INSIDE 17 Stars of the Indian Century

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LEGACY
OF FREE
THOUGHT
Moviegoers across the world have divided themselves
into camps: Barbie and Oppenheimer. While theorists
will use their data-weapon to argue that escapism sells
well in times of crises to predict a win for Barbie, if box
office numbers are anything to go by, the popular vote
is tilted in favour of Christopher Nolan’s film. It is a
biopic free from the trappings of hagiography, where
you wildly oscillate between sympathy and hate for the
protagonist. Till the very end, you just cannot make up
your mind whether J. Robert Oppenheimer is a hero or
villain; to force a layered view of a subject where the
grey does not merge into the black or white is a rarity
in today’s polarised world.
Polarisation has also divided us into the camps of
liberals and right-wingers. Caught in this tension
between ideologies is the story of our intellectual
degeneration. Therein lies the win for Nolan. His film-
making lays bare the complexities of legacy. He makes
us think.
The social and cultural churn of the past decade has
made the concept of legacy hostage to the binaries of
good and bad with an attempt to homogenise our past
and present into “us” and “them”. The outsider in the
Indian context is always the Muslim.
Legacy is deeply swayed by spacial and temporal
context, never free from the politics of knowledge.
Viewed from the lenses of different ideologies, legacy
assumes different shades that determine the relevance
of institutions, personalities and, in the case of this
edition, companies. For a company, it can never be
the summation of its balance sheets and, that is why,
attempts at periodic ranking of businesses are futile.
It is an exercise to objectively look at the subjective.
An effort best avoided. Legacies of companies, espe-
cially the ones that have survived over a century in
the subcontinent, are complex. They have been shaped
EDITOR’S NOTE
by discourses of political economy and history that
swayed our nation first under imperial subjugation,
then during the decades of Nehruvian socialism,
followed by emergency and then liberalisation. They
have moved from nationalism and protectionism to
globalisation in a span of just 100 years. But this
journey of corporate India should not be read as an
uncritical espousal of the political thought of the day.
Any attempts to reverse this would work against
the legacy of these companies, more narrowly against
their long-term interests. Free thinking breeds in-
novation and creativity, both crucial ingredients for
business sustenance, while polarisation does just the
opposite. By victimising dissent, it leaves no space for
alternate imagination. There is no instance in history
when blind subservience to political ideology has bred
multi-generational corporations; it most certainly has
bred cronies. The present will be no different.
“The scientist is free, and must be free to ask any
question, to doubt any assertion, to seek for any evi-
dence, to correct any errors”: Oppenheimer limits this
scope of freedom to scientists, but it applies to every
profession and every walk of life.
Speak truth to power. Vilification is temporary,
legacy is forever.
Suchetana Ray
email: suchetana@outlookindia.com
/ August 2023 3
 Contents
VOLUME 18, ISSUE 8, AUGUST 2023 PUBLISHED ON AUGUST 1, 2023

20
FUTURE-READY
TATA STEEL
T.V. Narendra, MD and CEO of
Tata Steel, is confident that the
company’s steel business in India will
double over the next decade, just like it
did in the past decade

26
ITC’S WIDENING
HORIZONS
As it explores newer areas, ITC, a brand to
reckon with in hotels and hospitality, FMCG,
etc. is all set to enter the cloud kitchen space,
says MC and chairman Sanjiv Puri

30
BANKING ON THE
NON-TRADITIONAL
Being adaptable to change is the only
way to flourish, advises Bank of Baroda
MD and CEO Debadatta Chand as
he talks about changes in the bank’s
corporate functions and its focus on
non-traditional domains

4 August 2023 /
Contents VOLUME 18, ISSUE 8, AUGUST 2023

32
BRITANNIA’S
FOOD AMBITIONS
Having started out as a biscuit manufacturer
and added more products along the way,
Britannia has its eyes set on becoming a total
foods company in the coming years, says MD
and vice chairman Varun Berry

36
HAMDARD’S
SECRET POTION
Hamid Ahmed, CEO and trustee of
Hamdard Laboratories India, believes
that the company’s insistence on
adhering to the philosophy of giving
back to the society is a key factor that
keeps it relevant even today

40
RAYMOND’S
REALTY
Even as the Raymond Group
continues its successful strides in the
textile segment, chairman Gautam
Hari Singhania is quite optimistic
about its new real estate venture,
Raymond Realty

6 August 2023 /
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EDITORIAL
Editor: Suchetana Ray
Managing Editor: Neeraj Thakur
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8 August 2023 /
Advanta Seeds:
Pioneering
Sustainability
and Innovation
in Agriculture
At Advanta we believe
in OpenAg, or ‘Open
Agriculture’ which fosters
innovation and collaboration
between food value chain
partners to innovate and
produce more food.
Mr. Bhupen Dubey
Global CEO of Advanta Seeds
H
ardly anyone in agriculture
does not know about Advanta
Seeds. With this in mind, we
talked to Mr. Bhupen Dubey, Global
CEO of Advanta Seeds. Talking to
Mr. Dubey showcased that Advanta
Seeds, a seed company of UPL Group,
is committed to helping farmers
respond to food security challenges
and climate change by providing
new seed technology and innovation.
Advanta aims to re-imagine
sustainability. To achieve our goal, we
apply new technologies to provide
climate smart crops with greater
biomass and higher resource efficiency.
Currently the governments around
the world are becoming increasingly
concerned about food security which
is the foundation of a country’s stability.
This is why a lot of attention is given
to the food supply. One of the more
progressive trends is the growing
interest in climate smart crops, like
sorghum, which is one of the major
R&D investments for Advanta.
Technology in Agriculture
Technology in the agriculture
industry now implements more
digitization, precision agriculture and
drone technologies to increase farm
efficiency. At Advanta we believe in
OpenAg, or ‘Open Agriculture’ which
fosters innovation and collaboration
between food value chain partners to
innovate and produce more food.
Not only this, when we asked him
what excites him to be a part of
this industry, He said that the seed
industry is connected with nature
and hence is excited for the business.
Our organization has to work
fast and smart to find agricultural
solutions to meet the needs of the
world’s growing population. It is an
exciting challenge.
As Global CEO, the most important
decision at Advanta is how we ensure
that our seed supply chain remains
intact and functional when problems
do occur. This is an extremely
important area where we need to be
vigilant and take the right decisions
while setting up the supply chain.
Another important decision is to find
talent, and attract the new generation
to agriculture on which our future
and development depends on. Over
the past few years, Advanta has
continued to drive impressive growth
across multiple levels including our
top line, bottom line and productivity.
Our success is due to the hard work
and dedication of the Advanta team.
At the same time, we encourage all
employees to work in their own way
so that they can do their job properly.
I try to inspire Advanta employees
by allowing them to be a part of the
idea generation and decision-making
process. Teamwork and collaboration
are also important in motivating and
developing a team. Most importantly,
we share our passion and are a
purpose-driven organization.
In addition to this, there are many
reasons for our success. The external
factor is the operating environment
for the seed industry, which is in
constant demand for food. The
second factor is an internal one, and
very important – the trust of key
stakeholders. The bottom line is we
have to differentiate our products,
constantly innovate, and explore
value based pricing linked to the
output of growers. But ultimately,
sustainability and stability are keys to
our success.
 COVER STORY

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Rajat Mishra

n 1976, Bruce Henderson, the celebrated
founder of global management consulting
firm Boston Consulting Group (BCG), wrote
in a memorandum to BCG Partners: “It would
be nice to say that I foresaw the future and
planned it as it eventually turned out. But at the
beginning, for every firm, the overriding question is:
Can you survive?” Henderson sensed way back in 1976
that it was not as difficult to reach the top as it was to
stay there—strong and committed.
India is home to multiple enterprises that have
redefined strength and commitment in their path
of survival. They are not only older than the Indian
democracy, but stories of their resilience spread
through the landscape of 200 years of subjugation
under imperial England. Take the case of the Wadia
Group. Founded even before the Battle of Plassey, it
was established through imperial benevolence as a
marine construction company but during the freedom
movement placed itself firmly against its benefactors.
This is a trajectory that many other old groups, such
as the Tatas, also followed. Juxtaposed with these
conglomerates are a few, such as the Birlas, whose
positioning since inception was nationalistic, making the
history of corporate India a fascinating story.
As we train our lens on centennial Indian companies,
the question we seek to answer is “What does it take to
build a company that lasts 100 years?”
Dinosaurs’ Deft Drive
A journey of 100 years creates excess baggage and
creates an impression that a legacy company tends
to become irrelevant as a new epoch arrives. Vicky
TenHaken, a professor emeritus at Hope College,
Michigan, USA, who has studied such companies,
argues that centennial corporations have unique

