Shilpa Medicare 152 Parabolic Drugs 153 BRIGADE Hospitality Services 154 Apollo Industrial Products 155 OnMobile Global 156 Euro Decor 157 Parekh Aluminex 158 Simplex Engineering & Foundry Works 159 Ozone Overseas 160 160 Saipem Triune Projects 161 Nitin Fire Protection Industries 162 Impex Ferro Tech 163 Oberoi Realty 164 Secure Meters 165 WearWell India 166 Midi Extrusions 167 Accentia Technologies 168 Technofab Engineering 169 GEE 170 Ankit Metal & Power 170 171 Genesys International Corporation 172 Sumeet Industries 173 GPT Infraprojects 174 Resurgere Mines & Minerals India 175 Bharati Shipyard 176 Tops Security 177 Titanium Tantalum Products 178 Ganesh Polytex 179 Pratibha Industries 180 180 Ashoka Buildcon 181 Maithan Alloys 182 Satra Properties (India) 183 Axiom Impex 184 Rajputana Stainless 185 Aarvi Encon 186 Financial Technologies (India) 187 UIC Udyog 188 Miot Hospitals 189 KG Fabriks 190 190 Chemtrols Engineering 191 North Eastern Carrying Corporation 192 Hanung Toys and Textiles 193 Radiant Info Systems 194 Allied Digital 195 Arshiya International 196 Astral Poly Technik 197 Dharma Productions 198 Sven Genetech 199 Eros International Media 200 200 Koutons Retail India 201 eClerx Services 202 Avon Corporation 203 Credit Information Bureau (India) 204 Geodesic 205 PNC Infratech 206 Lifetree Convergence 207 Media Industries 208 Corporate Media Men Advertising 209 Geno Pharmaceuticals 210 210 Sharon Bio-Medicine 211 Prakash Steelage 212 Coral Hub 213 Pearl Global 214 Ankur Drugs & Pharma 215 Neo Corp International 216 IDMC 217 Vinati Organics 218 Arch Pharmalabs 219 Asian Tiles 220 220 Madhu Silica 221 Ganges International 222 Richa Industries 223 Omnitech InfoSolutions 224 Prime Impex For details on the ranking methodology. | Source: Capitaline and online registration 16   |  INC. please refer to Page 9.india |  500 .E.

| Source: Capitaline and online registration 500  |  INC.india |  17 . please refer to Page 9.THE CLASS OF 2011 225 Sabero Organics Gujarat 226 International Print-O-Pac 227 Shashi Cables 228 SPANCO 229 Gujarat NRE Coke 230 230 Span Healthcare 231 Madhucon Projects 232 KIC Metaliks 233 Genus Paper Products 234 Bliss Gvs Pharma 235 Frigerio Conserva Allana 236 VEESONS Energy Systems 237 Origin IT & Facility Solutions 238 KNR Constructions 239 Penna Cement Indutries 240 240 Rithwik Projects 241 BS TransComm 242 Ramdev Food Products 243 DT Cinemas 244 Craftsman Automation 245 GSS Infotech 246 Mandhana Industries 247 Grabal Alok Impex 248 Heritage Foods (India) 249 Dolphin Offshore Enterprises (India) 250 Dorf Ketal Chemicals India 250 251 Arihant Industrial Corporation 252 Sadbhav Engineering 253 Fichtner Consulting Engineers (India) 254 Bilcare 255 Mauria Udyog 256 M Sons Enterprises 257 Ihsedu Agrochem 258 Kiri Industries 259 Tricolite 260 260 DQ Entertainment (International) 261 Softcell Technologies 262 P C I 263 Sanwaria Agro Oils 264 Gujarat Polybutenes 265 Hoysala Projects 266 Page Industries 267 Gayatri Projects 268 Bharat Insulation Company (India) 269 Gujarat Multi Gas Base Chemicals 270 270 Twilight Litaka Pharma 271 Amira Foods India 272 Ackruti City 273 Sudhir Gensets 274 Responsive Industries 275 Kaveri Seed Company 276 Amara Raja Batteries 277 Wim Plast 278 RHYDBURG Pharmaceuticals 279 Insecticides (India) 280 Merino Industries 280 281 Base Corporation 282 SGS Tekniks 283 Nirmal Lifestyle 284 Neoteric Informatique 285 Pennar Industries 286 Vaswani Industries 287 Shri Lakshmi Cotsyn 288 Piccadily Agro Industries 289 Associated Stone Industries (Kotah) 290 290 Globus Spirits 291 Fabindia 292 Kalpena Industries 293 Zen Technologies 294 Relaxo Footwears 295 Akshar Chemicals 296 Amar Remedies India 297 BSCPL Infrastructure 298 Paharpur Cooling Towers 299 SEED Infotech 300 300 Proseal Closures 301 GEI Industrial Systems 302 Development Consultants 303 Hikal 304 Tantia Constructions 305 Nakoda 306 Shingar 307 Indian Cable Net Company 308 Path Infotech 309 Prestige Estates Projects 310 310 Ind-Swift Laboratories 311 Widex India 312 Tolani Shipping Company 313 Riddhi Siddhi Gluco Biols 314 Microland 315 Pioneer Alloy Castings 316 Ganesh Housing Corporation 317 Nilkamal 318 Elin Electronics For details on the ranking methodology.

THE CLASS OF 2011 319 Transformers & Rectifiers India 320 320 Greenply Industries 321 Macleods Pharmaceuticals 322 Indian Immunologicals 323 Nandan Biomatrix 324 LS Mills 325 Milton Cycle Industries 326 HBL Power Systems 327 FirePro Systems 328 Career Point Infosystems 329 Tirumala Milk Products 330 330 Manjushree Technopack 331 Catwalk Worldwide 332 Mohan Breweries & Distilleries 333 BCH Electric 334 Virgo Engineers 335 Granules India 336 Roop Telsonic Ultrasonix 337 Asbesco (India) 338 Bedmutha Industries 339 Sun TV Network 340 340 Ginza Industries 341 Unimark Remedies 342 Trinity India 343 CommTel Network 344 V-Guard 345 EMI Transmission 346 Technico Industries 347 e4e Healthcare Business Services 348 Mazda Colours 349 Innoventive Industries 350 350 Iris Computers 351 Dhanuka Agritech 352 AIA Engineering 353 Thangamayil Jewellery 354 Konkan Speciality Poly Products 355 Provogue 356 Emami 357 Nectar Lifescience 358 Parenteral Drugs (India) 359 Cox & Kings 360 360 Titagarh Wagons 361 Fedders Lloyd Corporation 362 MN Dastur & Co 363 Jayant Agro Organics 364 Zylog Systems 365 Best IT World India 366 Ram Ratna Wires 367 Vikas Wsp 368 Aries Agro 369 Haldiram Bhujiawala 370 370 APL Apollo Tubes 371 Chettinad Cement 372 Laxmi Publications 373 Time Technoplast 374 Sanghvi Movers 375 Rainbow Papers 376 Gujarat Infrapipes 377 Photon Infotech 378 ICSA (India) 379 MSP Steel & Power 381 Mayur Uniquoters 382 Anjani Portland Cement 383 Infinite Computer Solutions India 384 Century Plyboards (India) 385 Thermodyne Technologies 386 Tricom India 387 Micro Technologies (India) 388 Kunj Forgings 389 Gupta Cables 390 390 Vipul Impex & Infrabuild 391 Vallabhdas Kanji 392 A G Aerovision Electronics 393 Khanna Paper Mills 394 Sogo Computers 395 Transasia Bio-Medicals 396 Suprajit Engineering 397 CavinKare 398 Allied Strips 399 Subhasri Pigments 400 400 Avon Cycles 401 ANNIK 402 Menon and Menon 403 Persistent Systems 404 Dinshaws Dairy Foods 405 Tirupati Udyog 406 Dantal Hydraulics 407 Intercontinental Consultants and Technocrats 408 Cotmac Private 409 Vijay Tanks & Vessels 410 410 AB Hotels 380 380 Aditya Auto Products & Engineering (India) For details on the ranking methodology.india |  500 . | Source: Capitaline and online registration 18   |  INC. please refer to Page 9.

Schuele & Somappa 446 Forace Polymers 447 Aparajitha Corporate Services 448 Mackintosh Burn 449 Parle Agro 450 450 Ravi Organics 451 Sakal Papers 452 Contract Advertising (India) 453 Aristo Pharmaceuticals 454 SVEC Construction 455 Phoenix Overseas 456 Swastik Pipes 457 Uniproducts (India) 458 Sargam Metals 459 Hind Agro Industries 460 460 Fibcom India 461 ZCL Chemicals 462 UP Twiga Fiber Glass 463 Ralson 464 Cochin International Airport 465 STP Limited 466 Sai Service Station 467 M&M Machine Craft 468 Gitanjali Exports Corporation 469 Narayan Organics 473 Indus Tubes 474 Malayala Manorama Company 475 Synthite Industrial Chemicals 476 Elgi Ultra Industries 477 DTDC Courier & Cargo 478 Gordon Woodroffe Logistics 479 Param Dairy 416 Alkem Laboratories 417 Amalgamated Bean Coffee Trading Company 418 Go Go International 419 Maneesh Pharmaceuticals 420 Apara Enterprise Solutions 420 421 Sumitron Exports 422 Surya Food & Agro 423 Indo Alusys Industries 424 Autometers Alliance 425 VRL Logistics 426 Micro Labs 427 Rosvar Steels 428 Stewart Holl (India) 429 Bansal Wire Industries 430 430 Cross-Tab Marketing Services 431 CMS Computers 432 Eland International 433 Almonard 434 Kancor Ingredients 435 Om Logistics 436 BIC Logistics 437 Hetero Drugs 438 Lohia Starlinger 439 Kaytee Corporation 440 440 Bharat Serums And Vaccines 480 East India Pharmaceutical Works 481 Cethar Vessels 482 Blue Cross Laboratories 483 Deys Medical Stores Manufacturing 484 Sindhu Cargo Services 485 Saraya Industries 486 Federal Brands 487 International Tractors 488 Alufit India 489 Biological E 490 490 Msource India 491 SKS Ispat & Power 492 Wolkem India 493 Thermax Engineering Construction 494 Saraswati Sugar Mills 495 TaximenS Services 496 Estel Technologies 497 Auto Ignition 498 Savani Carrying 499 Eurotech Cylinders 500 500 Indo Shell Cast 470 470 Gujarat Insecticides For details on the ranking methodology. | Source: Capitaline and online registration 500  |  INC. please refer to Page 9.india |  19 .THE CLASS OF 2011 411 Agrocel Industries 412 Machino Polymers 413 Integra Software Services Private 414 USV 415 Consulting Engineering Services India 441 Ring Plus Aqua 442 Carrier Airconditioning & Refrigeration 471 Rushil Décor 472 Mathrubhumi Printing & Publishing Company 443 Ankit Ispat 444 U P Telelinks 445 Stumpp.

Vikas Global One was founded in 1984 by my father. we’ll grow by five or even six folds and be a `800-crore company. there isn’t a moment to rest. he says. After 17 years as a director with Vikas Global One. August was quite a remarkable month. Along the way. But. My father had a Masters in Chemistry and some contacts in the chemicals business so he got into the specialty chemicals and polymers business. the Delhi-based petroleum and petrochemical products company founded by his father. .RANK 1 Three Year Growth 631% | 2010 Revenue `63 crore Vikas Garg | Vikas Global One getting started As told to Shreyasi Singh photographS BY Subhojit Paul We’re just For 38-year-old Vikas Garg. With plans that require him to grow 5X in the next four years. as we near the end of our first stage in 2011. We’ve grown upwards of 500 per cent in the past few years. Garg has little time to celebrate his new position or his company’s top-rank in our survey. we were an NBFC (Non Banking Financial Company). In the next five years. we understood that this wasn’t a business for the future. Till eight years ago. and that growth rate will continue. The foundation that we had set up is 2 0   |  INC. young Garg was catapulted as the firm’s managing director.india |  500 finally showing results.

india |  2 1 .INC INDIA 500 500  |  INC.

When my father are in advanced stages of discussion with two companies. I take work home every day. I’m in office by 9am even if I’ve got off an international flight at 5am. It isn’t just about making money. In 2 2   |  INC. the mission will be reached. We’ve also established an export division. India was far behind Asian. Currently. They shouldn’t be those who only wait for the seventh of the month for a salary. agricultural pipes and auto parts. However. I can command respect only if I perform myself. They all have the capacity for further enhancement. The boss has to live the changes in a growing organisation. My perspective is not limited to a six or 12-month goal. and our focus is be global. one cannot achieve. catalysts and additives needed for plastic formulations such as wireless cable. I constantly feel the pressure to achieve.” —vikas garg started his business. It was my father’s decision to pass on the reins. We have two plants in Jammu and two in Rajasthan. it’s not that someone would haul me up if I don’t reach the `800-crore mark. we welcome. our exports “I’m constantly trying to adapt. My father always asks me to calm down and go slow. but our plans won’t stop if we don’t get it right away My other priority is to build a good team. So. there are enough opportunities in the specialty chemicals business. it’s one of the fastest-growing segments. Things were changing fast and he wanted to slow down. European and American countries. We polymer is negligible as compared to developed nations. money and the fulfilment that comes from creating something beyond just shareholder value. We will grow by inorganic methods and by adding new capacity. come what may. But I’m answerable to myself and that’s good enough.INC INDIA 500 Last month. we can double-up capacity when need be. the per capita consumption of are negligible. The boss has to live the changes in a growing organisation. These are fact. As far as acquisitions are concerned. We ‘re focusing on the SAARC region for growth. We trade in specialty chemicals. I formally took over as the managing director. I feel guilty if I don’t work hard. Across the globe. This is a critical project. But we’ve also employed external agencies to scope out opportunities in Europe and America. I can’t be a preacher who just gives gyaan. I’m constantly trying to adapt. Short-term problems and challenges shouldn’t get one down. of course. It will help us cater to the industrial hubs in western India and the exports market. Taiwan and China. without aggression. I want the whole hog—fame. That said. Now. We are open to private equity funds if we get good valuations. That should see us through the next few years. It’s a long journey and I have to keep myself focused on the larger picture. In India. It might be a year here and there from your target. I agree. Money is always Capital isn’t going to be a roadblock. But we aren’t actively scouting for deals. We are also actively on the lookout for buying available technology from Korea. I need people who share my dreams. We’ve also been granted land in Gujarat and are working on a greenfield manufacturing unit there. I don’t get disheartened easily though. I am much more ambitious.india |  500 . but you will get there. without that something extra. I really believe that if you just play with a straight bat. On his face. are funding plans with internal accruals and promoter contributions. I don’t want to work with every kind of person any longer. Having said that. Some HNIs did show interest but we’re not interested in just dumb capital.