10 August 2023 /
INDIA'S TOP CENTURIONS

/ August 2023 11
 COVER STORY
Photo: Getty Images
Government policy
choices play a huge
role in deciding a
company’s future.
There are companies
which are favoured
by governments and
benefit from their
decisions. It will not
be wrong to say that
governments decide
fortunes of these firms
S.C. GARG
Former Union Finance
Secretary
survival strategies. She says, “The
older companies which have had
such a long journey are considered
dinosaurs in businesses. There is
no denying the fact that there are
several things that big companies
and centennials do differently.”
Sharing with Outlook Business her
12 August 2023 /
observations from her research on
companies in Japan and the US,
TenHaken says, “Japan has more
older companies than America. My
observation is that older companies
successfully strike a delicate
balance between tradition and
change, honouring their past. They
believe that they have something
unique. They stay invested not only
to protect it but also to build it
further.”
The Tata Group has been a major
case study for those interested
in legacy business empires in
India. Tata’s basket of centennial
companies includes Tata Power,
Tata Coffee and Indian Hotels
Company. While general insurance
company New India Assurance was
founded by J.R.D. Tata in 1919, it
became a public-sector undertaking
after being nationalised in 1973.
Many attribute the success of the
group to its employee-friendly
policies and long-term vision. Five
years before Tata Iron and Steel
Company, Asia’s first integrated
private steel company, which
was renamed as Tata Steel, was
established in 1907, group founder
A 17th century painting of European and
Indian merchants in Delhi
Jamsetji Tata wrote to his son
Dorabji about his vision for a
planned city with all amenities for
employees. We know it today as
Jamshedpur.
The most striking feature of
the Tata Group is its adherence
over the generations to the values
and culture set by Jamsetji,
say analysts. L.R.K. Krishnan,
professor of management at the
Vellore Institute of Business,
Chennai, believes that one of the
profound principles that keeps the
company growing is the employee-
value proposition and strong
corporate mission and culture.
According to him, when employee-
value proposition—benefits given
in return for skills, experience and
commitment to the company—is
provided, employees are willing
to go beyond the call of duty.
“The value added incrementally
by the employers is far greater in
companies which stay relevant for
100 years. These are the companies
where employee engagement score
is very high, leading to higher
customer satisfaction,” he explains.
It is not only employee value
proposition, strong corporate
culture or even the mission, but also
constant reorientation and ability
to adapt to new challenges that
give the vigour to these companies
to stand tall for over a century.
In his book The Oxford History
of Indian Business, Dwijendra
Tripathi, former professor at the
Indian Institute of Management,
Ahmedabad, and well-known
business historian of India, has said
that response to change is the first
condition for survival in business.
With a specific example,
Krishnan too argues that a
significant contributing factor to
the success of companies is their
ability to reinvent within a larger

business logic. “Steel is a cyclical
business. It goes through a cycle
of up and down every five years.
During a low business cycle, most
companies do cost control and
optimisation. Tata Steel reinvents
itself every five years to be ready for
a five-year upcycle. The company
reinvests in the future,” he says.
In Symbiosis with the
Politician
In India, the challenges are not
just business cycles or changing
technology but also political
ideologies. The way India’s early
baniyas manoeuvred the courts of
Indian princes and offices of East
India Company and then put their
might behind the Indian national
movement has not changed
much as the post-independence
industry captains are made to tack
their boats according to political
downwinds.
Businesses want to be seen with
the government of the day not
just to keep its agencies away, but
they actively seek direct benefits
from it. Subhash Chandra Garg,
who retired as the Union finance
secretary in 2019, says that
governments have many levers
through which they influence
business decisions of corporates.
“The government has enormous
fiscal expenditure programme
and large capital expenditure
programme in railways, roadways,
transportation, etc. Government
endorsement can help companies
benefit from that,” he says.
He goes to the extent of saying
that governments play a leading
role in deciding the fortune of
companies. “The government policy
choices play a huge role in deciding
the future of the company. There
are companies which are favoured
by governments and benefit from
their decisions. It will not be wrong
to say that governments decide the
fortunes of these companies.”
INDIA'S TOP CENTURIONS
Beyond the government’s of Nehruvian-era policymaking,
favouritism lies another factor that India has become notorious for its
can make or break a company in policy flip-flops. While the policies
its long march. While practitioners of 1991 were the first-generation
and academia pour their minds reforms to liberalise the economy
over formulating principles that and woo capital, both domestic and
guide business survival and international, 2012 could be viewed
expansion, no handbook is available as a watershed year that reversed
for navigating policy inconsistency. the strides made in the preceding
A fairly young democracy that decades. In a matter of an hour of
is desperate to shed the weight his last budget speech, then finance
17 COMPANIES THAT DEFINE
the Indian Century of Business
ʵ˘˧˛˘ˬ˜˖ˢˡ˜˖ˇ˔˧˔˦ʟ˜ˡЄ˨˘ˡ˧˜˔˟ʵ˜˥˟˔˦ˢ˥˔˖ˢˠˠˢˡ˘˥
ʷ˛˔˥˔ˠˣ˔˟ʺ˨˟˔˧˜ʟʼˡ˗˜˔Ϡ˦˕˨˦˜ˡ˘˦˦˛˜˦˧ˢ˥ˬ˜˦˧˛˘˦˨˖˖˘˦˦˦˧ˢ˥ˬˢ˙
ˣ˘ˢˣ˟˘ˢ˙˚˥˜˧˔ˡ˗˩˜˦˜ˢˡ˪˛ˢ˦˘ˠˢ˧˜˩˘˦˪˘ˡ˧˕˘ˬˢˡ˗ˣ˥ˢЃ˧˔ˡ˗
˘ˡ˖ˢˠˣ˔˦˦˘˗˘ˡ˧˘˥ˣ˥˜˦˘˦˘˦˧˔˕˟˜˦˛˘˗˔˟˟ˢ˩˘˥˧˛˘˖ˢ˨ˡ˧˥ˬ
DELHI
SIALKOT, Hamdard 1906
PAKISTAN
MDH 1919
KANPUR
J.K. Organisation 1921
BARODA
Bank of Baroda
1908
CALCUTTA
ITC 1910
Britannia 1918
The Birlas 1919
Berger Paints India 1923
JAMSHEDPUR
Tata Steel 1907
KHOPOLI
Tata Power 1915
BOMBAY
Central Bank of India 1912
Hinduja Group 1914 MADURAI
New India Assurance 1919 TVS 1911
MYSORE THRISSUR
Catholic Syrian Bank 1920
The Bangalore Press 1916
Tata Coffee 1922
Cities where centennial companies were founded along with years of establishment | Map not to scale
/ August 2023 13
 COVER STORY

minister Pranab Mukherjee scared
investors while the apex court
through two rulings scarred them
forever. History will remember
these measures as retrospective tax
amendment and telecom licence
cancellation respectively.
Unlike Garg, Arun Kumar, a
former professor at the Institute of
Social Sciences, Delhi, feels that
corporations decide policies. He
says, “Policy instability in India
for me means cronyism. Take, for
example, disinvestment that started
long back. There are few businesses
which get everything. In India, big
businesses manipulate the policy.”
Redefining, Rebranding,
Re-energising
Beyond political endorsement,
there are organisational and
market-driven factors that inform
the longevity of these companies.
For instance, the principles of
adaptability, sensitivity and
constant evolution bind many
different types of Indian centennial
companies in a common thread of
relevance. ITC was incorporated
on August 24, 1910, as the Imperial
Tobacco Company of India
Limited. As it dropped tobacco
from its name and became ITC
Limited in 1974, the company
was making itself future-ready.
In the new world that it foresaw,
a marquee company could not
have had tobacco products as its
mainstay, and, so, it explored newer
areas to dominate.
Chairman and managing director
Sanjiv Puri told Outlook Business
that ITC’s expansion strategy
sought the sectors where there was
good headroom to grow and the
company’s institutional capabilities
could be leveraged. “We have
always gone to segments with the
commitment that we will invest to
become leaders. And when I say
leadership, it is not mainly about
size. It is not merely about financial
metrics, but, very clearly, quality
is at the core of our DNA,” he says.
(Read the full interview on Page 26.)
And ITC’s evolution has been
phenomenal—from packaging
printing business of 1975 to foray
into the hospitality sector in 1975
and from setting up an agribusiness
division in 1990s to stepping
into the IT sector in 2000. Then
came its entry into packaged
food products in 2001 that
made it a household name. This
transformation has been lauded by
the markets as the ITC stock rallied
after years of stagnation.

(Above) J.R.D. Tata, Dr Bhaba and Jawaharlal Nehru in the

1940s; (top right) Mohandas Gandhi with co-workers at Birla
House, Mumbai; (bottom right) P.V. Narasimha Rao as prime
minister with his finance minister Manmohan Singh

14 August 2023 /
Imagine a diamond with four
corners. The four corners stand
for consistency, eco-tolerance,
conservatism and sensitivity. All
companies which have managed
to survive functioned well under
this framework TRADING
R. GOPALKRISHNAN
Former Executive Director, Tata Sons
IN OPTIONS
WITHOUT
KNOWLEDGE
TenHaken finds common features in global
companies that outlast their contemporaries. She
says, “In a book, I have suggested five characteristics

IS NOT A
that help companies become centennial: strong
corporate mission and culture; unique core strengths
and change management; long-term relationships

GOOD OPTION.
with business partners; being active members of
the local community; and long-term employee
relationships.”
R. Gopalkrishnan, former executive director
at Tata Sons and author, believes that centennial
companies across the world have operated within the
“diamond framework” business model. “Imagine a
diamond with four corners. The four corners stand
Be cautious, while trading.
for consistency, eco-tolerance, conservatism and
sensitivity. All companies which have managed to
survive functioned well under this framework,”
he says.
He recalls how Brijmohan Lall Munjal, founder
and then chairman of Hero Motor Company, would
visit his company distributors often “to have a strong
bond” with them, thus underlining the strength a
company’s unglamorous network commands in its Trade in options Know that Avoid risky
longevity journey. “In companies like these, brokers only if you have you can lose trading strategies
experience & substantial amount like writing
and distributors are stronger than the company,”
high-risk tolerance of money, quickly option contracts
Gopalkrishnan says.
However, post hoc analyses by management gurus
For more details, visit nseindia.com
and corporate leaders stand at variance with the
opinions of policymakers and business historians.
The former category is more inclined to attribute the
longevity of a centennial company to its leadership
and its focus on qualities like values, vision, employee
and customer satisfaction, etc., while the latter set
prefers to place the success of such companies in the
context of political and economic changes. The jury is
out on whether one reason trumps the other or must SCAN THE
be seen together. QR CODE
Bazaar in Bombay. An illustration from The History of
China and India by Miss Corner published in 1847
 At the stroke of midnight on
August 15, 1947, a new democracy
was born. As India woke to
life and freedom, some of its
business houses were already
decades into operations, giving
shape to the dreams of its
founding fathers. As Outlook
Business turns 17, we celebrate
with 17 centennial companies
of India. These are stories of
not just surviving, but thriving,
sectoral leaders. Spread across
the country, these companies
have shown immense grit in the
past 100 years, as they braved
two world wars and tectonic
shifts in the Indian political and
policymaking landscapes. We
tell their stories through insiders,
outsiders and data to help you
think beyond and stay ahead

CAPTAINS’
CALL
Interviews with five top centennial
company heads p20

ANALYSTS’
WORDS
Experts analyse survival tricks of
100-year-old companies p40

DATA
TALK
How 17 companies make an epoch
that is truly Indian p70
 COVER STORY

T.V. NARENDRAN

20 August 2023 /
 INDIA'S TOP CENTURIONS

TATA STEEL IS ORIGINAL

MAKE IN INDIA STORY,
SAYS GLOBAL CEO
 Tata Steel has become one of the leading steel manufacturers across the globe
in the last 116 years. The company is hopeful of lasting another 100 years on the
back of its multi-generational employees and a people-centric work culture.
With clear focus and targets in sight, T.V. Narendran, chief executive officer and
managing director of Tata Steel, tells Suchetana Ray and Rajat Mishra how a
large part of its future growth will take place in India due to the infra push of the
government and its investment in future and sustainable technology

How has Tata Steel navigated
challenges in the last 100 years?
Tata Steel, obviously, is the original Make in India
story. The idea of Atmanirbhar Bharat that we are
talking about is what drove the founder of the Tata
Group to set up Tata Steel, Tata Power and Indian
Institute of Science, among other notable institutions
of modern India. But what is interesting about
the origins of Tata Steel is that the best talent was
brought from across the world to build the steel plant
and a township. So, you had the Americans running
blast furnaces, the Germans running a steel mill shop
and the English running or rolling mills. Those days,
it took months to come by ship to India from Europe
or America. There were no telephones, so you wrote
letters to your family. Imagine the kind of sacrifices
people made and the challenges they took to come
and build the steel plant here. It is an incredible story.
As the steel plant was being built, World War I
broke out, and that came with its own set of
challenges. When you have the Germans, the
Americans and the British working together, it has
its own set of dynamics. It was in recognition of Tata
Steel’s contribution to World War I that the British
renamed the town of Sakchi as Jamshedpur in honour
of the founder Jamsetji Tata.
The 1920s obviously were a challenging time for
Tata Steel. I do not know if you know that Mahatma
Gandhi sent Netaji Subhash Chandra Bose as the
union leader in Tata Steel, saying that India’s first
industrial experiment should not fail. We also went
through the pandemic, and then there was another
world war where, yet again, we played a very big role.
The Tatanagar Armoured Car was very successful.
It was made from the steel of Tata Steel and the
engineering of Tata Motors.
While post-independence, the steel sector moved
more to the public sector, Tata Steel continued; though,
till 1990, our growth was limited by the licences that
we got from the government. And so, we were only
about two million tonnes at that time. But since then,
like everyone else, we have grown.
This company has gone through many challenges
and dealt with many issues. It has also led the way
in how we deal with the community and employees.
Even building the township was seen as unique and
special at that time. The Tatas got the best of people
to build the township because they truly cared for the
welfare of workers. Many things about Tata Steel were
progressive. The policies that we brought in, for
women and for workers among others, were ahead
of time. They were not required by law but we still
enforced them.
It is a company with a rich history and a strong value
system, is constantly invested in all its stakeholders
and has found a balance between the interests of all
stakeholders. One of the most famous statements of
the founder was that a community is not just another

/ August 2023 21
 COVER STORY

India is finally seeing a period of investment- or infrastructure-

led growth. India is traditionally a story of consumption-led
growth, while investment-led growth is more steel intensive.
The current phase of infra push is good for the steel sector
and for us. ... [W]e expect steel demand to be strong and steel
consumption in India to grow at a faster rate than the GDP

T.V. NARENDRAN

stakeholder, but the very purpose
of our existence. This has defined
the culture of Tata Steel and has
been a very important part of our
journey for more than 100 years.
If you ask me the reason why this
company has been around for more
than 100 years, it is because of a
very strong culture and very strong
commitment to the community,
employees, shareholders, proper
governance processes, ethics,
integrity and building trust. It
epitomises all the values that
the Tata Group talks about and
celebrates.
How will the plans of the
last decade keep the brand
relevant for the next 100 years?
In Tata Steel, we currently have
employees who are from the sixth
generation. So, we have employees
who are not just committed to
the company, but expect to work
with it over multiple generations.
I always tell our leadership and
management that our job is to
make sure that we leave behind a
company stronger than we have
inherited. And that, to me, is the
minimum that we can do.
Our India business is one of
the lowest-cost producers of steel
in the world. Even when China
was dumping steel in 2015, our
EBITDA margins were 20%. On
a consolidated basis, we may have
shown losses because of challenges
in Europe, but our India business
is very strong. We have worked on
making the company structurally,
culturally and financially
future-ready.
Structurally, future-ready is
about growing the India business,
which has doubled in the last 10
years and hopefully will double
again in the next 10 years. We
are also looking at simplifying
the businesses by merging a lot of
subsidiaries. So, we are basically
making sure that Tata Steel is
structurally very strong with a
strong balance sheet that can
ride off the cycles. We invest to
transform in Europe and invest to
grow in India.
The second part is if we are
structurally fixed, then financially
too we are in a better place. Even
today, our net debt-to-EBITDA
ratio is less than two. We brought
down our debt significantly over
the last few years. We have a strong
balance sheet, and we will push
to grow.
Reducing emissions in a hard-
to-abate sector like steel is
a challenge worldwide. How
prepared is Tata Steel?
The toughest part is being
culturally future-ready, which is
about preserving some elements