More than 50 per cent of our rankers have corporate offices in the usual suspects—the four metros and hubs like Hyderabad and Bengaluru.INC INDIA 500 Top Business Cities Bengaluru Hyderabad 100 NCR Mumbai 126 29 6 25 20 Mumbai NCR Here is a geographical distribution of Inc.india |  2 3 . India 500 honourees. A closer look at the break-up of cities by %age 8 Kolkata 7 Bengaluru 6 Chennai 5 Hyderabad * NCR denotes National Capital Region INFOGRAPHICS by Sristi Maurya 500  |  INC. Kolkata 42 34 26 Chennai How they stack up These six cities account for 357 of the 500 companies on our list.

the firm completed five years. but by the resources they help clients save. Here’s another look at our list—this time. we become what we think. 500 Below `100 crore | Pg24 `101-500 crore | Pg 26 `501-1000 crore| Pg 31 `1000-1500 crore| Pg 34 INC. doesn’t tally wealth by net profits. We aim to maintain a sense of humility. categorised by a certain band of turnover. His Bengaluru-based company.R. a passion for delivery and an obsession for ethics and values. gas and environmental sectors to the best of our abilities.” At Enzen Global.R. are shaped by our thoughts. As they make companies more energyefficient. “We Energy may be life but the smart use of it is strictly business for Satheesh Kumar K.BY THE NUMBERS Our 500 honourees constitute a vast pool of data. AT&T. Enzen Global. And in March 2011. When we began. | enzen Global My Background Mother’s occupation: retired government employee Father’s occupation: retired government employee Previous jobs: Worked previously with C-DOT. NCR and Wipro. water. INDIA THE FOUR BANDS Where next is now Revenue Category: Below `100 crore 2 4   |  INC.india |  500 Satheesh Kumar K. Currently. My Company Its origins: I believe it was Gautam Buddha who supposedly said. . they are also powering their $1-billion dream. we believe in the power of conviction. our goal was to eradicate inefficiencies in the power. We began from Millers Road (Bengaluru) in 2006.

Energy is an elixir.000-plus family of committed “knowledge practitioners” working with approximately 90 energy and utility companies across 10 countries. believes in the positive power of smart resources. The team’s driven by a combined vision: to become partners to global markets and drive out at least $1-billion worth of inefficiencies by 2016. we are a 2.BY THE NUMBERS Energy Saver Satheesh Kumar K. We let our values. business-to-consumer and business-to-society parameters.R. it is life. 500  |  INC. we feel pulled to correct it. Our goal is to be one of India’s top consultants. When we hire we go about seeking talented individuals who can set stretch targets for us and work round-the-clock with clients to implement sustainable improvements in their business models. What keeps us ticking is our employees’ energy. Enzen’s growth has been fuelled as much by our customers’ desire to see us grow as our own. we have kept our focus bigger. This belief has stood us in good stead. We don’t do broad-spectrum advertising Work Where I get my inspiration: Impediments RANK 18 to growth are my challenges. culture and spirit get us business. from 19 locations.india |  2 5 . When we see leakages in the energy-value chain. . Strategically. We call this focus “Enzeneration”. We live this at Enzen. That’s worked to our advantage and helped us win industry recognition. or road shows. Why it’s growing: we measure ourselves on business-to-business.

As told to Tejeesh N. What’s Next At Enzen. From a small town in Uttar Pradesh. he says he had little to lose then. it’s my team. S. Being relevant to more customers and consumers continues to drive us. when you have nothing to lose and two. affordable and sustainable technology. when he didn’t even have money to buy a bus ticket. with nothing more than modest means to boast about. What we do now shapes our next wave. and has little to lose now as the owner of a `250-crore company. I was a bright student throughout school. we believe that “next is now”. we want to see people’s lives change substantially. chairman and managing director of One97. Behl photographS by subhojit paul Vijay Shekhar Sharma | One97 communications I believe success comes about in two ways—one. ably. It bothers me deeply to see energy being inefficiently utilised and wasted. from a not very well-to-do family. a mobile valueadded services (VAS) company. 2 6   |  INC. it was a mixture of both. The country pays for this reluctance. We will continue to explore newer forms of energy sources appropriate for underprivileged and remote areas of the globe. Because my schooling was in Hindi medium. In my case. Each one of them is passionate about our cause. Their reluctance to adopt contemporary efficiency improvement technology and processes because of a compulsive obsession with archaic internal bureaucratic processes is irritating.BY THE NUMBERS What I lose sleep over: indifference to wastage and loss of energy especially when this waste is created by people who can otherwise make a difference. says the rather boyish-looking Vijay Shekhar Sharma. Their drive and purpose gives me the belief to work and progress. my early years at Delhi College of Engineering were spent translating the technical jargon of my professors from English to Hindi. processes. to change of large energy and utility companies that we’re up against. we will continue to bring in easyto-deploy. He just walked to his destination.india |  500 . With the use of clean technology. when you have everything to lose. I come from Aligarh. In the future. policies and models across the energy and utility value chain. The best part of my job: unquestion- The worst part of my job: it’s the inertia My rags to riches story Revenue Category: `100-500 crore Time was when. That includes time—which probably explains why he doesn’t wear a watch.

BY THE NUMBERS The Restless Nerd For Vijay Shekhar Sharma. it’s about ideas.india |  2 7 . RANK 49 500  |  INC. business is more than just money.

becoming an entrepreneur meant losing other things like a stable government job with its many social benefits. I over achieved by just being an engineer. Its eco-system is far bigger than the internet market in India. It’s exciting and a challenge to cater to these different needs. I ran my first business for two years. A business is supposedly about making money. before I cashed out. | things move fast. I was the first in my family to be one. So I started One97 to enable consumers to “When a founder is at the helm. and being seen as an eligible bachelor. But. Also. a business is about ideas. but actually. Whatever I did after that—starting a dotcom venture. Businesses flow from great ideas. that I later sold off. I bailed out just two weeks before completing a year. we consciously decided to offer it in the local dialect.” —Vijay Shekhar Sharma find the name of the person who was calling by simply messaging the number to 197. People think I’m a man in a rush. For 2 8   |  INC. a search engine. there’s much more opportunity in telecom. Indiasite. or working with a telecom solutions company where I was paid a very handsome salary (which became the seed fund for One97). we’ve diversified into offering services to consumers such as music.net. There are many applications of it. and offering cost reduction in enterprise delivery systems. I was 15 when I entered engineering college. given my background. when we built applications for the rural market. between 1997-99. I wouldn’t deny that charge. I never want to be just an investor. We started as a people search company. Most of my other classmates were 18. I was always moving from nothing to something more.BY THE NUMBERS In that sense.india |  500 . India’s early telecom years saw the birth of the missed-call phenomenon to save on talk-time costs. At my next company. I realised early on that compared to the internet. but had no clue about the caller’s identity. Over the years. But I didn’t really care about that. Lotus Interworks in New Jersey. were big jumps forward. For example. I felt I had saved enough capital for my seed fund. I had a mobile phone and used to get missed calls. Being with the organisation for a year would have enabled me to get stock options. and many people are impacted. the thrill is in building the business. I launched One97 in 2000 with that money. enabling better network utilisation through services such as customer analytics.

3 176.6 314.6 287.8 103. internet.5 Companies: Sales `101 cr to `500 cr CAGR% SRS Real Infrastructure RMP Infotech Vikas Granaries Bhanot Construction & Housing Tara Health Foods Mynah Industries Kalpataru ASEEM Global Asahi Infrastructure & Projects Trinethra Infra Orbit Corporation Horizon Infrastructure Balaji Coke Industry Linkson International Mittal Corp Driplex Water Engineering Baba Arts UPL Environmental Engineers One97 Communications AQUA logistics Confidence Petroleum India Everonn Education SeQuent Vishwa Infrastructure and Services Champalal Motilal Steel Company 331.3 253.4 167.8 107.5 88.2 113.2 310. We want to build m-commerce and digital commerce in India but there is a trust deficit about transactions on the mobile platform. I know what consumers really want.8 143 134 124.1 162. we’re looking to clock `250 crore in revenues. Hopefully by 2015.4 200.9 203. of course.2 117. the thrill lies in achieving revenues.5 183.2 158.india |  2 9 .1 103.2 95.8 198. and how to help them consume from a cloud platform. First generation entrepreneurs do not have access to capital or the experience of running a We’ve also started the One97 Mobility 500  |  INC. it’s not going to be easy. What I want to do is to make sure that whatever is there on the internet should have a mobile phone application as well. Fund to help fund start-ups.6 114.0 561. I realised during my start-up years that technology was ransomed by a few large companies.1 90. Since I come from an internet background. Below `100 cr CAGR% Vikas Global One EdServ Softsystems Sreepathi Lab Excel Entertainment Kejriwal Bee Care India FATPipe Networks India Sai Service Spares & Accessories Acrotech IBI Chematur Sanraa Media Enzen Global Solutions Protech Galvanisers & Fabricators Cura Technologies Aradhya Wire Ropes VHCL Industries JP Infrastructure Nila Infrastructure Armtech (India) Econix Hi-Tech Components Manthan Software Services b4S Solutions Rainox Wires eka Software Solutions Deep Industries SB&T Designs 631.2 121. But.9 106.5 111.4 197. You need to build trust first and m-commerce will follow.9 196 191.0 268. For me.8 86. But these don’t excite me.4 Companies: Sales Doing business in India is very tough. In this fiscal year.2 228 215. They point to the future.7 235.BY THE NUMBERS that. Things have been good.6 90. There’s so much buzz around valuations.5 81.7 89. Our only focus right now is the billion-dollar mark.5 117.8 98.4 150.8 88.4 93. I really feel if you can run a company and make profits in this country. you can probably do it anywhere in the world. I’m a total nerd when it comes to the In The Right Space It’s tough to get a lot of information on companies in this band of turnover.7 162. Which is exactly why these two lists make for such good reading. we selected village leaders or the sarpanch to record the content. we should be making a billion dollars annually. and to emerging companies that are poised for more.8 106.2 86.7 105.

we have a great team in both places.9 106. and that was later acquired by McAfee.. There’s a rush of adrenaline in our office. there’s also a tactical advantage the way I was brought up.8 79. All of us who have done so know that in the first two years of your business. But seriously. Which is why. You just can’t expect an outsider to run the company the way you imagined it. money wasn’t a big deal for me. 3 0   |  INC. but am not be able to communicate them? Because of where I come from and Table Continued. offer me a billion dollars today. if somebody were to When a founder is at the helm. that’s very far ahead.6 77. a mobile security solutions company which we invested in. I certainly don’t want to live just an investor’s life. These are exciting days of growth.9 89. things move fast.9 98. What if I have ideas. I’m very emotionally attached to my company.8 76. company. senile. So we have invested in early stage companies which VCs don’t typically look at. Having said that.7 63.5 74. I feared that taking somebody else’s money came with its set of caveats.4 93. My objective is to create something worthwhile in my lifetime. Anyway. Companies: `501 cr to Sales `1000 cr CAGR% 177. the thrill is in building the business.7 81. We invest in complementary technologies. Sunil Bharti Mittal and Rupert Murdoch (but not for the recent phone-hacking controversy!) for still being actively involved in operations. I’ll definitely be tempted.9 68.9 128. I’ve had some offers over the years but like most founders of businesses. We are a young company (most of the directors on the board are in their thirties and forties). I always say that a great company is about having great For us.5 60. It’s not fair to them. Our sweet spot is usually $1 million (the fund is worth $100 million).7 64. I enjoy working on the fund and our portfolio companies.india |  500 . that one day I’ll grow old or worse.3 88. But that’s more of a myth. I’m not a voracious shopper. A case in point is Singapore’s Tencube.8 74.9 65. One97 raised its first round only as late as in 2007.6 60 60 AMR Constructions Brandhouse Retails Bartronics India Aravali Infrapower Angelique International Educomp Solutions Goenka Diamond & Jewels J Kumar Infraprojects Sandhar Locking Devices Totem Infrastructure MARG Supreme Infrastructure India Electrical Manufacturing Company Diamond Power Infrastructure Glodyne Technoserve Karuturi Global Sunil Hitech Engineers Som Datt Builders Concast Ispat VRS Foods Simplex Projects Kemrock Industries & Exports Hindustan Dorr-Oliver Valley Iron & Steel Company Rohit Ferro Tech in investing small amounts in early stage companies—much before the valuations rise exponentially.1 64. I admire people like Steve Jobs.. I’d like to remain hands-on for as long as I can. I have a big fear. Yes.BY THE NUMBERS company. An early stage company gets the advantage of our expertise and we get a head start. I don’t have too many avenues to spend money on. you don’t make money. I know first-hand how important ven- ture capital is.0 109.4 83. and that it would limit what I could or could not do with my own company. Our investments enable us to invest in companies that we could possibly buy out though we do not restrict the entrepreneur from selling if he gets a good offer. my attention does get divided between One97 and the fund but fortunately.1 106.0 70.

a year separating each of us. I played among earthmovers and construction equipment. he was involved in the historic Nagarjuna Sagar Dam Project. the commercial capital of Andhra. by quite literally walking through rough terrain. = As told to ila upadhyaya How I Revenue Category: `500-`1. he shuttered his ailing financial securities firm and forayed into construction. We were three brothers. quite a handful for my mother. MARG has today done it all. I studied in several schools in remote areas in Andhra Pradesh. I spent my teenage years in Vijayawada. In 500  |  INC. From windmills. to residential hubs.K. I’d make my own dams and canals using concrete slabs. we moved a lot. But that didn’t stop this first-generation entrepreneur from building wind farms in Andhra Pradesh’s forested wastelands.000 crore G.india |  3 1 .paved rough paths G. Because most schools were far from project sites. chairman and MD of MARG Group.K. In 1994. I walked a few kilometres every day. IT corridors and ports. The project that set him on the road to riches. I have very fond memories of climbing up trees and diving into the village pond with friends. It was a big change for me. My family owned a lot of land in the region. Success came to Reddy. Still. winded through far-flung Naxal-dominated rural areas. Reddy | Marg I was born in 1961 in the coastal town of Tenali in Andhra Pradesh. Much of my childhood was spent at construction sites my father supervised. I often accompanied my father to work. Reddy or simply GRK went from being a merchant banker to a real estate mogul in 15 years. from a rustic life to an urban setting.R. My father was a civil engineer and when I was born. So.R. I learnt a lot of things. Because of my father’s job.