22 August 2023 /
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of the culture of the past which
are important for the future and
discarding some elements which
are not relevant while bringing
in new elements for the future.
This is amplified by our work on
sustainability, because that is a big
issue for the steel industry. Tata
Steel has always led the way in
what is good for the community,
hence the Tata Group and Tata
Steel’s announcement of net zero
by 2040. We need to scale up a
lot of solutions. It is not that there
is absolute clarity on how we will
get there. But that pushes us to go
beyond our comfort zone and do
things which are pioneering. We are
also investing hugely in recycling
This company has gone through many
challenges and dealt with many issues. It
has led the way in how we deal with the
community and employees. Even building
the [Jamshedpur] township was seen as
unique and special at that time
because we believe that circularity
will be an important part of the
conversations going forward,
leading to new business models and
many other internal transformation
programmes on agility which help
us become nimbler.
Steel is a cyclical business. Do
you have a strategy to reduce
the downcycle?
There is a lot of investment in
technology and new materials,
which helps us supplement or de-
risk ourselves from the cyclicality
of steel. So, we are invested in
composites, medical devices,
ceramics, fibre-reinforced polymers,
etc. There are multiple such
24 August 2023 /
initiatives that we are running
currently. It is like planting seeds
for the future. These seeds may
take five, 10 or 20 years to grow,
but will become the trees for future
generations.
What do you think about the
geopolitical challenge in the
wake of climate talks and the
wave of de-globalisation?
It requires spending a lot of capital
on transforming existing assets,
like in Europe, and it also means
spending capital on harvesting
new technologies, investing in
new process routes, etc. The big
question is, how do you adapt,
especially because we are a hard-
to-abate sector. So how do you
transition into a greener future?
That to me is one of the challenges.
The other challenge is that we are
in a geopolitically volatile time.
There is the Russia-US impact, as
also the China-US impact. And
because of our supply chains,
because of our footprint, we are
always impacted by whatever
happens anywhere in the world.
So, how do you become more
agile, more alert and see some of
these signals before others can see
them? And how can you respond
to them faster than others? I think
that is an important part of the
cultural transformation that we
are driving—how we really react
in an agile way to a very volatile
environment that we operate in.
How big is Tata Steel
expected to be by the end of
this decade?
In the last 10 years, when I took
over, we were producing nine
million tonnes. In India, we are
producing 20 million tonnes, so we
have more than doubled in the last
10 years. Over the next 10 years, we
want to more than double, so that,
by 2030, we can be at 40 million
tonnes. But most of that 40 million
tonnes will come through organic
growth, because we set ourselves
well. We have the Bhushan site
at Meramandali, which is at five
million tonnes today. We can take
it to 10 million. The Kalinganagar
plant, which is at three million, is
already expanding to eight million
and can be taken to 16 million. The
Neelachal plant that we acquired
is at one million and can be taken
to 10 million. And then we are
building the smaller plants in
Ludhiana, etc. So, if you do the
math, we can go beyond 40
million tonnes.
The government is spending a lot
on infrastructure. India is finally
seeing a period of investment
or infrastructure-led growth.
India is traditionally a story of
consumption-led growth, while
investment-led growth is more steel
intensive. The current phase of
infra push is very good for the steel
sector and for us.
With the government focus on
infrastructure, we expect steel
demand to be very strong and the
consumption of steel in India to
grow at a faster rate than the GDP
growth rate. Traditionally, in India,
steel consumption has grown at a
slower rate than GDP growth. That
is why we want to grow fast. And
we believe that this will continue to
make us more and more competitive
as we build a few more sites. OB
Energising Industry Collaborations
for a Net-Zero Future
Co- author- Bipin Shrimali, Chairman and Managing Director,
MAHAPREIT & Saurabh Kumar, Vice President-India, GEAPP
D
uring COP 27, India committed to
reducing its emissions intensity
by 45% from 2005 levels by
the year 2030. In the past few years,
driven by investments among key
stakeholders, particularly in advanced
digital infrastructure, manufacturing and
energy transition technologies, India has
emerged as a prominent force in the
global economy. The country’s transition
to renewable energy (RE) has at its basis
the goal of Net Zero emissions by 2070
and within this target, there is a view to
create access to reliable and productive
green electrification while enabling
growth of jobs in the RE sector. As of
February 2023, the country’s RE capacity
stood at 168.96 GW and an estimated $1.3
trillion is required in investments to help
India achieve its target of 500 GW RE by
the year 2030.
Partnerships with key stakeholders
While India is adequately poised to
take on the opportunity of an energy
transition, the task ahead requires
collective efforts from industry sectors,
government, and consumers with a
viable solution in the creation of an
ever-expanding, multi-faceted ecosystem
of innovative and flexible partnerships.
Reducing costs of clean energy,
generating jobs through the RE sector,
mapping demand-supply patterns and
market economics must be turned into a
practice for continued progress. It is also
crucial to encourage innovative thinking
with catalytic capital and strategic
partnerships. Fostering collaboration
between the government, private sector
and at the community level will be vital
in building an integrated people-positive
approach towards sustainability goals.
Collaboration with the Indian
government
By forging partnerships with the
government to align with sustainability
objectives, there is a significant
opportunity to accelerate the transition
towards green energy. Focused
collaborations such as the partnership
between MAHAPREIT and GEAPP play
a crucial role in overcoming obstacles
to integrating and adopting RE. We are
working together for the implementation
of the 500 MW tender which will benefit
Maharashtra in three ways - bringing an
investment of INR 2500 crores in solar
energy, reduction of CO2 emissions by
400,000 tonnes annually and supporting
100,000 farmers. Collaborative efforts
can also accelerate examining the role
of central banks and monetary policy in
funding innovative models. Collaboration
with the government has identified
alternate public revenue sources from
the green energy transition to sustain
development.
Private sector partnerships
To catalyse a transformative shift, key
sector partnerships need to transcend
regulatory boundaries and sector
limitations, allowing every stakeholder to
contribute their expertise and collectively
forge a collaborative force. Collaboration
in the private sector can help build
the environment, capacity and market
conditions for private sector solutions,
catalyse new business models through
innovation and entrepreneurship, and
deploy high-risk capital to encourage and
assist just transition solutions. Through
joint initiatives such as developing RE
projects and implementing energy
efficiency measures, private-sector
collaboration can support industries to
accelerate energy transition solutions.
It can identify financing opportunities
for projects and programs of common
interest in grid-based renewables,
distributed renewables, and transition
areas. For instance, the global-level RE100
corporate initiative aims to source 100
per cent of multinationals’ electricity
consumption from RE.* Setting timely
targets encourages corporates to invest
better in RE for quicker implementation.
Community level engagement
At the community level, collaboration
leverages finance models and instruments
such as green and sustainability-linked
bonds, blended finance, and risk
guarantees to promote local innovation
and technology. India’s growing clean
energy industry provides innovators
with the opportunity to provide low-
cost, impactful and scalable solutions.
Combining catalytic philanthropic
capital with a consortium of institutions
dedicated to a clean energy transition will
generate a significant boost in financial
and technical assistance to identify
and address emerging employment
pathways and reskilling requirements. An
ongoing energy transitions innovation
challenge aims to offer a platform and
financial support to innovators from
the startup community to scale up their
clean energy solutions. An alliance at the
community level can set measurable
long-term markers of success and engage
communities in the transition to clean
energy.
Conclusion
Partnerships can unlock the potential
for large-scale RE projects by creating an
enabling environment for investments
and innovating financial mechanisms to
channel capital towards green projects.
Providing holistic and systemic support
and fostering a favourable industry
ecosystem will not only contribute
to resolving India’s energy transition
challenges but also generate replicable
and scalable solutions that can benefit the
global community.
SOURCE: * Climate Group RE100
 COVER STORY

ITC NEXT IS OUR

ANSWER TO GLOBAL
UNCERTAINTIES:
SANJIV PURI
From making tobacco products to becoming a multi-sector corporation, ITC
has come a long way since its inception in 1910. This year, it became the seventh
listed company in India to cross Rs 6 trillion market cap. It is now deploying
sustainable solutions and Industry 4.0 measures to create seamless networks
with retailers and customers. Sanjiv Puri, company MD and chairman, tells
Suchetana Ray and Rajat Mishra about ITC's planned growth trajectory

What has been your philosophy in the
expansion exercise since the 1970s?
It has always been our endeavour to create larger
value for society and increase our economic
contribution. Therefore, the whole idea has been that
we should participate in newer segments. So, the
philosophy is to identify market opportunities, areas
where there is good headroom to grow and where
our institutional capabilities can be leveraged.
Secondly, we have always forayed into segments
with the commitment that we will invest to become
leaders. When I say leadership, it is not just the size
or merely the financial metrics, but, very clearly,
quality which is at the core of our DNA.
The other facet that we have always embraced,
much before the “ESG” [environmental, social and
governance] concept became a currency, is the
“stakeholder”. We have never believed in the narrow
definition of “shareholder”. It has always been
“stakeholder” for many decades. Having synergistic
and collaborative partnerships with all stakeholders
has helped us to grow and create unique sources of
advantage as well as enable sustained value creation.
We have also nurtured an organisational culture
that is built on the foundation of perseverance,
entrepreneurial mindset and a strong will to
challenge the status quo. The focus has been on
making the right strategic choices. We have leveraged
good things of the past to build the present.
It has been a journey of continuous challenges
as we moved along, with changes in regulations,
circumstances and even opportunities ... We have also
not hesitated to make an exit where things have not
worked out. A recent example is our lifestyle retailing
business. It was not a strategic fit, so we exited.
In FY23, ITC posted revenue of Rs 69,480 crore,
over 17% higher than in FY22. What led to
this growth?
I would say that this is the outcome of all the
interventions we have been making as part of ITC
Next. On the FMCG side, it is about innovations and
differentiated products that we have launched. It is also
about multiplying reach in the marketplace.
For example, if you order meals at McDonald’s, in
their healthy meals, you will get a beverage which has
no added sugar, which is our B Natural beverage. We
launched millet-based products, protein-based products
and immunity booster ABC Juice, which is co-branded
and goes through the Amway channel. We have also
created unique products for airlines. We created the
Sunfeast mango smoothie, which we were selling in
Indigo. And when our B2B customers sampled it, it was
extended to modern trade as well.
Making ourselves accessible across all touch points
that the consumer is consuming or buying from has
been an important pillar of our strategy. The volume
may not be big in every channel, but, then, it is the

26 August 2023 /
 INDIA'S TOP CENTURIONS

SANJIV PURI

/ August 2023 27
 COVER STORY
occasion for the consumer to see
and experience our brands.
Then we have made big
investments in digital technology,
including on the marketing side.
The ratio of our spends in digital
marketing has multiplied. We
have made good strides in digital
sales, which have gone up 7X from
pre-Covid level.
Digital technologies have also
been used to enhance effectiveness
of our sales, which are up 17%
in just one year through an
intervention called PACE. We have
also created alternate routes for
our retailers through an app called
UNNATI. It has been downloaded
by nearly six lakh retailers. We find
that the retailers are also looking
at the portfolio and placing orders
for additional items. These digital
interventions are enhancing the
efficiency and effectiveness of our
distribution apparatus along with
the enhancement in reach.
We have also invested in
creating agile supply chains. We
have invested in 11 state-of-the-
art integrated consumer goods
manufacturing and logistics
facilities which are enabling larger
efficiencies through de-layered
operations, economies of scale,
proximity to markets and by being
innovation hubs of high-quality
talent and technology, leading to
a variety of innovative launches
for us.
28 August 2023 /
Two-thirds of our revenues are non-
tobacco, and 28% of EBITDA is from the
non-tobacco businesses. This figure has
improved over the years. Around 80%
of our capital employed is in the non-
cigarette segment
SANJIV PURI
How can ITC Next strategy
take ITC to the next level?
We realise that we are now getting
into an era where uncertainties—
climate emergency, geopolitical
conflicts, evolving technology, etc.—
will be a part of life. This is the
backdrop of ITC Next.
In a period of uncertainty,
organisations must be nimble
and consumer-centric. So, we
reinforced our organisational
structure to create empowered
teams which are market-aligned.
A good example is our foods
business, where we used to have
one business unit. Now, that has
been divided into clusters, and each
empowered team must deal with
certain products and markets in a
synergistic manner. This was the
route to making the organisation
nimble and consumer-centric so
that it can respond to changes and
opportunities.
The second is multiple drivers
of growth. In ITC Next, we
sharpened it to identify and
focus on opportunities that not
only match our enterprise
strengths but also leverage the
mega trends of digital growth and
sustainability. The areas that we
have identified include sustainable
packaging food tech and
ITCMAARS [an abbreviation for
ITC Meta market for Advanced
Agricultural Services].
We have sharply defined
our portfolio strategy which
encompasses three buckets. The
first is strengthening the core areas
and investing in scaling them up;
the second is leveraging adjacencies
which are value-accretive; and, the
third is investing in categories
of the future.
In ITC Next, the other vector
for enhancing competitiveness is
digital transformation. It is
about building a digital-first
culture. It is about digital
operations, digital marketing and
digital products. We have leveraged
digital to create personalised
solutions, such as Meri Chakki Atta,
where you can customise your atta.
Another example in the long list is
classmateshop.com, where you can
customise a notebook.
ITC Next is also focussing
on harnessing Industry 4.0 in
manufacturing. For example, in
our paperboards business, we have
deployed Industry 4.0 and other
digital technologies, leading to
margin improvement by 230 basis
points. We are also leveraging
digital technology for agri-
sourcing. We source through
sophisticated AI-based algorithms;
for example, Project Astra tells you
where to buy, when to buy and how
much to buy.
The third piece that we
are investing in is sustainability. We
have created innovative business
models and interventions that

can address climate risks and
support livelihood generation while
augmenting economic value. We
are pursuing decarbonisation in
a big way, with renewable sources
accounting for 43% of our energy
consumption. At the same time,
this is creating cost advantage and
adding to our competitiveness.
Our hotels business is also seen as
an icon of responsible luxury. It
is a trend for the future. We have
invested ahead of time to create a
larger impact.
So, it is about building resilience
and creating unique sources
of competitive advantage. We
have also focussed on building
resilience in our supply chains to
combat extreme weather events.
We have undertaken climate
risk modelling and pioneered a
sustainable fibre value chain for
our paper business. This has led to
over one lakh acres of renewable
forestry, adding to the carbon sink
and making us the largest green
manufacturer of paper.
Another pillar of ITC Next is
agile and purposeful innovation.
Agility comes in through
We realise that we
are now getting
into an era where
uncertainties—
climate emergency,
geopolitical
conflicts, evolving
technology, etc.—
will be a part
of life. This is the
backdrop of
ITC Next
INDIA'S TOP CENTURIONS
investments in platforms for the
future and technology for digitising
the entire chain. Backed by the
innovation engine residing in the
ITC Life Sciences and Technology
Centre (LSTC), which has been
rated as the largest innovation
centre in the private sector, we
launched over 300 new FMCG
products in the last three years.
LSTC today has nearly 400
scientists and accounts for over 800
patents filed. We have also invested
in integrated consumer goods
manufacturing facilities that create
structural advantages for us.
It was in 1974 when ITC
dropped the word tobacco
from its name. Is ITC Next the
answer to your shift further
away from tobacco?
Two-thirds of our revenues are non-
tobacco, and 28% of EBITDA is
from the non-tobacco businesses.
This figure has improved over
the years. Around 80% of our
capital employed is in the non-
cigarette segment. Ninety per
cent of our employees are in
the non-tobacco sector. We see
tremendous opportunities in
the newer segments where we
see huge headroom to grow. For
example, according to estimates,
the addressable market for our
FMCG segments will be over Rs 5
lakh crore by 2030. It is not about
competition between segments.
It is more about delivering
industry-leading performance in
each business segment. I think
it is a natural process since other
segments have bigger headroom
to grow.
We have identified new
business opportunities that are
at the intersection of digital,
sustainability and our enterprise
strengths. The first new vector
is sustainable packaging. Plant-
based moulded fibre products
is an area that is seeing fresh
investments, with a manufacturing
facility coming up in Sehore. The
second is the food tech business
with 19 cloud kitchens. That is
where the synergies of hotels and
the food business come together.
The third new vector,
ITCMAARS, enhances the
competitiveness of our agri business
on one hand. On the other, it is also
in itself a business opportunity,
because it is a phygital crop-
agnostic platform that integrates
digital with an entire ecosystem
to empower farmers. It provides
hyperlocal personalised advisory,
access to pre-approved credit,
right inputs and output markets.
The fulcrum of this is farmer
producers' organisations (FPOs).
Our vision is to reach out to 10
million farmers with 4,000
FPOs. We have already covered
1,150 FPOs with nearly six lakh
farmers now.
ITC is one of the very few
large companies that are still
operating from Kolkata. What
binds ITC to Kolkata?
Well, it was in Kolkata that
we started operations and where
we have been for more than a
century. It has been an enriching
and productive experience. So,
this thought about why Kolkata,
or why not Kolkata, has never
crossed our minds. However, as
we have diversified and developed
new businesses, they have been
headquartered in different
places across India. Our food
business is headquartered in
Bengaluru. The paperboards
business is headquartered in
Hyderabad, and the hotels business
is headquartered in Gurugram. Our
R&D centre is based in Bengaluru.
Our education and stationery
products business and our agarbatti
and matches business are based in
Chennai. So, we are truly a pan-
India company. OB
/ August 2023 29
 COVER STORY

DEBADATTA CHAND

30 August 2023 /
 INDIA'S TOP CENTURIONS

‘ORGANISATIONS THAT
CAN QUICKLY ADAPT TO
CHANGE WILL FLOURISH’
Sayajirao Gaekwad III, the king of the erstwhile princely state of Baroda, set up
several institutions to modernise the state. One of them was Bank of Baroda,
which completed 115 years of operations last month. It is India’s second largest
public-sector bank as per total business as of March 31, 2023. In an interview
with Rajat Mishra, its MD and CEO Debadatta Chand talks about its glorious
past and the transformational changes that continue to keep it relevant

Tell us about the idea behind establishing
Bank of Baroda.
Bank of Baroda was founded on July 20, 1908, by
Maharaja Sayajirao Gaekwad III in the Baroda state,
now in Gujarat. Maharaja Sayajirao undertook many
progressive reforms for the economic development of
the state. One among these was establishing the Bank
of Baroda. Its first branch was set up in Mandvi area.
Where does the bank stand at present?
It has come a long way and is today recognised as a
world-class, highly respected Indian financial services
institution with presence across the country as well
as in 17 other countries. After 115 years, in 2023, it
became India’s second-largest public-sector bank with
a total business of Rs 21,73,236 crore as of March 31,
registering a growth of 16.6% year on year.
List a few watershed moments during
the bank’s journey.
Some of the key milestones in the journey of Bank
of Baroda include its establishment by Sir Sayajirao
Gaekwad III in 1908, followed by its nationalisation
in 1969. The Bank of Baroda Ltd. became Bank
of Baroda. In 1996, it became one of the first
nationalised banks to tap the capital market. Also,
another milestone that we achieved was in 2013 when
we opened our 100th overseas branch in Dubai. The
amalgamation of Bank of Baroda, Vijaya Bank and
Dena Bank—the first three-way consolidation of
banks in India—in 2019 was also one of the watershed
moments in the history of the bank.
Which are the factors that, according to
you, have kept the bank relevant for more than
100 years?
To my mind, the most critical aspect of the turnaround
that the bank has undergone is the sustainability/
durability of the transformation and the financial
performance of the bank. In addition, as a large
and leading public-sector bank, we service a diverse
customer base and touch all segments of the economy,
be they retail, MSME, agri, corporate or financial-
inclusion customers.
What kind of transformational changes has the
bank seen in the past few years?
Bank of Baroda has undertaken a number of other
changes such as establishing a corporate ethics
function, an increased focus on corporate governance,
risk and compliance as well as strengthening its
presence in verticals, such as wealth management
and others, that are not considered to be traditional
domains of public-sector banks. Lastly, change is the
only constant, and it is only institutions that are agile
and can quickly adapt to changing circumstances that
will flourish.
What, according to you, are the top successful
leadership values at Bank of Baroda that others
can emulate?
Integrity, customer centricity, courage, passionate
ownership, innovation and excellence are the values of
Bank of Baroda, which a leader should inculcate and
demonstrate. OB

/ August 2023 31
 COVER STORY

BRITANNIA IS LOOKING
AT THE FUTURE OF
FOOD: VARUN BERRY
Since inception, Britannia has changed hands several times. Amid the
challenges that come with changes in ownership, the brand remains steadfast
in its focus on consumer preferences and is currently a leading FMCG brand in
India. Varun Berry, managing director and vice chairman of Britannia, talks to
Suchetana Ray and Rajat Mishra about the company’s thrust areas, strategies
and plans to add more food categories to its portfolio in the coming years

Britannia has changed hands many times,
what has made the brand recall persistent?
I think Britannia as a brand is rock solid. And I think
what builds the centennial companies is their robust
business model and strong brand. Without these
two, it is almost impossible for a company to sustain
for such a long time. The interesting thing about
Britannia is that it has changed many hands and
remained a fairly robust business. Another interesting
thing is that about 10 years back, our market cap
was only Rs 3,500 crore, but now it has gone to Rs
1,25,000 crore. So, the journey has had many phases,
but for this kind of companies, which have been in
existence for a long time, something clicks at some
stage, and then they become mega companies.
But hats off to the people who built Britannia and
nurtured this company and gave us solid brands.
Bourbon, Jim Jam, Marie Gold … all of these are very
old brands that resonate with consumers even today.
I think it is a great testimony to the people who built
this company.
What is it that you think came together for
Britannia?
The most important thing for me is that the business
has to move at full steam in all directions. Internally,
in Britannia, we call it the “golden triangle” which
is, growing the top line in double digits, growing the
bottom line faster than the top line and also growing
the market share. I think that the golden triangle
came together about 10 years ago, I am sure in the
history of 115 years that we have, there must have
been other instances of the golden triangle coming
through. But at least in the last 25 to 30 years, we did
not have all three coming together at the same time.
What we did was focus on the right brands and the
right people. We focused on the R&D setup and made
sure that we got our cost efficiencies in place. We also
got our distribution in place, taking the count from
5 lakh direct stores to about 25 lakh stores. So, we
progressed in every direction, and that is what has
helped us take Britannia to the next level.
Another important aspect for the company is
to continue to create value for shareholders. Is
there pressure of continuously performing and
giving high margins back to your shareholders?
You want to focus on building the business. I do
not focus on the expectations from the market. We
focussed on the golden triangle, which is growing
profits at a higher rate than the revenue, resulting
in higher profit margins. We made sure that we stay
ahead of the others as far as market share is concerned.
That is our mantra. Everyone in the company knows
that we have to achieve the golden triangle every year.
And thank God, we have been achieving it for the last
10 years. And we hope that we will be able to keep
doing that as we move forward as well. And if we do,
the shareholders will not be disappointed.
What are the transformational decisions
during your stint that you think have powered
Britannia in the last few years?
One was a clear focus on distribution—getting back to