In 1987-88.BY THE NUMBERS 1980. The next year we came up with a public issue—`90 lakh—which was oversubscribed by 65 times. Put together. learn and meet new people. a boutique investment banking firm in Delhi. Within a year. my first residential project. But my survival instincts didn’t let me succumb. I decided to focus on the construction business with Marg Construction. However. bankers.” relationships entrusted with opening up their office in Delhi. The stint taught me a lot of things—how to value a company. MARG had taken another `1 crore from the public by way of fixed deposits. a premier mer- largest merchant banking firms. My first job was as an assistant with Sarin Consultants. Within a year. read between the lines and really go deep into an organisation. Hyderabad seemed dull. With all the action in stock markets then. That’s when I thought of quitting and striking it out on my own. In the late 1980s. in Chennai in 1993. we did brisk business. I was the assistant manager. Though the pay was not good. I was under immense pressure to liquidate. Several leading players went bust. I was used chant banking firm. I was to being at the centre of action in Delhi. I completed my undergrad in commerce and moved to Delhi for a Masters. We had to do it in 110 days flat. real estate crashed in Chennai. They asked me to head their Hyderabad office and I said yes. I soon got bored of the work. CIFCO had become one of the in 1993-94. did not take off as expected. I desperately needed projects that would give me positive cash flows. It was under-subscribed by `1 3 2   |  INC. Sai Subhodaya. I got a challenging offer to build a four-storey. By then.000 sq ft property in Chennai. Luckily. After that. The money from the project took care of our pressing creditors. 20. Overnight the dream morphed into a nightmare. The failure of MARG Securities taught me the difference between an executive and an entrepreneur. I worked my way up. crore. an amount that MARG had to bridge. it was a great opportunity to observe. etc. there was a catch. I moved on to CIFCO. MARG Securities. I started getting restless. I had to pay off a whole pack of creditors. This was my first strong lesson as an entrepreneur. I moved back to Chennai to look after my parents. The capital markets went into a tailspin and revival seemed bleak. After some soul searching and market research. The economy started going out of steam “The biggest challenge is to keep died in a scooter accident. All our hundred employees left the company. My work involved liaising with the government—the Chamber of Commerce and Industry and the Finance Ministry in particular—for all the IPOs and FD issues. My first venture in 1991 was a stockbroking firm—MS Reddy & Co—at Coimbatore. I worked round-the- going with all your stakeholders. we were saddled with a liability of `2 crore. governments. It was a big milestone and the capital was utilised in developing the foundations of the business that stands today. MARG was in the middle of a rights issue when the crash happened in 1995. my younger brother I also started a merchant banking firm.india |  500 . I found that the biggest challenge is to keep relationships going— with stakeholders.

I contemplated retiring. But this was an important client. The last area lay in the heart of Naxalinfested interiors. clock. we had a surplus of `4 crore. So I forayed into other infrastructure verti- RANK 68 .india |  3 3 By now. We were actually an hour ahead of deadline. We completed it at 3am on the 110th day in April 1998. cals. The customer was impressed. where 120 of those 200 windmills were to come up. But I realised I had a special privilege—to make a difference to rural India. In fact.R. But we managed to commission the Tadipatri wind farm in time in September 2000. The prospect of making money for the sake of it. it was my duty to do so. Satara (Maharashtra) and Tadipatri (Andhra Pradesh). It was 500  |  INC. after repaying all our creditors. We employed more than a 100 local people on the project. Reddy does. I headed to the thick forested wastelands of Tadipatri. his real business is of “change”. living at the site.K. If we did well. we would be asked to build 200 wind farms over the next few years. I bought a sizeable chunk of land on the Old Mahabalipuram Road.BY THE NUMBERS Multi-dimensional Creating wealth is just one aspect of what G. did not interest me then and it doesn’t interest me even today. I didn’t have more than a painfully small team of believers with me. Every day brought a new challenge that had to be dealt with. He asked us to build three wind farms for him—at Chittradurga (Karnataka).

I did a management Inspired by a vision Revenue Category: `1. We also took a bold step and entered port development by bidding for the Karaikal Port. also a first generation entrepreneur. Founded in 1995. We went ahead to build more IT parks for TCS and Satyam Computers. As a company. I topped in the all-India exam and I am a gold medallist.000-1. The course gave me an opportunity to measure myself against global peers. Arun Kumar Jagatramka | Gujarat NRE Coke | RANK 229 programme at the Kellogg School of Management in the US. inspired me to take this up. I began my career as a CA. In 2007. I sensed an opportunity for creating more space for the IT sector. dimension of achievement for me. In October 2002. wealth creation is only one My Background: Father’s Occupation: Founder. It was also intense. I realised we weren’t doing badly at all.BY THE NUMBERS close to the city and yet to be developed. We were among the early movers in the development of residential and commercial complexes on the OMR.500 crore Gujarat NRE Coke prides itself on being low-key. that’s unlikely to continue. now the bustling IT corridor of Chennai. challenging and fun. What makes me most proud is that we have ushered in regional prosperity in all our projects. MARG got its first IT park project called Digital Zone I from Tata Consultancy Services. the company wants to be among the top 10 hardcoking coal producers in the world. Its corporate presentation might sell the word ‘undiscovered’ but with such ambitious plans in place. We built one of India’s finest private ports. the Kolkata-based company is today the largest independent producer of met coke in India. Rajini. MARG was on the right track. Gujarat NRE Coke Ltd Mother’s Occupation: Housewife Previous Jobs: I’m a Chartered Accountant. By 2015. As I interacted with people there. MARG’s value was a mere fraction of the project cost at the time. Today. My wife. progressed to become a merchant banker and then took over the reins of Gujarat NRE Coke in 1997. 3 4   |  INC. But we did it.india |  500 .

These will run on the waste heat emanating from the coke making process. In the next few years. we are in the process of setting up 60MW power plants. we’ve grown beyond our expectations.43MTPA spread across Khambhaliya and Bhachau in Gujarat and Dharwad in Karnataka.9 91.8 95.8 84. Today. I took over as the managing director in 1997.4 47.4 53. A lot needs to be done. We have not let ourselves be confined by defined targets.7 73.” Why it’s growing: we’ve always managed to take advantage of every opportunity that came our way.. That will make us one of the top 10 hard-coking coal producers in the world. I give it my best.9 76.3 40.6 Companies: believe that everything I do.9 80. Like the poem goes. we used the time to invest in capacities and expand our production facilities. why do we accept corruption as a way of life? Madhucon Projects Sadbhav Engineering Bilcare Sanwaria Agro Oils 500  |  INC.2 75.6 37 37 35..india |  3 5 .55MTPA.1 41. there are several Indians who remain slaves in their own country.5 62.9 83.5 44. Every time prices were down. The worst part of my job:  There’s nothing about what I do that I don’t like. we should generate 240MW of waste-heat based power. In India. We’ve also ventured into green power through wind energy.. We have an installed met coke-making capacity of 1. We have even grown during every downturn. The best part of my job: I really `1000 cr to Sales `1500 cr CAGR% Dhunseri Petrochem & Tea Vuppalamritha Magnetic Components ARSS Infrastructure Projects Kwality Dairy (India) Tecpro Systems A2Z Maintenance & Engineering Services Sterling & Wilson NKG Infrastructure 158. Table Continued. My vision of Gujarat NRE becoming one of the premier global resource players some day is good enough to keep me motivated and inspired..9 35.3 46. What’s Next: we’re on the right track. From the current level of 1. Coastal Projects Shiv-Vani Oil & Gas Exploration Services Opto Circuits (India) Compuage Infocom C & C Constructions Bharati Shipyard Ashoka Buildcon Koutons Retail India Ankur Drugs & Pharma Arch Pharmalabs Prime Impex SPANCO Gujarat NRE Coke How I Work: Where I get my inspiration: that’s easy.5 157. “The woods are lovely dark and deep.5 39.BY THE NUMBERS In 1994-95 the first manufacturing facility near Jamnagar had a production capacity of 0.3 52. We’re also the only Indian firm to own and operate coking coal mines in Australia.8 40. Also. My Company: Its origins: it had humble beginnings. We are steadily increasing the production from our coking coal mines. execution is the next step. For us.1 million tonnes per annum.9 41. we should be around 6MTPA by 2015. What I lose sleep over: it really bothers me that even after 64 years of freedom. but I have promises to keep.

2-crore company is buzzing with its new bosses—Kejriwal’s son and nephew—at the helm.india |  500 Three Year Growth 268. Kejriwal | Kejriwal Bee Care india Right after high school. Be your own boss” was his advice. N. with which he’s struck the proverbial pot of gold.M. Kejriwal senior is happy to take a back seat. Kejriwal has lived an exciting entrepreneurial life—first with a printing press. Kejriwal Bee Care is a pioneer in the production. Kejriwal | This Page INC. in business As told to Rohini Banerjee PHOTOGRAPHs BY Subhojit Paul . then food products such as sugar. Since then. Business at the `80. “Start your own business. rice and fruit pulp. His teacher’s father planted an idea by handing him a tender form.M.Fastest Growing Companies They are racing towards greater glory.2% | 2010 Revenue `22 crore N. Kejriwal’s stockbroker father posed him the big question—what were his future plans? The young man was stumped. 500 INSIDE list of India’s Fastest-Growing Private Companies | Page 38 Interview with N. marketing and export of honey. and finally honey. Here are the country’s fastest-growing private companies. But the veteran is in no mood to “hang up his boots”. INDIA Trust is key in life & 3 6   |  INC.M.

RANK

8

My day begins as the dawn breaks. Ever since I can remember, I’ve woken up at 4am sharp. It’s a habit I inherited from my mother. On a usual day, she would be up and about by 3.30am. I would be wide awake a few moments later. Strangely, I was the only one; my brothers would snore on peacefully. My mother was also a devout woman and I learnt the value of spirituality from her. My 45-minute morning prayer helps me focus on my day. It’s only after my prayers are done, at around 6.15am, that I feel ready to take on the world.
This discipline has taught me to recognise my priorities and know what and when to let go of—both professionally and personally. I didn’t second guess myself when I passed the baton on to my son. Similarly, I don’t feel guilty in taking things slow in the early part of my day; it’s my time, not business time. I relish the routine, the silence and even the effort of the hour-long yoga session that starts at 7am. An hour’s rigorous routine in the morning after my morning walk and another 30-minute session in the evening take care of my body just as my prayers take care of my soul. I leave the rest to fate. I then read the newspaper for an hour between 8am and 9am, and am then ready for breakfast. I’ve always been a frugal eater; give me fruits any day but my family dis500  |  INC.india |  3 7

Exciting Entrepreneur N.M. Kejriwal believes in the power of honesty—in business and life.

Fastest Growing Companies

agrees that one can live on fruits alone, so it’s either coffee and toast, or anything home-made like poha. Finally, at 9.40am, I’m ready to enter office—which basically means climbing down the stairs to the basement from the upstairs living quarters.
I like being the first one in office; I find it

simpler to organise my day. It’s peaceful and the quiet helps me work. At the risk of sounding like a relic, I admit that I still rely on my pocket-sized scribbling pad and gel pen to put down a to-do list. By the time I’ve organised my thoughts and schedule, everyone’s in. Then it’s time to strategise and talk business with my son and my nephew (the CEO of Kejriwal Bee Care). I am increasingly disengaging from all the hands-on jobs; let the young ones handle it because they’re doing it well. Of course, they didn’t inherit the responsibility. Both of them had to work towards it.

catering market) in Germany. It’s also won awards from the AIFPA (All India Food Processors Association) and the iTQi Superior Taste Award (International Taste and Quality Institute) in Brussels. Honey Chew doesn’t spoil the teeth and is meant especially for children. I am a granddad, so it’s extra special for me.
Introducing new products is a high. It’s what makes business fun. That you get to learn every day is the real beauty of business. But you have to be willing to learn, to pick up new things, to improvise. I’ve lived my life like that. In fact, Kejriwal Bee Care was founded on a chance remark by an owner of an American firm. He told

me I should go down the honey trail by marketing and supplying Indian honey as food supplements to the US in 1995. I didn’t know much about honey then. I knew it was an ayurvedic medicine that people took when they had a cold.
By noon, the meetings outside the office take over. I am on the boards of several business platforms and groups, and have to constantly interact with ministries. I usually attend eight to 10 meetings every week, sometimes more, and these take me all over the NCR. I couldn’t have achieved all of this without my trusted chauffeur. The man’s as good as any GPS—I tell him where to go and he figures out the shortest

Fastest Growing Private Companies
%age growth of sales over last four financial years
COMPANY NAME Sreepathi Lab Excel Entertainment RMP Infotech Kejriwal Bee Care India FATPipe Networks India enzen Global Solutions Protech Galvanisers & Fabricators Balaji Coke Industry Aradhya Wire Ropes Manthan Software Services sector Pharmaceuticals Media/Entertainment IT&ITes FMCG Telecom Energy Electrical Equipment Energy Steel IT&ITes CITY Hyderabad Mumbai Chennai Delhi Chennai Bengaluru Delhi Kolkata Davangere Bengaluru

We’re trying to come up with new ideas every day. The Kejriwal Group has always been keen on R&D. When I began, I thought honey was a sweet substance— nothing more. Today, we see it as a dietary substitute—nutritious yet delicious. Our teams are constantly innovating products that capture our customers’ imagination—Honey Chew being the latest in line. It was the brainchild of my son, Prakash. It’s a healthy treat that has won the “Top Innovation Award” at the ANUGA (the world’s leading food fair for the retail trade and the food service and
3 8   |  INC.india |  500

This is an exciting time for our business.

Sales cagr %
314.2 310 287.3 268.2 228 191.4 167.7 134 121. 2 106.7

Fastest Growing Companies

route. He’s been with us for 15 years. His father was my first chauffeur and was with the family for 40 years.
Loyalty is important to me. It has to work

children sleep early, I get to talk to them then and ask them about their school, friends and how they are.
It’s also a good transition from work to begin wrapping up my day. For years, I’ve put in an hour of yoga in the evening. I am a news junkie. I make sure I watch at least an hour of news on the television in the evening. Of course, the evenings aren’t sacrosanct. When you travel for work, your evening schedule is the one that gets most disturbed. I’ve travelled quite a bit for work and pleasure, but it’s Kolkata that

both ways though—he trusts me enough to stay employed with me and I trust him with my routine and my time. Trust is a key word—both in life and in business. It’s important to me that my clients and employees trust me just as much as I trust them. This isn’t some clever management speak, I know. It’s the simplest, age-old idea. But it has worked for my company. Other companies that began operations around the same time as us and used our model, soon sank without a trace. It wasn’t as if they didn’t have these business opportunities. But what’s worked for us is hard work and honesty. It makes everything worth the while for us and for our clients.

eller. My daughter-in-law and he went on a cruise recently, and now they want all of us to go on the same cruise when the children’s vacations come. I’m looking forward to that. It’s quite a family motto for us—work hard, travel harder. The motto’s applicable to my staff too. Till a few years ago, I would take all my employees within the Kejriwal Group and two members of their family on short trips. They were more like office picnics. It’s important to strike a rapport with the staff. Again, it’s a question of loyalty. I am loyal to my staff. Sadly, the picnics have become rarer. It’s

on a chance remark
I enjoy visiting the most. I was born there and one of our largest offices is located there as well. there. I have friends who played a huge role in my business and personal lives there. The city, despite being labelled as unprofessional, has left its indelible mark on me; I read Bengali literature, listen to Bengali music and even watch Bengali movies when I’m there. It’s part of my DNA now.
I like travelling on holiday as well espeMost members of my family are settled

“In fact, Kejriwal Bee Care was founded

by the owner of an American firm.” —N.M. Kejriwal
my health and the company growth rate that’s making everyone busy.
After a light dinner of soup and a slice of

Other than my business, my grandchildren are what I cherish the most in life. I can’t stay away from them for too long. After my meetings, I’m back at the office by 3pm. My family, that is my wife, son, daughter-in-law and grand kids, stay together. It was only after he got married that my nephew shifted home. For the first two years of his stint here, he was also living in the upstairs family quarters. After three gruelling hours of meetings, it’s time to be with the grand kids. Usually families have a dinner routine. In ours, we all sit down for evening snacks together at around 6pm. These thirty minutes of family time are precious. Because the

cially with my entire family. We take vacations together. My son is an avid trav-

bread, I’m usually in bed by 10.15pm. I sleep very well. I’ve reached a point in my career and life where I realise what’s important—my family and my employees. Kejriwal is what it is because of them. So, it’s natural that they are on my mind as I drift off to sleep. Your company never leaves you. A child and a business are very similar. Just as one never stops being a parent, a company owner doesn’t stop being the one who began it all. If I can help it, I’ll go on forever.
500  |  INC.india |  3 9

MAKING IT
It’s a long way to go—from fodder to fashionably healthy food options. Tara Health Foods may have started its business with the production and distribution of compounded cattle feed, however, it soon saw sense in diversifying into commercial production of nutritive, healthy edible oil to cater to healthconscious Indian consumers. A leading player in northern India, the company has established a strong distribution network in Punjab, Haryana, Uttarakhand, Himachal Pradesh, Jammu & Kashmir, Uttar Pradesh, Rajasthan and the National Capital Region.

4 0 B |  INC.india |  500

Tara Health Foods Rank No. 13 photograph by subhojit paul reported by rajat gupta .

Macleods has become a force to reckon with. . Headquartered in Mumbai with an asset of more than 7. Macleods has recorded a quantum leap through product diversification. They began with anti-TB drugs and went on to become one of the major global suppliers of first-line and second-line medicines. to emerge as one of the leading Indian pharmaceutical majors.500 professionally-qualified staff across the globe and experience spanning more than two decades. In the last two decades. increased manufacturing capacities and market emphasis.MAKING IT 4 2   |  INC.india |  500 Healthcare to humanity is an ambitious mission—a tall task indeed! But it’s a challenge that Macleods Pharma accepted in 1986.

Macleods Pharma Rank No. 321 photograph by subhojit paul reported by rajat gupta .

The company. That’s roughly 70 per cent of India’s population.india |  500 .MAKING IT Does comfort always come at a price? Delhi-based Relaxo Footwears has twisted this trade (or should we say ‘tread’) truth. Flite and Schoolmate. Little wonder then that Relaxo clocks in sales of more than 100 million pairs per annum under its brands—Sparx. 4 4   |  INC. sells its low-priced and comfortable chappals. the US and UK. The company also manufactures for premium brands like Nike and Dunlop. and exports footwear to New Zealand. founded in 1976. fancy sandals and school shoes in rural and semi-urban pockets of India.

Relaxo Footwears Rank No. 294 photograph by subhojit paul reported by ira swasti .

She is now the Minister for Mines and Geology in Andhra Pradesh. In India. my mother joined politics in India. A look at the companies that have 500 made their shareholders rich despite the many turbulent phases on the stock exchange in the last few years.1% | 2010 Revenue `1465. In the meantime. has grown robustly. He zeroed in on a project (Amara Raja Power Systems) and applied for a licence. as you speak to the son. Now. calls his father a ‘tireless worker’. You could say we missed that regime by a whisker.My Background: Raja Group Father’s occupation: Chairman. He worked as an engineer in the nuclear power industry there. Here are our top 10 wealth creators—calculated on the basis of net change in market capitalisation. He was frustrated about that. This was a decade before the start of liberalisation. when the Indian markets were not open yet. under the flagship firm Amara Raja Batteries. Governments were becoming proactive and inviting the Indian diaspora to come back home and begin ventures. Their energy seems unstoppable. Amara Mother’s occupation: Minister.2 crore jayadev galla | amara raja batteries | RANK 276 US. My father had always wanted to work for himself and do something worthwhile. the foundation stone for the Amara Raja Group was laid. I was still in college then so I completed my course and worked for a bit before I shifted. INC. INDIA Public Wealth Creators Previous occupation: Chyrsler Corp. Proud son and current MD. growth. and two. Government of Andhra Pradesh My Company: Its origins: My father was educated in the cog in the wheel 4 6   |  INC. because several of his projects in the US were getting delayed or shelved. the economy was a scene of The Amara Raja Group of Companies has lofty plans—most of which come from business patriarch Ramachandra Galla. the father-son duo is scouting for other sectors like food-processing and metal sheet fabrication. There were two catalysts to this decision—one. . the workaholic in him emerges too. Their battery business. The project got underway just a week before the “licence raj” came into being.india |  500 Why I’m another Three Year Growth 35. However. In 1985. In the mid1980s. Jayadev Galla. they felt it was time to be home. my parents decided it was time to make the move.

And. Evaluated on the net change in market capitalisation from April 2007-March 2010 CITY Bhopal Bengaluru Delhi Gurgaon Mumbai Kolkata Mumbai Bengaluru Ahmedabad Hyderabad Wealth Created ` crore 4183 3360 2660 2464 2413 1809 1761 1493 1433 1242 Electrical Equipment FMCG IT&ITeS IT&ITeS Energy IT&ITeS Textiles Infrastructure Auto Ancillaries Our teams is our strength. It’s a dynamic world. and to do so at a competent price. I also enjoy enhancing consumer experiences through brand building. His indomitable spirit Where I get my inspiration: definitely. In the past decade. Between my medium and long-term goals. What I like about my job: innovation excites me. telecom and power are our three key verticals—they drive our economy—so we’re not worried about growth. It’s a healthy mix of old and new. and more organised. As we grow. I also find meetings tedious. We are trying to get deeper into the market of alternative power sources. both our environment and our needs can radically change at any time. he goes on and starts something entirely different.Public Wealth Creators Why it grows: Some decisions we took early on have Top Public Wealth Creators COMPANY NAME Sanwaria Agro Oils Opto Circuits (India) Kwality Dairy (India) Educomp Solutions CORE Projects & Technologies Gujarat NRE Coke Glodyne Technoserve Page Industries Sadbhav Engineering Amara Raja Batteries sector FMCG held us in good stead. Railways. profit and ‘‘growth’’ often clash. Unfortunately. We’ve constantly worked to match global standards. But those have helped us understand each other better. I’d rather be six months early than six months late as far as capacity building goes. data centres. He has big plans. railways and automotive markets. Right off the bat. of reviews—weekly. Our mission has been to bring worldclass technology to our clients. and define our individual domains. we are trying to get more mood of high demand. We just focus on R&D. How I work: from my father. I wouldn’t say there are no conflicts. is something everyone can learn from. What I lose sleep over: growth. We also want to penetrate faster in IT. It’s exactly how my father and I work. I don’t want to be caught unprepared. It’s where we envision ourselves to be in the future that makes a difference. We are constantly working to streamline them. His two new companies are already reaching the `100-crore mark but he’s far from being content. 500  |  INC. Every time I try to take things off his plate. we decided customer delivery has to be at the core. in business. When I mean old. Young and fresh talent keeps everyone on their toes. I’d rather prioritise long-term. What I don’t like about my job: all kinds But business is unpredictable. I mean those who are experienced but certainly not those who are complacent. We are both important cogs of the wheel and we make a pretty cool team. In this What’s next? We’re targeting a CAGR of 30 per cent. Now he’s ventured into sheet metal and food processing industries. I love the process of product development.india |  47 . we focused on setting up systems and processes. quarterly or annual. That’s what drives us. We are looking at both medium and high-growth markets over the next five years.

TOP IPOs Going public is a big milestone for a business. Agarwal dropped out of college and shadowed his uncles to learn the family’s steel business inside out. But his wings couldn’t be accommodated in a family concern. Our pick of some popular listings. Agarwal has dabbled in multiple businesses. In October 2010. he took the company public.india |  500 My ambition doesn’t Rajesh Agarwal’s apprenticeship began early. Three Year Growth 38. The year 2010 was a hectic year for our honourees with 24 companies going in for an IPO. Since then.1% | 2010 Revenue `521 crore 500 INSIDE Popular Listings in 2010 | Page 50 List of top 3 IPOs | Page 52 INC. the listing wasn’t the stuff of breezy business dreams. his Hyderabad-based company which offers end-to-end turnkey solutions to manage telecom and power towers. In 2003. he voyaged out to launch a steel trading business and an IT firm. Agarwal tells us why. As told to Shreyasi Singh PHOTOGRAPHs BY a. Prabhakar Rao . his father expired. He’s hit the big league with BS TransComm. with his two younger brothers. At 17. INDIA Rajesh Agarwal | BS TransComm allow me to sleep 4 8   |  INC. Contrary to expectations though.

says Rajesh Agarwal. But it isn’t really a leap. 500  |  INC.241 RANK A Rare Contentment Going public is big.india |  49 . it’s just one step forward.

had a very strong commitment from the funds. we extended the issue by three working days.32 42. It’s like we have thing—you cannot just outsource this to your merchant bankers. you really have to lead yourself. Obviously detaching yourself isn’t all that easy. We raised `190 crore from our listing. or anybody else. We went out for dinner with friends every night and watched movies in the evening. Today. and lowered our price band to `248 to `257 per share. During such stressful times. Things change very fast at the bourse.india |  500 . They successfully navigated the stock markets.05 24. When the issue was extended by three working days. there were five IPOs in three days. this didn’t give me sleepless nights.91 69. You have to try hard to make it happen. Till the evening of October 7. I had faith things would end well. I had a good time in Mumbai because my wife had travelled with me. Next morning. Taking a break also helps your mind think up fresher ideas.TOP IPOs When we launched the issue on October 6 last year. The stock market is the craziest phenomenon possible. They’ll end well. 5 0   |  INC. Till the meter doesn’t show. you have to detach yourself from the problem. it doesn’t show.8 62.26 14. We weren’t able to push them. the listing has taught me one There are no regrets but I feel we could’ve done more.24 36. Between them. COMPANY NAME Persistent Systems DQ Entertainment (International) Man Infraconstruction ARSS Infrastructure Projects Gravita India Career Point Infosystems Infinite Computer Solutions India Eros International Media Tecpro Systems Ashoka Buildcon Sector IT&ITeS Media & Entertainment Infrastructure Construction & Real Estate Engineering Education IT&ITeS Media & Entertainment Infrastructure Engineering LISTING DATE 4/6/2010 3/29/2010 3/11/2010 3/3/2010 11/16/2010 10/6/2010 2/3/2010 10/6/2010 10/12/2010 10/14/2010 OVER SUBSCRIPTION 92. We had just left it to our merchant bankers. All of them listed in the first week of October. There’s still a very long way to go. In fact. It was stressful but I was very optimis- These are some of the most prominent IPOs from last year. one more step. a weekend fell in between. So. Nobody can absolutely time this perfectly. I know going public is an important step but that’s all it is. JM Financial. We had tried to list our family firm in 1993 but had to abandon those plans because of the Harshad Mehta scam. these 10 companies have increased their market capitalisation by `1. in any case. But what happened was that there was a rally of issues in September. those who committed had stopped taking calls from our merchant bankers.24 41. And they did. our merchant bankers. from `257 to `266 per share. Yes. people would call me to say they’ll subscribe and we would say a straight no because we were so confident. Before the listing.52 20. Getting listed felt good.65 POPULAR LISTINGS tic that things would be just fine.84 51. Like I said. You can’t blame your merchant bankers or start pointing fingers. In fact. The people who had committed to us suddenly felt the valuations were very high. Nothing could be done then. climbed another step. and my brother had come from Nagpur. There wasn’t much I could do anyway. None of those issues did well. we had commitments.285 crore since their listing.