32 August 2023 /
 INDIA'S TOP CENTURIONS

VARUN BERRY

/ August 2023 33
 COVER STORY
the heritage that Britannia had of
being the most distributed brand as
far as our categories are concerned.
And the team did a fantastic job
of taking that agenda and making
sure that we achieved every target
that we set for ourselves. Second
was to make sure that we give
people in Britannia the first chance
at getting to a bigger job. We call it
"Britannia for Britannians".
Third was the cost saving and the
cost efficiencies that we brought to
the table. And I am proud to say
that, as a company, we are very
cost-conscious.
We believe that we operate
in a category, where the gross
margins are lower than most other
categories. And hence, for us to
deliver solid profits, we have to
be cost-conscious and save every
penny that we can. The fourth is
nurturing brands and bringing
innovation to the table. I think
those are the four important things
from our perspective.
Where do you see Britannia
five years from now?
We have made a roadmap for
expanding our portfolio over the
next five years. We will be stradling
a lot more categories than we did
10 years ago. For example, 10 years
ago, we were predominantly a
biscuit company; today, we have
got multiple categories within
34 August 2023 /
[I]n today’s world, one company cannot
do everything. If we want to get into a
category where we do not have expertise,
we are happy to sign venture agreements
and strategic partnerships. Our aim is to
... become a total foods company
VARUN BERRY
our fold. We have launched new
products, and have entered into new
categories. Our expansion into new
categories has involved partnering
with companies like Bel S.A. from
France for cheese products and
with Greek firm Chipita for ready-
to-eat croissants.
I strongly believe that in today’s
world, one company cannot do
everything. So, if we want to get
into a category where we do not
have expertise, we are happy to sign
venture agreements and strategic
partnerships. Our aim is to expand
our portfolio and become a total
foods company. And that is what we
are working towards. In the coming
years, while we will continue to
nurture our biscuit portfolio, our
company will be known for offering
a lot more products from different
verticals.
Consumer food is an extremely
difficult business in India.
Food habits keep changing
every 100 kilometres. How
have you dealt with hyper
local demands over the years?
Unlike the technology sector, in the
food category, habits do not change
suddenly. Nokia went belly up
within a short span to be replaced
by the Apples of the world. In food,
that does not happen overnight.
But yes, if you do not do the right
things, over the years, you will go
into hibernation.
Parle, which is our competitor,
has been around for a fair amount
of time. So, it is important to
do the right things. The most
important thing is nurturing the
brands, getting the distribution to
be strong, making sure that you
constantly bring innovation to
the table and ensuring that your
business model is robust
with profits.
What is your mantra for
Britannia to conquer another
100 years in India?
We are looking at the future as far
as food is concerned, and not just
restricting ourselves to the here
and now. We are anticipating what
will be consumed in future. We are
making quick decisions around it.
We are not getting bogged down
by failures. There will be some
categories where you will try, but
not succeed. You cannot get bogged
down by such outcome. You have to
keep moving.
We are bringing all these
ingredients to the table. And with
this approach, being a nimble
company, while being large, we are
making sure that we expand our
portfolio and focus on innovation.
We always have a very strong team
to back all of this to keep us alive
not only for 100 years but many
more 100 years. OB
Rammohan Sundaram, Leading
DDB MudraMax to Newer Heights
Ram’s mantra of success has always
been building great teams with a
purpose and vision, which is reflective
even at DDB Mudra Group
D
DB MudraMax is the media
arm of the DDB Mudra
Group, and it is led by
its President – Integrated Media,
Rammohan Sundaram who only in
his 4th year at the helm of affairs
has moved the needle northwards
in unprecedented times like the
Covid and subsequently following it
up with steep growth curve for the
agency.
The agency with offices in
Gurgaon, Mumbai, Ahmedabad
and Bangalore has a total of over
125 people managing over 50 plus
businesses across regions. As per
RECMA, its billing is in excess of
350M USD and growing.
In the last three years the agency
has doubled its revenues with a
steep growth curve in digital and
also winning some of the largest
accounts in the country including
the entire Adani Group which has
Adani Wilmar, Adani Enterprises,
ACC Ambuja (Adani Cements), RBI,
Life Insurance Council along with
retaining large accounts like Life
Insurance Corporation, William
Grant and Sons, TTK Prestige, GRB
Foods, Ashok Leyland, Gulf Oil, SBI
MF, HDFC MF to name a few.
Ram as he is known in the
industry has been a turnaround
artist where he has built, grown and
been part of change management
execution which have effectively
increased throughputs for various
organizations. This has been
done over his 25-year career at
various organizations including
his own start-ups which have
seen successful exits whether it be
NetworkPlay or PlatformPlay.
At DDB this is second stint having
worked in the past (2005-2007)
before he joined Yahoo India as
Head of Sales for Performance
Business, which also saw massive
growth during his tenure.
Ram’s mantra of success has
always been building great teams
with a purpose and vision, which
is reflective even at DDB Mudra
Group. He proudly says, “It’s not me,
it’s the team that has the belief in
my vision and relentless pushes all
boundaries to continuously beat
all budgeted performance metrics
for the company. There are people
who have been at DDB for over 15
years who are part of my leadership
team and their acceptance of me as
their leader is a bigger testament of
their greatness than my leadership.
Therefore, for me, I am only as good
as the team.”
This reflects on the great culture
of the organization that has
been built over the years, which
continues to grow under the
leadership of Aditya Kanthy, Group
CEO who himself has spent over 20
years at DDB Mudra Group to whom
Ram reports into.
He also feels that failure is critical
for growth. According to him,
“If someone does not fail, there
will never be any learnings from
experiences on how to deal with
any situation, which is why I truly
believe that a personality is defined
on how one manages things when
one does not have anything and
Rammohan Sundaram
President, DDB Mudra Group
how one behaves when one has
everything. Therefore, one must
always be grounded”, he concludes.
Ram is considered a humble
leader with empathy towards his
people and at the same time is
decisive on decision making, he is a
great people’s person and someone
who is considered one of the finest
leaders in the country having
received many coveted awards on
leadership. He holds a Doctorate
in Business Administration from SP.
Jain School of Global Management.
Ram is a proud Bruins Alumni
too having completed his PGPX
from UCLA Anderson School of
Management. He holds a Double
Graduation in Engineering, A
Double master’s in business
administration and Digital Business
and has completed a residential
Executive Management Program
from HBS in Strategic Marketing
Management.
DDB MudraMax is setting its eyes
on becoming a large agency from
the boutique media agency that
it currently is, and its strategy is
focused on growing the business
through its unique integrated
offerings going into 2024.
 COVER STORY

HAMID AHMED

36 August 2023 /
 INDIA'S TOP CENTURIONS

GIVING BACK TO
SOCIETY IS WHAT KEEPS
HAMDARD RELEVANT:
HAMID AHMED
Hamdard, meaning a companion in pain, made a humble beginning in 1906 as a
small affordable Unani clinic. Less than half a century later, it was converted into
a trust, with a pledge to use profits for charitable purposes.
Hamid Ahmed, who is the great-grandson of founder Hakeem Abdul Majeed,
and CEO and trustee of Hamdard Laboratories India (Food Division), tells
Rajat Mishra about the company’s expansion plans, strategies and hopes for
newly launched and upcoming products

How has Brand Hamdard stayed relevant over
the last 100 years?
It is because of our philosophy of providing quality
products to the masses at an affordable price. We
have always stayed true to that mission. That is
one of our core focus areas, and we have been very
successful. This has been proven with Rooh Afza,
which is not only the highest selling, but also the
most economical, sharbat in that category. It is also
known for having the most number of ingredients in
that category. Others use synthetic products. They
use just sugar and colour. But we use ingredients
such as mint, rose petals, orange juice, pineapple
juice and cloves.
Our motive is also to earn profits, but how to use
these profits is equally important. We provide the
best quality of products at an affordable price. And,
we use our profits differently. We give away 85% of
the profits that we earn in charity. This is, again, a
point of relevance.
We have been building institutions. We have built
a university, a couple of schools, cultural institutes
and skill development institutes from the profits
that we have earned from selling Hamdard products
all through these years. We have managed to stay
relevant because of this model.
How has Hamdard's journey been so far?
Hamdard was started by my great-grandfather
Hakeem Abdul Majeed in 1906 in old Delhi. It was a
proprietorship company at that time. Unfortunately,
he died in 1921. So, his wife, who was my great-
grandmother, and her two sons (my grandfather and
his younger brother) formed a partnership in the
business.
In 1948, they converted Hamdard into a trust and
announced that all the profits would go to charity.
We still abide by the trust deed of the Hamdard
Laboratories. There are guidelines as to how to spend
the income. There are three areas we focus on—medical
health, education and skill development. In 1995, my
grandfather appointed me as a trustee when I was 18.
How is the Hamdard Food division expanding
its portfolio? How has the business been so far?
In the food division, we observed that Rooh Afza was
the biggest driver of the business, and it contributed to
around 85% to 90% of the business three years back.
So, our aim was to come out with new food products.
We have now appointed Deloitte as our consultant. It
has been working with us for the last couple of years
for the transformation of the food business. With its
help, we have come out with a lot of products. One such
product is our spices range. The spice range is named
Khaalis, which means “pure”. It is a simple range of
spices which we launched last year in September. It
has done extremely well for us, and so has Hamdard
Honey. We also have Hamdard Saffron, Hamdard Hing