000 telecom towers in India. our main verticals. Trials with them are on right now. power and infrastructure. I can’t sit idle.india |  51 . a company which creates technology solutions for telecom. It’s not like I have CNBC on all day. I’m made like “I think that. There are 400. With Sugan Automatics coming into our fold. I need constant action. It’s important to keep this discipline because the stock market is the biggest distraction. you won’t be able to do anything else. Once we have it. I’ve told him to leave the company if stocks is what he wants to do.TOP IPOs I’ve also made sure that I monitor stock prices only once a day after 4pm. We’ve also tied up with a solar cell company in Singapore. If you get too involved in the market. Few people know that the telecom sector is India’s second-largest consumer of diesel. My technology people are working very hard on solutions that will reduce distribution wastage in the power sector. We made a recent acquisition of Sugan Automatics. But I tell him to stay away from the panel.” —Rajesh Agarwal 500  |  INC. my restlessness helps In new situations. One of my brothers is quite interested in it. our R&D has got a fillip. At BS TransComm. We are working on a green and fixed energy solution for these towers. We want to really add value to the industry we’re in.000 of them. I’m not just driven by growth in numbers—manufacturing volume or wealth creation. I’ll only switch it on once a day for 15 minutes to get the news. we will be able to reduce costs by 10-15 per cent. We manage 6.

but eventually you’ll see the results. I think my restlessness helps when I’m in a new situation. But eventually. In 2006. That’s also when I learnt how to use the computer. I’ve seen a lot in the last six years. Luckily for them. I can’t sit idle. A famous tarot card reader once told me that I’m somebody who’ll make up a problem to create activity. I’m not afraid to follow my ambitions. these are the top three blockbuster IPOs since 2007. I know it’s just two years away but we’ll get there. I am made like that.96 38 22 11 2007 2008 6 2009 2010 21 24 launched i-Vantage. Yes. I was a steel trader. We are looking at over 40 per cent growth. supposedly untrained people might not give you great deliverables in the first three to six months. I only help in strategy. steel. doesn’t want to learn. power and telecom but I’m actually just a Class XII graduate. I lost a huge amount of money in an iron shore shipment. you don’t need domain expertise.TOP IPOs A Comparison 106 We journey back to track the IPO action over the last four years. I tell my human resource people all the time—look for people with passion. I created my first e-mail account in 2004. I’m not afraid. We only needed phones for our business. TOP 3 PUBLIC LISTINGS COMPANY NAME 92 Inc. we did `871 crores of business.57 92. I had to adapt quickly. People in my office are wondering how they’ll handle more of me. India honourees and India Inc. Last year. for Inc. Till then. not skill.india |  500 . In business though. after transitioning very successfully from i-Vantage.91 83. If I get back into operations now. if you let it. I firmly believe that being on the learn- and-a-half months and my energy levels have just shot up. at large From the 200 listed companies on the Inc. India 500 India Everonn Education Persistent Systems Simplex Projects Sector Education IT&ITeS Construction OPEN DATE July 2007 March 2010 July 2007 OVER SUBSCRIPTION 145. Life will throw you ups and downs. I almost lost it all. I might have built profitable companies in IT. the IT firm I’d set up with my friend. When we I want BS Group. our base year for company financials for this year’s ranking. pany for all my businesses. I just enrolled in a Yoga Kriya course for one- 5 2   |  INC. I need action. Somebody who thinks he/she knows it all. my team will run away. it will take you forward. to grow to a billion dollars by 2013. It’s just a piece of paper. I didn’t even have an e-mail id. India 500 list. relationships or looking at the future. But. I’m not involved with operations any more. when you interview. the main holding com- ing curve is great. finance. I learnt again. But that wasn’t real education. I have a Bachelor’s by correspondence. My environment changed 360 degrees.

VMC India | This Page Sudhir Seth.011 crore VMC might make telecom and power products. As told to shreyasi singh It was my wife who started the company with 3 lakhs.india |  5 3 . Venkataramana are father.8% | 2010 Revenue 1. She didn’t want to work in that sector. Hima Hindu and B. Venkataramana. She had a Masters in physics from IIT Madras. Venkataramana | Vuppalamritha Magnetic Components (VMC) 500 INSIDE B. B. India puts a spotlight on them. Also. Rama Rao.On Our Radar Meet some exciting companies that we think are in the proverbial right place at the right time­ . Sudhir Gensets | Page 58 INC. they rocketed to `12 crore. B. Inc. they had a `700-crore turnover. By 2009. She set up a 500  |  INC. It isn’t usual for companies to grow like this—VMC began commercial production in 2003 with sales of `2 crore. the executive director. In a year. B. But what it fabricates best is excitement. so she began designing transformers. Its three figureheads—V. gives us glimpses into how these dynamics have built a company that is wired to go places. At the height of the software boom in the late 1990s. Venkataramana. and were hitting `400-crore two years later. INDIA doesn’t cost money Imagination Three Year Growth 157. daughter and son-in-law respectively. she said she hated software.

I dived in. I thought mine was). Before that. long-term or what. especially on technology. between my wife and me (she thought her system was better. The telecom revolution changed everything in 2003. Finally. I started reading up on stuff I hadn’t in over 20 years. you couldn’t do anything wrong in software. I just thought I’d discover something I hadn’t while I was doing my engineering degree. Right then.On Our Radar small manufacturing unit and started building magnetic electrical transformers for power.india |  500 . As I grappled with these challenges. I kind of got sucked into it by the virtue of being married to her. I became the problem solver. She had to give up her doctorate after marrying me. It brought in the first real slowdown in software and I took quite a hit. she would have gone and got a doctorate degree in magnetics. we managed to put together an embedded switch mode battery charger that worked. I was then running a software company. Even the dumb ideas worked. This was her area of specialisation. If she hadn’t married me. But the 9/11 killed all that. Then. After a lot of heated arguments. My wife would keep reminding me that I had an electronics degree from IIT. I never hear the end of it. These were the post-dotcom bust days. VMC took on big time. I had no idea whether I was in it fulltime. everything just took 5 4   |  INC.

On Our Radar Staring Success in the Eye B. My father-in-law is responsible for these ambitions. Over the next couple of years. the segment we’ve been in gave us the opportunity to grow at this pace. Power supply has an even larger spectrum of applications than telecom. to manage capital.000-crore company. He’s our guiding force. to see how we could keep manufacturing and expanding our production capacity. We got our timing right.india |  5 5 . He is fascinated by what it takes to be a global company. we said we wanted to be a 1. the market been a problem. We understand what’s happening there. He’s somebody who’s just not afraid to dream. Prabhakar Rao We work with a very wide range of Strategy is one thing but more than SAARC is the next boundary for us. He’s now the man who has the billion-dollar dream and is not afraid to say it to the world. we want to be in many developing markets. anything else. I say luck had a role to play. Within a year. we want to be a billion-dollar company. Do you have it in you to succeed in nonhome-protected markets—that’s the test we have to take. Going global is the real test. We do have plans to enter Africa and South America. I had learnt the need to acquire a cushion. he is certainly the scarier of the two. Also. You have to get your timing right in business. But this time round I was more careful. Venkataramana is driven by his dream of making his company a global player. He relentlessly keeps telling us to dream global. It was time to use my IIM degree. In no stage in our business journey has RANK 27 products today. photograph BY A. we were market leaders in a particular product. It can take less. He’s the man who first articulated the thousand-crore dream. Today. these verticals will be evenly matched. I believe every successful team needs a great dreamer and a great executor. We want to show that 500  |  INC. We just made sure we latched on tight. We’re into two verticals right now. The telecom marketplace is huge. from a price point of 50 to 3 crore a piece. dreamers shouldn’t get bogged down by too many details. off. But power is growing. not more. India is the largest marketplace. In the first few years. we grew by hundreds of per cent. It was a sense of déjà vu from my software days. Ambition is more the constraining factor than capital. That shouldn’t take more than five years. Finance isn’t a constraint anymore. When people ask me the secret of our success. Today. in case of a fall. People ask me how it is to work with your wife and father-in-law. Within a couple of years. Well. because that’s how I grew in the 1990s. Now. telecom and power supply (every day adaptors to DC power plants). Six years ago. Telecom is by far the bigger proportion right now. We had never expected that. The orders started flowing in so quickly that I had to exit technology and get into finance.

And once people see scale and vision. Where there are licence issues. If your vision is focused on the overall picture. We’re often working with people who are only partially ready. yes they will. You have to get people better than you on board.5 90. But it doesn’t affect the industry overall. The only challenge in a growing segment is getting people. Part of the problem is finding the right skill. What they have in common though is a real potential to stand out. Moreover.3 28. Whatever happens to the regulatory framework. You constantly have to mentor them and let them learn on the fly. it has become easier for us to attract talent. we encourage our employees to be entrepreneurial. Nowhere else do mobile phones have FM radio. We are better known now.3 66. We can overcome the learning curve. We’re fortunate people feel that way about us. Often businesses that level off.8 35. In the last couple of years. Look at what some Indian mobile companies are already doing. India doesn’t have an ecosystem of electronics manufacturing. It’s wonderful when people are excited about working with you. Here. People believed European and American brands cannot be challenged. phones won’t sell without FM radio. not because they don’t have market opportunity or access to capital. We’ve adapted the technology to suit our needs. Will they be looking for entertainment to be streamed into their homes.5 61.india |  500 . to free you from some tasks.On Our Radar an Indian company can compete with the best anywhere in the world.7 56. sooner or later. In The Spotlight Some of them have billion dollar aspirations. the acid test of growth is whether business owners can delegate and let go of a lot of things somebody else can do. The controversy around the telecom sector doesn’t bother us. These things come and go. they’re excited to be a part of it. you’ll get there. there’s no need to get too entangled in the situational issues. It’s tough finding experienced people. We look beyond these events to ask whether the demand for handsets will go up. But Indian companies are providing services and products at price points that are unimaginable anywhere in the world. we are equipment suppliers. I think those who work for us can sense that this could be a gamechanging opportunity for them to be a part of something bigger. but the good thing is Indians have great adaptability skills. So. Will people be asking for access to faster data and the answer is yes. do so because they lack management bandwidth. and the answer is yes. COMPANY NAME Vuppalamritha Magnetic Components Sudhir Gensets Firepro Systems Mantri Developers Eka Software Solutions TCG LifeSciences BVG India Sector Telecom Electrical Equipment Security Equipment Real Estate IT&ITeS Pharmaceuticals Integrated Services Sales CAGR% 157. In any case. On our part. others want to redefine urban spaces.4 5 6   |  INC. Telecom in India has already shown that it’s changed global conventions. such issues will come up. you find bright people and match them to tasks. Our passion is to be part of the transformation in the way people interact and communicate.

” The Perfect Match B. we’re constantly talking work. I report to her in both places. who infused 1. Hima Hindu are a good team—he’s the “biz” guy. Even at home. versus business person. “The acid test of growth is My wife and I’ve recognised that we have taken the company this far on our steam. Fidelity International. that’s I.india |  5 7 . she’s the R&D geek. 500  |  INC.On Our Radar whether owners can delegate and let go of things somebody else can do. B. Otherwise. when and in what timeframe is still to be decided. Typically. He tells us that if we want to talk shop. As with any company. we have a lot of debates. That’s a core issue we both agree on. are in no hurry. we should just go back to office. we eventually will have to go public. They’re quite happy to be investing in us. Our son shuts us up. these are scientist. tussles. Venkataramana says his wife. She often wins.100 million in 2008. I have the same boss at home. which is her. Now we need a talented team to take us that much further. Unlike others who can leave their boss at work. Our investors.

Seth is revving up for high-voltage business growth. Sudhir Gensets. is a leading manufacturer of diesel gensets and sub-stations. 58-year-old Seth believes he’s just scratching the surface yet. We are originally from Lahore but we settled here after the Partition. He told me to imagine how difficult it would be for my mom without water in the house. I asked him why he had to do it himself. Frankly. My father ran an electrical trading business in appliances like pump sets. Still. I didn’t want to live in India. and for I as a kid if I didn’t have water to drink.happy customer as told to shreyasi Singh Photograph by Subhojit Paul The best publicity is a Three Year Growth 35. Commonwealth Games stadium—have been powered by them. I’d see my father personally attend to a complaint for even a small pump set. But Sudhir Seth’s first name powers a brand. Even as many people his age begin to think of slowing down. Delhi Metro stations.3% | 2010 Revenue 752 crore Sudhir Seth | Sudhir Gensets Famous last names are common. Much of the city’s best-known buildings and infrastructure—Medanta Medicity. I grew up in Delhi.india |  500 early lessons here.100-crore company’s trademark bright green gensets are ubiquitous across Delhi. I have now moulded my after-sales around that conversation. I wasn’t really involved with my father’s business but I did pick up some 5 8   |  INC. I studied economics at the Shri Ram . The `1. One day. His eponymous Gurgaon-based company.

500  |  INC.india |  5 9 .On Our Radar 273 RANK Just Getting Started Sudhir Seth finds it strange that others his age want to slow down.

So I came back after my MBA. When we began our power generation why a large company should feel threatened.india |  500 Metro. We have over 1. but the best mode of publicity is a happy customer. I liked it there. we saw them exiting and people like us taking over almost from nowhere. It might sound strange but I don’t think I can remember a really rough phase in business.On Our Radar College of Commerce in Delhi University. I got into the power generation business. Cummins was looking for a partner in India. When we first began going there. Of course. I asked him 6 0   |  INC. In fact. I told him. By that time. their first contract went to Siemens and ABB who sub-contracted it to us. They told me they had not spent all that money on my education to lose me to a foreign country. I was at the Ministry of Health Affairs. transformers and electrical panels. Thankfully. for all their electrical and power back-up. my father had grown to become the biggest distributor of pump sets to Crompton Greaves in India. people in Cummins tell me this is what they value most about us. We’ve done business worth 700-800 crore with them already. We’ve been like that for 30 years.000 gensets a year. And I remember thinking that as Indians we tended to kind of lie more than we needed to. With time. There was a senior manager there who liked me a lot. They’ve been a real guiding factor for us. We are also doing the metro project in Rajasthan. the “big fish” tried to derail our progress. you’ll win. there are always some sticky issues and things go wrong all the . Now.” —Sudhir Seth “I firmly believe you can leave the company to your children That’s exactly what happened with Delhi business. Our journey has been beautiful. They have a tender and we are bidding for two of the new AIIMS. Our ratio of converting an enquiry into an order is the best in business. In the earlier days. But I wanted to start out on my own. I went to Canada for my MBA. I went to them at least 20 times to tell them to give us a chance. We have a wide range of products like silent diesel gensets. Just a few days back. Brand- ing and marketing is fine. we are a 1. Another reason for our success is that we are very aggressive. We entered into an association with them. In 1973. the formula was pure and simple—it was hard work. I remember a customer meeting once where I found out that some companies had bad-mouthed us. But. Today. I was very disillusioned. established companies like Escorts and Voltas. only if they can deliver. They are our global partners till today.500 people. We used to work with a company then called Kirloskar Electricals. People can try and divert a winning horse. But they can never stop a winning horse. That’s what I tell my people. All you need to do is ensure that at the end of the day. While we were waiting at the reception. We learnt a lot from them. packaged sub stations. So if you have it in you. We were very small when we entered into this relationship. But my parents weren’t happy about the idea at all. We sell more than 10. He told me something I haven’t forgotten even now. we found they weren’t willing to give Indian companies a chance. DMRC only looks at Sudhir Gensets. They are taking AIIMS to every part of the country. your client is the happiest man. Word-of-mouth endorsement is a big thing. a gentleman wanted to know what my secret formula to success was. he told me. I thought I’d settle down there.100-crore company. he was fine with that. we were up against big.

Manesar. Like all Indians do. He has to deliver. People tell me I’ve done very well. I am thinking about how to grow faster. Sudhir Gensets has just scratched the surface. there can be no room for and GE invested in us. We had to go to Manipal every time we needed loans. A few months ago. We banked with the Syndicate Bank. There are lots of people with the hunger to succeed. that we must always learn from history. Like him. but if you ask me. I too began asking about his family. I say. There are 1. anywhere. But there have been no major threats. I think I’ve just done okay. The founder was a 70-year-old man. That is the correct approach. From then itself. I find it strange. you can work for anybody. We are a cash-rich organisation. Working with them is like learning for free. time. see the machines you’ve set up work in a process. I’m now confident that Rahul has the ability to make the organisation grow. That he was my son was never enough justification for him to succeed me. I hated that. a consortium of Goldman Sachs More recently. and people following quality standards like Kaizen and Six Sigma is fantastic. Even now. This gentleman has a son and a daughter. People like Dhirubhai Ambani inspire me. In 2007. when my friends talk about wanting to shut shop.On Our Radar because we needed the money.500 families who depend on Sudhir Gensets today. During our golf games. If you can cope with them. When I walk into any of our plants—Jammu. Bengaluru.india |  61 gives me the biggest high. I think it’s important to think of scaling up and to aim at being global leaders. 500  |  INC. His son didn’t have the qualities to lead the company. I remind my son Rahul. who joined us 10 years back and now leads our marketing. They have 10 per cent equity now. disciplined and dedicated. We didn’t bring them on complacency. Just like the big companies which came and went. When I asked him whether his son came to the office. manufacturing could also get displaced if we are not consistently at it. If you don’t stay hungry. So he wanted to appoint somebody else to take over from him. unlike any other government organisation. he said no. Having reserves is very important. To walk into a factory. Gurgaon and Silvasa—I get a kick. Give it to your children only if they can deliver. we . I have no right to give it to somebody who can’t make it grow. they’ll be ready to snatch it away. but we thought it will be good for us to align ourselves with them and learn from the best practices they will bring to our financial systems. and slip up. While they’re thinking about taking a backseat. When I was a young man starting out. there were no private banks or growth capital options. I absolutely love to set up a plant. We’ve gained a lot of exposure while working with them. working with the Delhi Metro Rail Corporation has been incredible. he said. On that. Still. They are demanding. I was determined to be financially strong. I was in Italy to ink a JV for some special transformers we want to manufacture. We’ve been very lucky with money also.

Sreepathi Lab Net Sales: `27.india |  500 .72 Founded: 2004 What it does: The Hyderabad-based firm is a research organisation that provides expertise and resources to develop “active pharmaceutical ingredients”.12 Founded: 2001 What it does: EdServ provides job-linked. commercial towers. Rank 4 SRS Real Infrastructure Net Sales: `307. hotels. rubber and packaging industries. INDIA Let’s get to know the best of the best on our list better—some you already know about and others you’ll discover with us. manufactures and sells printing inks and cylinders.51 Founded: 1984 What it does: The firm manufactures and Tirupati Inks Net Sales: `70.98 Founded: 1990 What it does: SRS Real Infrastructure is the flagship firm of the SRS Group.88 Founded: 1984 What it does: Tirupati Inks. It constructs group housing societies.7 Founded: 1999 6 2 B   |  INC.100 Rank top 500 Fun CEO Surveys The Hot Seat | Page 79 Alter Ego | Page 81 INC. Rank 5 distributes high-end petroleum and petroleum-related products for use in the plastic. motels and farmhouses. Rank 2 EdServ Softsystems Net Sales: `52. Rank 6 next generation education through the “Integrated Learning Model”. It also provides waterbased inks for absorbent and non-absorbent surfaces. 1 Rank 3 Vikas Global One  Net Sales: `62. Excel Entertainment Net Sales: `62. pur. and for film series. based in Kan- townships. The firm works with higher education institutions.

82 Founded: 2001 What it does: RMP is a network marketing company that specialises in providing innovative products to the public. through its focus on quality.india |  6 3 . The Hot Seat Rank 8 “Do you know enough about us to join us?” – Pankaj Ratra. “Even if your salary was cut by 50%. Australia and South Africa. OnMobile “Are you a team player?  Can you create and grow a team so that you can pursue greater responsibilities?” – Tapaas Chakravarti. It has become a market leader in the production and export of honey and related products.46 Founded: 2002 What it does: The company is an exportoriented producer of honey. Rank 7 RMP Infotech Net Sales: `475.92 Founded: 1994 What it does: Vikas Granaries specialises “What motivates you when you are in the throes of failure? – Jitendra Dugar. Brazil. Go Go International in the production of “Guar Gum Powder”. It caters mainly to the international markets including the US. both in India and abroad. what job would you still want to continue doing?” – Arvind Rao. It has produced hits like Zindagi Na Milegi Dobara and Rock On. Path Infotech Kejriwal Bee Care India Net Sales: `22. AG Aerovision 500  |  INC.  Finding smart employees is the top challenge for any fast-growing company. DQ Entertainment Rank 9 Vikas Granaries Net Sales: `115. India 500 CEOs ask to get the right person. Here are some questions Inc.TOP 100 What it does: Excel Entertainment is a production house started by Farhan Akhtar and Ritesh Sidhwani. Europe. “Why should I hire you from outside when I can promote someone from within?” – Amarjit Singh. Japan. China.

and has several offices across the world. Sanraa Media Net Sales: `66. pre-feasibility studies.48 Founded: 1991 What it does: It is a chain of service stations with presence in Maharashtra. It has also recently ventured into the education sector through animation and design. Rank 18 Rank 15 Enzen Global Net Sales: `99 Founded: 2001 What it does: Enzen.17 Founded: 1977 What it does: The firm specialises in production of compounded cattle feed and edible oils. Sai Services is also the official. Besides exporting.73 Net Sales: `374. It has completed 27 projects till date including townships and larger office spaces. The firm operates mainly across India and UK. It is mainly focused on the overseas market. Rank 19 Rank 16 Mynah Industries Net Sales: `166.09 Founded: 1981 What it does: Arcotech uses the latest technology to manufacture “non-ferrous metal semis”.62 Founded: 1976 What it does: They offer a complete range of services including technology search. Kalpataru 6 4   |  INC. Rank 12 IBI Chematur (Engineering & Consultancy) Net Sales: `21.99 Founded: 2002 What it does: The firm is the manufacturer and marketer of highestlevel WAN solutions for organisations. It also works with chrome ore and ferro alloys. Tara Health Foods Net Sales: `195. Rank 11 FATPipe Networks India Net Sales: `41. Trishul Industries and Fair Properties to form BCHL. authorised dealer of Maruti Suzuki and Bajaj Auto across Indian states. Goa. 10 Bhanot Construction & Housing Net Sales: `105. Kerala and Andhra Pradesh. Tara is now focused on establishing itself as a strong domestic player.02 Founded: 1976 What it does: BCHL began with the construction of smaller residential and commercial complexes.66 Founded: 1995 What it does: Sanraa produces animated features both for television and the big screen. It has several fully-integrated. In 2008-09. project monitoring and detailed design to clients in the engineering space. based in Bengaluru. It diversified into civil construction in 2009-2010. Rank 17 Rank 14 Arcotech Net Sales: `93. casts and produces nonferrous metal semis. is involved in providing consultancy services to the energy and utilities market. site selection.98 Founded: 1988 What it does: Kalpataru is a real estate development company involved in commercial. its management merged Bhanot Infrastructure and Hospitalities. Sai Service Spares & Accessories Net Sales: `24.TOP 100 Rank Rank 13 Founded: 1985 What it does: Mynah is a textile firm specialising in the production of combed cotton and blended fabrics. manufacturing facilities across India that melts.india |  500 . retail and residential constructions.

Vuppalamritha Magnetic Components Net Sales: `1011. In that year. risk and compliance enterprise applications to sectors. AMR Constructions uses latest global mining technology for the extraction of minerals. ASEEM Global Net Sales: `365. AMR Constructions Net Sales: `542. the more valuable they become” Rank “Good colleagues are like wine—the longer they —Sukumar Subramanian.77 Founded: 1988 What it does: Asahi Infrastructure & Projects is involved in urban infrastructure development. It is a market leader in providing governance.11 Founded: 1916 What it does: Dhunseri was engaged in the production and marketing of tea exclusively till 2009. It is a family-run firm that is headquartered in Andhra Pradesh. develops and manufactures its products for domestic and international customers. It has one of the highest turnovers and capacities in the entire industry. networking and power conversion products.97 Founded: 1991 What it does: Cura is an embeddedtechnology solutions provider. The firm has a gross revenue of `1.200 crore and is headquartered in Kolkata. A new venture of the Protech group. The 22-year-old firm provides services such as construction and maintenance of infrastructure.1 Founded: 2001 What it does: AMR is one of India’s premier mining companies. it also ventured into the business of IT infrastructure development. Rank 24 Rank 27 Rank 22 Protech Galvanizers and Fabricators Net Sales: `35. the company is fully-equipped to handle a wide range of hardware and fittings requirements for its clients. mainly working with the energy sector. 20 distribution and telecommunication. Rank 23 Rank 26 Rank 21 Asahi Infrastructure & Projects Net Sales: `366. VMC designs. 500  |  INC.34 Founded: 1972 What it does: VMC is an original equipment manufacturer of a range of telecom.88 Founded: 2004 What it does: It is a one-stop shop for all solutions required in the fields of power Cura Technologies Net Sales: `52.TOP 100 stay. Sanraa Media Rank 25 Dhunseri Petrochem & Tea Net Sales: `1140.98 Founded: 1992 what it does: Trinethra is one of the fastest-growing real estate companies in the south of India. The company aims to become a global player in the natural resources industry in the next few years. Trinethra Infra Net Sales: `100.73 Founded: 1983 What it does: It is a distributor of non-ferrous and ferrous metals in India.india |  6 5 .

71 Founded: 1978 What it does: VHCL Industries. it plans to invest `15. It handles more than 1 million tonnes of coal. Rank 34 VHCL Industries Net Sales: `88.37 Founded: 1985 Nila Infrastructures Net Sales: `62. Driplex Water Engineering Net Sales: `183. based in Silvassa. it has spread its wings across brands. Ahmedabad. tourism and urban sectors. Over the next decade.08 Founded: 1992 What it does: Aradhya manufactures wire ropes for industrial buyers in India and abroad.88 Founded: 1974 What it does: Driplex provides water treatment facilities and turnkey water supply solutions. JP Infrastructure focuses on building affordable residential accommodations.TOP 100 Rank 28 Orbit Corporation Net Sales: `487.08 Founded: 1990 What it does: It is a construction company that focuses on providing affordable housing solutions in Gujarat. Rank 33 Aradhya Wire Ropes Net Sales: `61. It is one of the top 10 Indian developers listed on the Bombay Stock Exchange and the National Stock Exchange. manufactures re-processed and re-cycled plastic granules. Jodhpur and Delhi. The firm operates in central India and has factories in Indore. 6 6   |  INC. It’s one of the the fastest-growing players in the affordable living solutions space.11 Founded: 2000 What it does: Orbit is a real estate firm with the Reid&Taylor brand. What it does: Mittal Corp is a manufacturer of stainless steel intermediaries. JP Infrastructure Net Sales: `80.india |  500 .000 metric tonnes of wire per year. Linkson International Net Sales: `163. Balaji operates mainly in Australia and the US.39 Founded: 2004 What it does: A real estate company.000 crore in projects. it has a production capacity of 44. Rank 37 Rank 30 Balaji Coke Industry Net Sales: `205 Founded: 1991 What it does: A coking coal trading company.46 Founded: 2004 What it does: Brandhouse is a retail Rank 35 garment company that established itself Mittal Corp Net Sales: `278. Rank 32 working primarily in the southern parts of Mumbai. Since then.12 Founded: 1984 What it does: It is a coal extraction and trading company.86 Founded: 1983 what it does: Horizon is an infrastructure firm that mainly works with India’s ports. It’s one of the only companies to provide water treatment facilities to power companies in India.  Rank 31 Rank 38 Brandhouse Retails Net Sales: `657. Rank 36 Rank 29 Horizon Infrastructure Net Sales: `144. Linkson plans to expand its base to the foreign markets and work in clean and sustainable energy. With two manufacturing plants.

it has more than 30 successfully completed projects to its credit.” – Atul Hemani. procurement. Mundhra. RFID. Astec LifeSciences Rank 41 Aravali Infrapower Net Sales: `560.Harjinder Singh Cheema. the integrity of Narayan Murthy and the wisdom of Swami Vivekanand.V. EAS and Smart Cards.43 Founded: 1996 What it does: A project engineering. mostly to the power sector. Alter Egos Rank 39 “I would love to be Steve Jobs– the ultimate entrepreneur” – P. “I want Mahatama Gandhi’s values. Cheema Boilers “I'd like to have the innovative spirit of Steve Jobs. construction and maintenance services.” – C E Fernandes. In the past two decades. “I want to be the Anna Hazare in my sector and eradicate power scarcity.” .TOP 100 If you could be anyone in the world.55 Founded: 2002 What it does: It provides engineering.india |  67 .Hiremath.36 Founded: 2003 What it does: A civil aviation company. eClerx Bartronics India Net Sales: `580. steadfastness and the ability to take positive decisions in spite of adverse situations. the humility of Ratan Tata. POS.11 Founded: 1990 What it does: Bartronics began by providing solutions based on “bar coding”. procurement and construction company with global operations.” – Suresh Vazirani. it has introduced newer technologies and solutions based on Biometrics. It’s worked with several state governments and private organisations. 500  |  INC. GEI Industrial Systems 40 Armtech (India) Net Sales: `39.” —A. Rank 42 Angelique International Net Sales: `732. I want to do my bitto make India a great country.D. But entrepreneurial superstars like Dhirubhai Ambani and Steve Jobs are definite icons. Angelique has recently grown its network across India. Dhirubhai Ambani’s vision. Omnitech InfoSolutions Rank “If I could be anyone in the world. Warren Buffet’s investment acumen and Bill Gates’ philanthropy. I’d still like to be me. Transasia Bio Medicals “I admire Ratan Tata for his focus on quality. whom would you be? Most people answered “me”.