/ August 2023 37
 COVER STORY
Photo: Hamdard Archives
Hakeem Abdul
Hameed interacting
with former Prime
Minster Lal Bahadur
Shastri
and Hamdard Isabgol as well as
Hamdard edible oil and Hamdard
Khaalis Vermicelli. Going forward,
we will add more products.
Our revenue last year was
Rs 565 crore, of which around
Rs 500 crore came from Rooh Afza
alone. So, we are looking to grow
and get a good market share in
other categories. We are thinking
of a plan to get around Rs 500 crore
turnover from the new category
of food products, such as Khaalis
spices, hing, honey, etc.
In 2016, we had set the sales
target of Rs 1,000 crore, looking
at the growth of existing products,
heritage brands like Rooh Afza
and new launches. I must say
that we are close to achieving this
target. We are not fully there yet,
but very close to it.
Tell us about your plans for the
immediate future.
We have new launches planned
this year. We are coming up with
38 August 2023 /
blended spices as well—butter
chicken masala, biryani masala,
etc.— by September. This is a huge
area of growth for us, and we are
trying to tap into it. We are also
expanding our infrastructure to
support the growth of our business.
By the year end, we will also
come up with more flavours of
juices and shakes. Currently,
we have a factory in Manesar in
Haryana, which is 20 years old,
and another in Aurangabad in
Maharashtra. We have purchased
land in Jhajjar in Haryana from
Reliance to develop a food park
cluster for some of our core food
categories there.
We are constantly working to
expand our portfolio as well as our
infrastructure and are looking at a
healthy double-digit growth for the
company.
What has the performance of
Khaalis been like?
Khaalis was launched in
September 2022. So far, we have
got very good results. It has gone
into the market, we have done
sizable business and continue to
get good orders. But until the
whole product cycle or category of
products enters the 13th month, it
is difficult to say and comment on
the performance of the category
for the whole year.
What has it been like to take
the brand forward through
tough times?
I think the Covid-19 pandemic
taught us a lot of things. Our
philosophy was always about giving
back to society in some form or the
other. But again, Covid-19 showed
us that we are nothing before
God and we must just accept his
decisions. I must add here that the
sense of giving has come back to us
in much stronger way. Our motive
to grow business is just because of
the satisfaction that we get when we
give back to society. OB
 COVER STORY
FROM TEXTILES TO REALTY
Raymond Grew with the Nation
T
he year 2022 was a
momentous one for
India as it surpassed
the UK as the fifth-
largest economy
in the world. As for the Raymond
Group, it opened what is possibly
its most ambitious chapter—the
ceremonial handover of Raymond
Realty’s maiden venture, Ten X
Habitat. For a brand reckoned
globally for its finest quality
fabrics and menswear fashion, it
is a reflection of foresight and a
testimony to the enduring qualities
of trust, quality and excellence
that have propelled the group’s
turnaround. One of Raymond’s
many privileges in its 98-year-old
journey has been growing with and
for India. As our country embarks
upon a journey of transformation,
real estate has been identified as a
key growth driver towards nation-
building. I believe that this is the
rise of a new-age India that is
beaming with hope and proud of
a new identity in a redefined
world order.
Recalibrating for
the Future
The inception of Raymond Realty
marked the beginning of a new
phase of growth for Raymond. The
group now has two businesses—
lifestyle and real estate—with
contributions from engineering and
denim businesses. The epicentre for
the realty business is our verdant
land in the heart of Thane.
40 August 2023 /
COLUMN
GAUTAM HARI SINGHANIA
The Mumbai Metropolitan
Region has been among India’s
leading regions to witness highest
property buying in recent times.
The first of 900 apartments of
Ten X Habitat, a 3,103-apartment
complex at Pokhran Road, were
made open for possession last
December, two years ahead of the
RERA deadline.
The other entity, Raymond
Consumer Care, will continue to
focus on lifestyle business, which
has our legacy textiles business.
A Humble Beginning
Raymond started as a woollen
mill in Thane, manufacturing
coarse blankets, in 1925. It was
the same year when India’s first-
ever electric train chugged from
Victoria Terminus to Kurla. Our
destinies have somehow been
intertwined. By the time India
gained independence, it became a
manufacturer of superior quality
fabrics by embracing several
technologies prevalent in those
times. Soon after, J.K. Files and
Engineering Ltd, one of the largest
manufacturers of steel files, was
established in 1949, and it continues
to serve over 50 countries.
During the two decades post-
independence, Raymond made
its mark as a homegrown textile
powerhouse. In 1958, it opened
the first exclusive retail showroom
in Ballard Estate in Mumbai,
becoming the first brand to sell
over-the-counter suiting. Our
aspiration became one with our
customers’—to give every man his
perfect suit. Even after capturing
the lion’s share of India’s suiting
market, the aspiration of the brand
and its customers endures.
Domestically, we have created a
strong presence with our brands,
such as Park Avenue, Raymond
Ready to Wear, ColorPlus and
the newly launched Ethnix by
Raymond. Our B2B garmenting
business that exports garments to
leading retail brands in the US,
Europe and Japan markets has
immensely benefitted from the
China +1 strategy.
Staying Resilient
Every champion needs a tough
heart to stay one. Niki Lauda,
arguably one of the world’s greatest
inspirations, came with privileges.
His family was wealthy enough to
afford race cars. For Lauda, racing
was his life, and he chose that lane
despite his family’s disapproval. He
broke free, took a loan and bought
himself a Formula Two team. The
following year, he made Formula

One. Ferrari was then in a lean
patch, and, as soon as Lauda was
roped in, there was no stopping.
He took the track weeks after the
1976 Nürburgring crash that nearly
killed him. Saddled in bandages
and famously admitting to being
petrified during the Italian Grand
Prix, he finished fourth. By the end
of the season, he was just a point
behind the title holder and arguably
his greatest rival, James Hunt. Not
surprisingly, Lauda went on to
win the championship the
following year. His greatest win
remains one of the finest margins
in F1 history, where he bettered
McLaren teammate Alain Prost
by half a point.
Lauda, who literally rose from
the ashes, is proof that chasing
one’s dreams, taking risks and
putting one’s money where one’s
mouth is can be the greatest success
mantra. I see a lot of Raymond’s
story in Lauda’s.
The pandemic had hit our
businesses hard. Sales from the
traditional business—branded
textiles, apparel, garmenting
and high-value cotton shirting—
took a heavy beating, as did the
engineering and auto components
businesses. The bottom line took a
heavy beating. Undertaking cost-
Illustration: Saahil Bhatia
INDIA'S TOP CENTURIONS
One of Raymond’s many privileges in
its 98-year-old journey has been growing
with and for India. I believe that this
is the rise of a new-age India that is
beaming with hope
cutting measures, such as cutting
down on excess inventory and
number of stores, was not enough.
Simply put, we needed a complete
overhaul.
Last year, the decision to demerge
the lifestyle business to Raymond
Consumer Care as a separate listed
B2C-focused lifestyle business
proved to be a key move. Also, good
times came with the pandemic
waning. New enthusiasm to
celebrate festivals and occasions
with their near and dear ones saw
people flocking our stores.
Already the world’s largest
integrated textile company and
exporting to over 60 countries,
Raymond has more than 1,000
stores and a reach of above 20,000
points of sale across the nation.
Today the brand is also making
rapid strides across ecommerce
marketplaces.
Educating the Youth
The success of any brand lies in
giving back to the country. Shaping
the youth of India with quality
education is one of Raymond
Group’s priorities. The first
school established in 1968, Smt.
Sulochanadevi Singhania School,
is among India’s top schools,
and this year, it produced the
top three rankers in the Indian
Certificate of Secondary Education
and the Indian School Certificate
examinations. Today, with seven
Singhania schools across the
country, we are educating over
20,000 young Indians.
Our community building
efforts through J.K. Trust and its
rural initiatives, such as cattle
breed improvement programmes,
have contributed significantly in
enhancing livelihoods.
Finding its Space
They say, fortunes favour the brave.
Raymond has been braver than the
bravest, much like the country it
is born into. We have both come a
long way as we have ignored the
labels and focussed on building
trusted brands. As India sets on its
transformation path powered by
self-reliance, innovative spirit and
sustainability, Raymond centres
itself as a brand by and for India. It
is a name that Indians have made
and will always have an endearing
presence through their lives.
GAUTAM HARI SINGHANIA is the
chairman of the Raymond Group
/ August 2023 41
 COVER STORY
INDIA'S FIRST LUXURY HOTEL
Goes Where Indians Do
PUNEET CHHATWAL
I
ncorporated in 1899 by
the founder of the Tata
Group Jamsetji Tata,
IHCL opened its first hotel,
The Taj Mahal Palace, in
Mumbai—then Bombay— in 1903.
Dubbed as the best hotel east of
Suez, it transformed the face of
Bombay and introduced authentic
Indian hospitality to the world
while bringing global luxuries to
the country. Jamsetji Tata’s efforts
were always to show India what lies
beyond the seas, making India’s
dreams his own. The management
of the Taj realised that its future
growth lay not just in Mumbai
but also in the development of
India as a tourist destination. And
thus began the creation of India’s
premier hospitality chain, the
Indian Hotels Company Limited
(IHCL). His vision of being the best
of the best continues to drive us
even today, as we prepare ourselves
for the bright prospects and
disruptive challenges of tomorrow.
IHCL’s first hotel was reported as
“a resplendent debut” by The New
York Times. It was the first Indian
hotel to have a licensed bar and
elevators and introduced jazz and
cabaret in the country.
From the moment it opened its
doors to the world, The Taj Mahal
Palace has hosted an unmatched
list of luminaries and celebrities—
42 August 2023 /
COLUMN
both local and global. Maharajas
and presidents, ambassadors and
actors, kings and legends, royalty
and religious figures, entertainers
and performers, writers and poets,
politicians and artists have all
walked through its doors into a
haven of finesse and grace.
Since then, till now, IHCL has
been the pioneer in bringing to the
nation, and the world, a glorious list
of firsts. From opening the doors
to India’s living grand palaces to
establishing the nation’s most-
exclusive club, The Chambers,
and from discovering and creating
landmark tourism destinations
like Rajasthan, Goa, Kerala,
the Andamans and recently the
Northeast to hoisting the tricolour
globally with iconic hotels in the
UK and the USA, IHCL has always
played a leadership role in the
hospitality landscape.
What had started as a single
hotel is now a hospitality ecosystem,
which brings together a group of
brands and businesses that offer a
fusion of warm Indian hospitality
and world-class service. IHCL
today has a portfolio of 270 hotels,
including 79 under development
globally across four continents, 11
countries and in over 100 locations.
It is India’s largest hospitality
company by market capitalisation.
IHCL’s brands include Taj, an
iconic brand for the most discerning
travellers that has been ranked as
India’s Strongest Brand 2023 as
per Brand Finance; SeleQtions, a
named collection of hotels; Vivanta,
sophisticated upscale hotels;
Ginger, which is revolutionising the
lean luxe segment and Amã Stays
& Trails, a charming portfolio of
private bungalows and villas.
The Tajness Effect
We have spent years perfecting our
craft, decades earning a reputation
and a century building a culture.
We call it Tajness—the soul of our
robust hospitality ecosystem that
subtly guides all our behaviours.
Tajness is the way we do what we
do. And as we step into a world of
newer possibilities, the spirit of
Tajness stands invigorated.
As we are priming the
organisation to realise its
futuristic vision through an
evolving operating ecosystem,
IHCL unveiled its three-pronged
strategy to continue and sustain
its profitable growth with
Ahvaan 2025, the propeller of
all of IHCL’s determined actions
towards expanding its brandscape,
delivering unmatched experiences
and accelerating progress.
Under this strategy, IHCL set
out to re-engineer its margins,
re-imagine its brandscape and re-
structure its portfolio. The goal of
Ahvaan 2025 is to have more than
300 hotels, clock 33% EBITDA
margin and have 35% EBITDA
contribution from new businesses
and management fees by FY26.
IHCL’s iconic and strongest brand
Taj, its industry-leading ESG+