73 Founded: 1999 What it does: Baba Arts is a production One97 Communications Net Sales: `115. recycling and re-use of waste water. food services.22 Founded: 1994 What it does: A globally-diversified education solutions provider and the largest education company in India.TOP 100 Rank 43 Econix Hi-Tech Components Net Sales: `24.59 Founded: 2000 What it does: One of the fastest-growing construction companies in India. Rank 51 Aqua Logistics Net Sales: `322.000 schools and 15 million learners and educators across the world. Educomp India Net Sales: `832.84 Founded: 1990 What it does: A diamond trading company. The company is now backward-integrated for all its operations. interface modules. Rank 48 Rank 45 b4s Solutions Net Sales: `71.01 Founded: 1999 What it does: It is a logistics company with clients spread across the globe. pharma and manufacturing industries. plugs. Rank 52 Goenka Diamond & Jewels Net Sales: `536. staff outsourcing.4 Founded: 2000 What it does: A mobile internet service provider for many telecom operators. ARSS has a focus on building highways and railways. connectors. Goenka is an established player in the jewellery market. analytics-based solutions to each of the sectors. contract labour. Rank 47 Rank 44 Manthan Software Services Net Sales: `37. Educomp reaches out to over 26. ARSS Infrastructure Projects Net Sales: `1000.18 Founded: 2003 What it does: Manthan is a market analytics company catering especifically to the retail. adaptors. sockets. UPL Environmental Engineers Net Sales: `106.india |  500 . One97 also invests in early stage mobile companies. Rank 50 company that specialises in post-production facilities—especially in the trade of IPRs. It’s built a reputation for handling complex problems in the field of treatment. terminals and connectors.56 Founded: 1987 What it does: One of the fastest-growing environmental EPC management companies. Rainox Wires Net Sales: `35. They provide consultancy services in supply chain management and logistics services. SMPS.09 Founded: 1999 What it does: b4s provides security services. lighting pole terminals. CPG. UPL executes a range of turnkey projects. Rank 49 Rank 53 Rank 46 Baba Arts Net Sales: `157. accessories.16 Founded: 1992 What it does: Based in Vadodra. It provides and develops specific. 6 8   |  INC. and operation and maintenance services to the telecom industry.19 Founded: 2001 What it does: Ahmedabad-based Rainox Wires produces stainless steel nails and fine wires. Econix is a manufacturer of terminals.

21 Founded: 1987 What it does: It is a company that produces a mass range of locking systems for different industries.   provider for the education industry. It’s also the largest private LPG bottler in the country. Eka is a market leader in software for global commodity markets. Its risk management software enables trading firms to run efficient operations and minimise exposure to transactional and financial risks. — Vimal Kedia.79 Founded: 2004 What it does: A software solutions provider. It focuses on the civil aviation sector and in public infrastructure projects. SeQuent Net Sales: `246. Sandhar Locking Devices Net Sales: `550. Rank 55 Rank 57 Confidence Petroleum India Net Sales: `353.09 Founded: 1992 What it does: One of the biggest dairy Rank 60 companies in India. Everonn is a pioneer in using technological breakthroughs to make quality education a reality. Confidence is the largest cylinder manufacturer in the country.TOP 100  greatest professional What did failure? you learn from it? Rank “What has been your Rank 58 J Kumar Infraprojects Net Sales: `764. Kwality Dairy offers a huge range of products.34 Founded: 1985 What it does: SeQuent is a research- 500  |  INC. It’s one of the few locking system companies that provides clients such a large variation of offerings. Deep has laid out an ambitious mission for itself—expansion in the overseas market and a vision to be recognised as a socially responsible organisation. 56 Rank 54 Eka Software Solutions Net Sales: `36. Kwality Dairy (India) Net Sales: `1054.3 Founded: 1994 What it does: A leading player in the LPG Everonn Education Net Sales: `294 Founded: 2000 What it does: A software solutions Rank 61 and allied business sectors. Manjushree Technopak Rank 59 Deep Industries Net Sales: `55.india |  69 .34 Founded: 1991 What it does: A diversified oil and gas company with interests in different forms of energy.24 Founded: 1999 What it does: J Kumar is an infrastructure company based out of Mumbai.

29 Founded: 1996 What it does: Veena Industries pioneered Rank 69 the manufacture of canopies of gensets. 68 MARG Net Sales: `745 Founded: 1994 What it does: MARG is one of the fastestgrowing infrastructure companies in the country. it has projects worth more than `5.2 Founded: 1992 What it does: It is an infrastructure company specialising in providing engineering. irrigation. and colour-coated sheets. Rank rial and ash handling systems.95 Founded: 1985 What it does: One of India’s largest global education companies. Core Education and Technologies Net Sales: `417.57 Founded: 1974 What it does: It is one of the country’s 7 0   |  INC. Rank 70 Company engages in the business of trading of “hot rolled” and “cold rolled” sheets and coils. Rank 66 Rank 63 Champalal Motilal Steel Company Net Sales: `446. Core has a presence in several countries outside India. Rank 62 Vishwa Infrastructure and Services Net Sales: `406. mild steel sheets and plates.56 Founded: 2004 What it does: SB&T Designs manufactures and exports diamond and preciousstone-studded.TOP 100 oriented pharmaceutical company. Rank 65 Veena Industries Net Sales: `366. The company operates out of Mumbai.india |  500 .78 Founded: 2002 What it does: The company provides integrated design. installation. procurement and construction activities for infrastructure projects on a turnkey basis. Rank 64 Rank 67 Tecpro Systems Net Sales: `1455 Founded: 1990 What it does: Tecpro Systems is an estab- Totem Infrastructure Net Sales: `596. platinum and palladium jewellery products. captive power plants and pollution control systems. Rank 71 lished EPC company which engages in providing turnkey solutions to bulk mate- Sterling & Wilson Net Sales: `1082. construction and commissioning services on a turnkey basis to clients in the Indian power sector. It also helps in the balance of thermal power plants. power and urban. It provides educational products for all stages of education from K12 to vocational training courses.000 crore under execution. compressors and under-carriages. Today.43 Founded: 1997 What it does: Totem is an infrastructure company operating in four major segments of infrastructure—transportation. SB&T Designs Net Sales: `39. It specialises in executing water supply and sewerage infrastructure projects. Their clients span across the globe. It’s developed considerable expertise in the pharmaceutical and life sciences products too. testing.07 Founded: 2000 What it does: Champalal Motilal Steel A2Z Maintenance & Engineering Services Net Sales: `1122.

34 Founded: 2001 What it does: First Steps is a garment manufacturer that specialises in infant apparel. Rank 79 Diamond Power Infrastructure Net Sales: `724.R. Its clientele spans across continents— from Asia to Europe and across America. Supreme has completed several projects for the government.  Rank 72 Clinigene International Net Sales: `33. next is now. EHV sub-stations and power distribution projects.23 Founded: 1953 What it does: Electrical Manufacturing is a power systems company offering total turnkey solutions in the fields of transmission line projects. public and private bodies. and has worked for some of the most significant port projects in the country. It also deals with high-end designer and cotton garments. better known as CARE. Electrical Manufacturing Company Net Sales: `653.26 Founded: 1983 What it does: One of the most promising infrastructure companies in the country. Rank 73 Supreme Infrastructure India Net Sales: `533. IT and telecom industries.” leading MEP companies catering to the hospitality.01 500  |  INC. Enzen Global Rank Founded: 2002 What it does: It is one of India’s leading construction companies.india |  7 1 . Rank 77 74 Credit Analysis & Research Net Sales: `137. and international organisations.17 Founded: 1980 What it does: Gala Equipment is an ISO/ TS 16949:2009 certified organisation with a high-level of engineering competency. Rank 75 First Steps Babywear Net Sales: `98. is a full-service rating company which offers a wide range of rating and grading services across sectors to companies in India. Rank 76 Man Infraconstruction Net Sales: `478.05 Founded: 2000 What it does: It is a full-service clinical Rank 78 research organisation that partners with global pharmaceutical and biotechnology companies.. our next wave.28 Founded: 1992 What it does: Diamond Power Infrastructure is India’s largest and only integrated manufacturer of power transmission equipment. What we do now shapes —Satheesh Kumar K. It also has India’s first CAPaccredited central laboratory.   Gala Equipment Net Sales: `22.88 Founded: 1993 What it does: Credit Analysis & Research.TOP 100 “For us. Sterling & Wilson also enjoys a presence in the overseas markets.

Glodyne Technoserve Net Sales: `707. distribution networks. It offers state-of-the-art. Rank 90 Nexxoft Infotel Net Sales: `70.59 Founded: 1991 What it does: Nexxoft is a software Gravita India Net Sales: `104. lead metal. Glodyne. It is a globally-recognised firm known for its expertise in exploration. tion technology implementation and outsourcing services provider which mainly works in the cloud computing segment. bridges.81 Founded: 1989 What it does: NKG is an infrastructure company that specialises in the execution and construction of roads.78 Founded: 2002 What it does: The firm is involved in the manufacturing and marketing of digital and offset printing consumables in India.08 Founded: 1995 What it does: Coastal Projects is a construction company that primarily engages in developing infrastructural projects across the country.31 Founded: 1997 What it does: A leading IT services company. headquartered in Mumbai. alloy and other related products. Sunil Hitech Engineers Net Sales: `722. Rank 88 Max Flex & Imaging Systems Net Sales: `310. offers technology-led business solutions across several verticals. Rank 84 Rank 81 NKG Infrastructure Net Sales: `1025. buildings. electric transmissions. production and allied services. and sewer and water works. Rank 85 Rank 82 LGS Global Net Sales: `240.india |  500 . The company grows roses over 292 hectares of land. Shiv-Vani Oil & Gas Exploration Services Net Sales: `1071. It provides pure lead.8 Founded: 1989 What it does: The company is a premier service provider catering to the upstream segment of the oil and gas industry. 7 2   |  INC. Rank 86 Rank 83 Karuturi Global Net Sales: `533.82 Founded: 1994 What it does: Karuturi is one of the main producers of cut roses across the world.9 Founded: 1992 What it does: Gravita is one of India’s leading lead producing companies. development firm which specialises in building innovative applications using 3D technology for clients.86 Founded: 1995 What it does: It handles the power boiler business of the Resurgent Group.TOP 100 Rank 80 Rank 87 Enmas GB Power Systems Projects Net Sales: `36. high pressure boilers for burning fuel.75 Founded: 1999 What it does: LGS Global is an informa- Rank 89 Coastal Projects Net Sales: `1330. Karuturi has an annual production capacity of 555 million stems.68 Founded: 1998 What it does: Sunil Hitech works on fabrication and commissioning projects for the power industry.

It is a ISO9001:2000 and HACCP-certified firm. commercial buildings and educational institutions. neering. airports. It was one of the Gemini Engi-Fab Net Sales: `21. formal. full-service and managed security provider that is committed to delivering technology-based solutions to clients across Asia. Jaihind Projects Net Sales: `409. It serves industrial premises. Camson Bio Technologies Net Sales: `79. BVG India Net Sales: `139. The company deals in designer. shopping malls.28 Founded: 1985 What it does: Jaihind Projects is an engi- Caliber Point Business Solution Net Sales: `87. canals and power projects. procurement and construction company that focuses on the hydrocarbon. global. Rank 93 Rank 96 Rank 100 Cantabil Retail India Net Sales: `201. as early as 1976.17 Founded: 2004 What it does: Caliber is the independent BPO arm of Hexaware Technologies.66 Founded: 2000 What it does: Paladion Networks is a Rank 99 business houses in the country.98 Founded: 1993 What it does: Camson Bio Technologies is a leading agricultural biotechnology company. party and casual dresses for men.63 Founded: 2002 What it does: DM is a core construction company that constructs dams. tunnels. procurement and construction company for custom-built critical process equipment. USHER aims to meet the domestic demand for basic food. women and children. What it does: BVG India provides facilities management services in India. 500  |  INC.06 Founded: 1998 What it does: Gemini is an engineering.83 Founded: 1989 What it does: Cantabil is a retail garment chain that owns 279 exclusive stores across the country.89 Founded: 2002 first Indian construction companies with international projects. railways. hospitals. Rank 97 Rank 94 Som Datt Builders Net Sales: `573. Europe and the US.india |  7 3 . Rank 92 Rank 95 USHER Agro Net Sales: `342 Founded: 1996 What it does: One of the leading agri- Paladion Networks Net Sales: `41. it also focuses on export markets.96 Founded: 1965 What it does: Som Datt Builders is a global infrastructure company with projects across the globe. However. The firm has been growing 100 per cent year-on-year since 2007.TOP 100 Rank 91 Rank 98 DM Corporation Net Sales: `70. water and infrastructure sectors. a leading global IT and BPO services firm.

he wants five more years from his investors. based out of London. It taught me the need to be disciplined. Since Eka Software has offices across continents.the way i work There are no stupid ideas. radhakrishna If you try to describe Manav Garg. Try numbers instead. You don’t get everything you want in such places.5 % | 2010 Revenue `37 crore Manav Garg | Eka Software solutions I grew up in a small middle-class town called Moga in Punjab. Garg will take his $10-million firm to a new height—the $100-million mark. If they give the nod. The first thing I do is get up and switch on my BlackBerry.15am. most of them worth a billion dollars. Today. That’s his time to turn in. Garg is all of 37 years. On school 74   |  INC. It makes sense . my team and I work according to various time zones. On usual days. It took him five minutes to convince his then boss to invest. I would be up by 4. Everyone should pitch in AS TOLD TO Rohini Banerjee photographs by S. because it teaches you a thing or two. CEO of Eka Software. He wants to be the country’s largest product software company.30am. The early morning habit has stuck on. but Garg’s primary target is India. That’s a good thing sometimes. Three Year Growth 90. I talk to the head of production.india |  500 days. don’t use words. It is business from the word go. He began with a million-dollar seed fund. Eka Software may have conquered UK and the US. I don’t feel the need for any coffee or tea to kick-start my day. in the mornings. Now I wake up by 6.

india |  7 5 .the way i work RANK 56 Mr Discipline Manav Garg believes in sticking to his promises—especially those made to his clients. 500  |  INC.

The rest of the office is in by 11am. boomerang-shaped place. community and environment.india |  500 . Everyone’s allowed to be individualistic and bounce ideas off each other. I began with a five-member team. They are an important part of my team as they know the pulse of the folks on the 76   |  INC. team work. Today. I have a massive pre-sales team. our pre-sales team engages with nearly 90 customers. After the call. everyone is part of a larger whole. otherwise. I believe everyone has the right to make errors. Eka has 220-odd people working for it. We have tried to establish a sense of space and harmony. In a fast-moving industry like ours. discipline. fun. We call them the ‘seven senses’. On a usual month. in the end. quirky. The design and culture of the office go hand-in-hand. but that’s only as far as delivery is concerned. Our office is an open. The school detour takes me 20 minutes. I believe that promises should be kept. But. a relaxed space to work in. The rest of the journey is spent on calls or listening to classical music. growth. I love cooking elaborate dinners for my friends and family on weekends. I like to stick to light food. Breakfast means cereals. My son and daughter are six and three respectively. a round of lawn tennis or badminton. We don’t have cubicles. I am one of the first five to arrive in office. My schedule allows me to spend a little time with them in the morning. My mantra is—there are no stupid ideas.the way i work to have a quick chat about his day and plan mine accordingly. The quick chat lasts about 15 minutes. I make it a point to either drop my daughter or son to their schools. Eka works on certain principles. I believe in the wholesome benefit of a quick jog. We are all passionate about R&D. I commute 40 minutes to reach my office. milk shakes or home-cooked poha or idli. I am strict about discipline. On weekdays. it is time to exercise—another childhood habit. Eka is. it’s important to constantly innovate and interact with clients. They are innovation.

15pm to tuck in my daughter. I am reading the Swedish crime thriller called The Girl With The Dragon Tattoo. of my plans. They are achievable plans. we start making calls both to the US and the UK. I am famished by then. this evening routine goes for a toss. From 2pm. That half an hour is dedicated to food. I try to be home by 8. I just help them brainstorm. We want A-list clients and for that you have to constantly travel. Meetings take up a pretty large chunk of my time. My business trips are special to me. I spent a large chunk into launching Eka. trying to think long-term and looking at key aspects as product differentiation. NYC. I usually call CIOs or CEOs of client companies every week.” We are also trying to fortify Eka’s “I don’t need coffee or tea to kickstart my day. —Manav Garg marketing and business strategy. Then it’s me and book time. Connectivity is very important and we have been looking at LinkedIn and Twitter to improve our web presence. business from the word go. Usually. the UK office begins work after we’re done with lunch. work disposes. By 7. He agreed to loan me $5 million. The idea for Eka had sprung up during one such trip. I sit 500  |  INC. sports and political news. When I go off to sleep. It’s what man proposes. We all break for lunch around 1pm. I mustered up the courage to tell the chairman of GP Groups. I used to involve myself in every nitty-gritty. Of course. Venezuela and Australia. If there’s one. Post-lunch hours are usually packed with work so we make the most of this time. That was one milestone crossed. It’s something I had wanted to do for a long time. they’re all I can think of. everything depends on business calls. I am usually in bed by 11pm. I have learnt to let go now and let senior folks handle all that.the way i work ground. When we had a smaller team. At this phase of Eka. I hardly watch films or TV. Right now. down with my daughter to learn Hindustani classical music from our guruji. But these don’t seem like wishful dreams anymore. Promptly. I am at the dinner table for a light meal of soup and sandwich with my wife. I spend an hour with that team every day. or go and meet people whenever I can. And. It’s a great way to receive feedback and keep tabs on the ground reality.30pm. where I was working then. I have to travel to our offices in London. I am ready to call it quits for the day. However. I absolutely love this session. there’s no way you can faithfully stick to a regime when you are travelling. Two days every week. Whether the next one will be an acquisition or reaching the $100-million mark or being known as the leader of the vertical. The idea is not to intervene. I love unwinding after a fully-packed work week. My main task is to manage talent and strategise. By nine. I still don’t know.india |  7 7 . network and meet people. My wife and son are exempted from the classes.

Not unlike the animation series the company produces. he’s the CEO of one of the most successful animation studios in India—Sanraa Media. Working for Pentafour’s multimedia divi- working programmer with a software firm in Bengaluru but soon realised that sion worked out well for me. but almost called it quits when a client defaulted on a massive pay-up. Together. fast-paced story for himself. I worked as a net- it was not my cup of tea.how i did it opportunity Sukumar Subramanian is a computer science engineer who gave up the American dream to pursue one of his own. As a pro- . Sanraa Media. Today. Subramanian’s never-saydie spirit kept him afloat. I was brought up to be independent. Initially. Subramanian has scripted an exciting. Great 7 8   |  INC. I did my engineering in computer science in 1996.4% | 2010 Revenue `67 crore SUKUMAR SUBRAMANIAN | Sanraa Media My life is full of happy accidents. After graduation. an entertainment company. I gave up the job and moved to Chennai to join Pentafour Software. AS TOLD TO Meenakshi Kumar that first Life is all about Three Year Growth 196. Like any other south Indian family. I come from a family of businessmen and always knew that I would run my own company some day. mine too wanted me to follow the traditional path. His journey hasn’t been fun and games though. Things changed after he met his business partner A. I was looking for something more creative. Venkatramani. the duo bought a bankrupt entertainment company.india |  500 emphasis was laid on education and knowledge. he set up PixAlaya Studios.

india |  7 9 . I had my own ideas. A computer engineer was much sought after those days. It helped me gain an insight into the world of animation. It was a huge decision to give up a regular job and start out on your own. an animation company. But soon enough restlessness kicked in. I learnt a lot in the two years there. I launched PixAalaya Studios. In the 1990s. as a consultant. We started with just three people in a tiny office in Chennai. I moved to Jadooworks. I’d get frustrated that they couldn’t be implemented the way I wanted. In February 2002. The animation industry was growing at the time. something I loved. I’d gained a vast amount of knowledge. I was instrumental in developing a game called Spooky Races.how i did it grammer. entrepreneurship still wasn’t cool. In 1999. I hadn’t done gaming. After six years in the business of animation and gaming. After that. so this was new. I wrote tools for animation. I joined a gaming and media company as their gaming division head. and made mobile games for Nokia and some Singapore-based companies. The IT industry was booming and there were lucrative jobs in the US and elsewhere. India was being looked at as a RANK 17 500  |  INC. I’d invested `20 lakhs into the company. I was only 27 then. I was passionate about entertainment and wanted to launch my own company.

In 2005. He had considerable manage- back. After taking over Sanraa. Venkatramani was clear. I worked 18 hours a day to repay a bank loan of `45 lakh. You need to take your chances. I’ve bounced back from several low periods. We aim at high-quality projects. We were badly hit. we acquired Sanraa Media. when a rude shock hit us hard. a UKbased firm. In 2009. In 2006 itself.how i did it great outsourcing destination. We will soon set up a marketing office in Los Angeles and London. “It’s necessary to keep dreaming. Later. a client didn’t pay us a `85 lakh outstanding. It’s all about that first opportunity and the people who make it possible like my father and my brothers who were my first investors. Germany—trust us. Action Syntheses. we bounced 8 0   |  INC. It’s not going to be easy. The 99. He wanted Sanraa to be a full-fledged entertainment company. we landed a co-production deal with Endemol UK for the animated TV series. In fact. Contracts. US President Barack Obama had praised the series at a summit on entrepreneurship last year. Soon. This set the stage for us and we soon started getting other good projects. the more valuable they become. It’s been said enough times but good employees really are a company’s assets. we got a hugely ambitious project—a 135-minute interactive animation DVD called Steel League for Blue Monkey Studio. Colleagues are like wine. I met A. France and Newtrickompany. we made `30-40 lakh.5 crore. In the last two years.” —sukumar subramanian new league. we’ve entered a In the next few years. It wouldn’t focus on just one vertical. the longer they stay. The 99 is a fantastic story about 99 superhero characters who embody the global values of tolerance. wisdom. I successfully sued the client but it was a long and lonely legal battle. He took over 75 per cent of the company and turned it around into an aggressive new media technology company. I found We were riding high on our success ment experience and had worked for blue-chip firms like Hindustan Unilever and HCL. Our clients—Endemol UK. I knew I wanted to be in the entertainment business and despite the ups and downs. Don’t ever give up your dreams. we are worth `70 crore. we want to be a myself reeling under a huge debt of `1. Within a few months. I had to sell my car and reduce my staff strength from 100 to only two. in 2006. I never stopped trying. The entire production for the 3D animated series was done by us. Chennai. It’s very gratifying that we are known as a creative and innovative company. But it’s important to not give up on your dreams. Venkatramani. New Jersey and Singapore. `400-crore company. mercy and other heroic characterestics. Life and business are both like that. Today. We have 500-plus people working with us in our offices in Bengaluru. Fortunately. We are people-focused. It was a good time to set up shop. a leading advocate. paperwork and stability must be put in place—it was my moment of epiphany.india |  500 . a publicly listed company which had gone bankrupt.

the family’s engineering. And my experience of executing infrastructure projects at Birla gave me the confidence that I could do this on my own. Goyal | Angelique international Where family is Entrepreneurship courses through the family tree at Angelique International with both generations of the founding Goyal family dabbling in various ventures.9% | 2010 Revenue `732 crore D. the gene pool has been effective. It seemed natural to do so in the infrastructure sector as I was a mechanical engineer by qualification. starting from its very name. There was little capital. DKG: The early years were quite tough. which has been inspired by founder-chairman Daya Krishna Goyal’s daughter. The family touch is an intrinsic part of the company.S. In 1993. Both of Goyal’s sons have also worked in the company at different times. The shift from a professional heading a team to single-handedly managing things was challenging.india |  8 1 . is focused on creating an even larger wealth in India. Those insights have obviously come in handy for Angelique International. Goyal & A.how i did it always first As told to Tejeesh N. after building success internationally. Today. was studying in the US. Clearly. the Noida-based company.K. my younger son. apart from some personal assets and I was alone at that point as Sanjay. having qualified as a textile engineer. Behl photograph BY Subhojit paul Three Year Growth 106. Daya Krishna Goyal: I worked with Cimmco Birla for 30 years. 500  |  INC.K. procurement and construction (EPC) company. Angelique was formed in 1996. I quit to start out on my own. Ajay (my eldest son) was running his garment manufacturing unit. Anjali.

“What comes in handy is of the company. ACL Wireless. my company wasn’t doing too well. AKG: In our kind of business. new areas. tions and contracts that need a different orientation and plan because margins are razor thin. It has forced us to rethink our domestic opera- AKG: Sanjay’s parting ways with Angelique was amicable. the EPC business hasn’t been impacted by the global economic crises. Admittedly. Agriculture and mining are two growth areas for us especially in Africa. We’ve never felt the need to do that. we’ve learnt now and intend to concentrate on specific sectors such as steel and railways. AKG: Our attention to focus on India came a few years ago when we saw an increasing opportunity in the domestic market for EPC. In 2000. Fortunately. We were operating the way we did with international contracts—we didn’t minimise costs enough. we’ve not been very successful in India yet. It’s great that he has the ability to adapt to change. AKG: We are conservative and have a big challenge then. today I feel I should have joined Angelique earlier. it was difficult for me to let go I’d built up over the years. In fact. though not actively involved. But we didn’t want to grow erratically. Moreover. deliberately eschewed temptations to diversify in the early years. whether Sanjay or Ajay. have taken advantage of technology in a better manner to run the business. he wanted to strike out on his own and started his own telecom VAS (value-added service) company. Initially. I wasn’t making great profits. We do foresee a role for him at Angelique in the future. My experience at Cimmco enabled me to build a personal equation with the governments there. It was then that I asked Ajay to shut down his garment manufacturing business and join me. However. We like being under the radar. There was also a little heartburn because when I shut my unit. My sons. We let go of opportunities in commodities trading. they make your reputation. He worked with me for a few years.” the trust of suppliers That doesn’t mean we won’t explore There are areas where my father and I have differences. Ajay Krishna Goyal: Raising capital was approach. it’s natural that each generation will have a different 8 2   |  INC. But we settle it amicably—he looks after project implementation and I take care of new businesses and marketing.india |  500 DKG: While there have been no major DKG: Most Indian EPC companies found their calling overseas especially in the west Asian and north-African countries due to the oil boom in the 1970s. We’re also thinking of a public issue but that will happen after we have created value with our expansion plan. Banking policies were stringent and it was only because of my father’s rapport with the bankers that banks started lending money. It was becoming tough for me to manage. Despite being a low-margin business. We wanted to be well-established before we spread. differences between us. He’s still on the board of directors. these countries lacked the expertise required for executing large EPC projects. We are in the process of acquiring agricultural land and gold mines. it’s profitable.how i did it I asked Sanjay to join me as soon as he finished studies. That helped us get projects. The size of the construction contracts and the margins were also very big in those times. you just have to be patient—that’s the only way to . We don’t brand ourselves on social media.

Sometimes work would be held up because we didn’t get our letters of credit. training and teaching takes time. Growth is slow because individual projects take approximately three years to execute. He’s still actively involved in all operations. 500  |  INC.how i did it RANK 42 stay in business.125 crore). Overseas operations are always challenging as governments there are slower in their response time. they make your reputation. five years after we began. With technical and managerial skills not abundantly available in countries where we operate.india |  8 3 . get into agriculture and mining. We intend to finish 2011 with revenues close to $250 million (approximately `1. My father is 71 years old. Work is his reason for living. Our first project came in 2001. But he hasn’t Slow and Steady The father-son team of Goyals has learnt the business value of patience. The first five years were very slow. we plan to get into towers and cable manufacturing to expand our product range and at the same time. what comes in handy is the trust of suppliers and creditworthiness of the company. made any plans for retirement. You can’t be impatient. At such times. You cannot overbook yourself. We are trying to gradually take the load off him. AKG: In the next few years. especially west Asia.

PC Anoop.india |  500 . Anil VK. NOIDA (U. Defence Colony. Sector-5. Shigil N Photography Subhojit Paul. Anil T. NY USA and have been used pursuant to a license agreement. A-46-47.P. Printed and Owned by Nine Dot Nine Mediaworx Private Limited. 500 trademark and logo used in this book are registered by Manseuto Ventures.Editorial Team Managing Editor: Shreyasi Singh Assistant Features Editor: Rohini Banerjee Copy Editors: Sangita Thakur Varma. Payel Mukherjee and Priya Nair Contributing Writers: Ila Upadhyay. New York. 8 4   |  INC. Published at A-262. Tejeesh N. Aman Shukla and Anurag Sikder Design Team Jayan Narayanan. LLC. Published and printed on their behalf by Anuradha Das Mathur.S. Behl and Meenakshi Kumar Co-ordinators: Ira Swasti and and Rajat Gupta Research Team John Khiangte. S. Radhakrishna and A.) 201301 Note: The Inc. Prabhakar Rao Community team Product Manager: Mahesh Ravi Published. New Delhi–110 024 printed at Tara Art Printers Pvt ltd. Sristi Maurya.