An aerial view of the famous dome of the Taj Mahal Palace hotel in Mumbai
framework Paathya and a strong
focus on digital are the key enablers
on this journey.
The year 2022–23 was a record
year with a number of significant
accomplishments, including the
highest ever full-year consolidated
revenue, an all-time high and
industry-leading EBITDA margin
and PAT of over Rs 1,000 crore.
IHCL is focused on maintaining
a balanced portfolio, ensuring a
mix of owned/leased and managed
assets, while enhancing brand
recognition and guest experiences
worldwide.
We have been making significant
strides in international markets.
Our hotels in New York and London
are our global brand ambassadors.
We are expanding our presence
and following the Indian diaspora
wherever they are present in large
numbers. We recently launched Taj
Exotica Resort & Spa in Dubai and
INDIA'S TOP CENTURIONS
signed more hotels including a Taj
in Riyadh, in the heritage city of
Diriyah in Saudi Arabia and twin
Taj and Vivanta in Dhaka.
Guided by Purpose
Today, it has become even
more important to chart a new
tomorrow—one that is more
sustainable and inclusive. We
believe that this is the only way
to drive India’s journey to being
among the top tourism economies.
IHCL’s commitment to contributing
to the society with an integrated
approach towards creating
sustainable growth and positive
impact under Paathya is in line
with our founder’s vision of keeping
community at the heart of business.
Rolled out a year ago, the
comprehensive ESG+ framework of
Paathya aims to create sustained
outcomes that drive value and
fuel growth whilst strengthening
environment and societies. Taking
ahead IHCL’s over-a-century-
old legacy, Paathya forges a
journey focused on environmental
stewardship, social responsibility,
excellence in governance,
preserving heritage, value chain
transformation and sustainable
growth. Embedding ESG at
the very heart of our operations
will help us tackle the biggest
challenges of today and capture the
best opportunities of tomorrow.
As the world moves on, the
services sector—travel and tourism
business included—is emerging as a
major growth engine for the Indian
economy. Tourism is seen as a major
driving force for any economy
the world over. Interestingly, as
per the latest World Travel and
Tourism Council report, the sector
is expected to create nearly 126
million new jobs globally within the
next decade, with at least 20% from
the Indian subcontinent.
India has transformed from a
developing nation to emerging as
the fifth largest economy in the
world. Demand is now not just
limited to metropolitan cities but
is spread across the country. In
the current times, when domestic
demand is outpacing supply, growth
outlook for the sector is strong.
IHCL’s performance reflects the
affection and loyalty of our guests
and the remarkable passion and
commitment of the 28,000-strong
IHCL team. The management’s
focus remains on value creation for
all stakeholders, offering customers
a unique hospitality ecosystem,
leading the way in engaging local
communities in our value chain,
pioneering new destinations in the
country and delivering continued
superior performance. The best is
yet to come!
PUNEET CHHATWAL is the managing
director and chief executive officer of
Indian Hotels Company
/ August 2023 43
ZERONE TECHNOLOGIES PVT LTD
Zerone Technologies Pvt. Ltd has been recognized for its excellence as a System Integrator in
the area of Low Voltage systems in the upcoming large infrastructure developments.

Z
erone Technologies Pvt Ltd is a renowned
organization known for its expertise in the field of
technology solutions and services. The company is
a leading technology solutions provider, offering a wide
range of services to clients across various industries. It
has established itself as a reliable and trusted partner for
businesses seeking innovative and customized IT solutions.
Zerone Technologies Pvt Ltd is committed to delivering
high-quality products and services, ensuring customer
satisfaction and business success. The organization
has a team of highly skilled professionals who possess
deep domain knowledge and expertise in cutting-edge
technologies. The company focuses on providing end-to-
end solutions, including software development, system
integration, cloud services, data analytics, and digital
transformation.
The company’s commitment to innovation and staying
up-to-date with the latest technological advancements
enable them to deliver solutions that meet the evolving
needs of their clients. Zerone Technologies Pvt Ltd has a
track record of successful project deliveries and long-term
partnerships with clients, which speaks to their reliability
and excellence in execution.
Zerone Technologies Pvt Ltd emphasizes a culture of
collaboration, fostering strong relationships with both
clients and partners to ensure seamless project execution
and successful outcomes. With a strong focus on quality,
integrity, and customer satisfaction, Zerone Technologies
Pvt Ltd has established itself as a leading player in the
technology solutions space, contributing to the growth and
success of numerous businesses.
The organization is a leading System Integrator in the Jaspal Sehdave and Rahul Mathur, Directors,
field of Low Voltage systems, and has been recognized Zerone Technologies Pvt Ltd.
for its excellence in upcoming large infrastructure
developments. The company has successfully delivered their customers with the best and most innovative solutions,
complex integration solutions across various industry empowering them to better manage their businesses.
verticals, including Hospitality, Healthcare, Manufacturing, Being the recipient of this award not only brings pride
Education, and Residential projects in India and Nepal. to Zerone Technologies but also serves as a motivation
Some notable projects completed by the organization for other Micro, Small, and Medium Enterprises (MSMEs)
include 25+ Marriott Hotels, The Jharkhand Assembly, of their size. It strengthens their determination to excel in
Fortis Hospitals, Plaksha University, Kartarpur Corridor, their field of work and sets a new benchmark for others to
Mankind Pharma, Lodha Realty, Maker’s Maxity Mall, follow. Utilizing this recognition, they aim to influence and
Bannihal and Konkan tunnels, and many more. inspire others in the industry to strive for excellence.
The team feels honored and privileged to receive this Zerone Technologies follows a simple yet powerful
prestigious award, as it serves as a validation of their mission: to deliver tangible value and measurable benefits
successes and achievements in their respective field. This to their customers’ businesses. With over a decade
recognition reaffirms that quality and innovation are always of experience, the company has established a strong
acknowledged and rewarded. The company’s dedicated presence in the market. Their competitive strategy lies in
team has consistently pushed the boundaries to provide consistently translating customer needs into an attractive
Zerone Technologies is being honored with the ‘Best System Integrator’ award by Outlook Business. The award was received by
Mr. Jaspal Sehdave and Mr. Rahul Mathur, Directors, Zerone Technologies.
mix of technical and financial value propositions. By
delivering on their promises with utmost commitment, they
have set themselves apart from the competition.
The leadership team, comprising Rahul and Jaspal,
has been instrumental in achieving this accolade. Rahul’s
meticulous planning and Jaspal’s ability to drive the team’s
execution have been likened to the combination of ice and
fire. Together, Team Zerone’s relentless pursuit of excellence
has resulted in the company receiving this recognition.
Winning this award will have a significant impact on the
performance of Zerone Technologies and its members.
It sets a higher benchmark for the company, enhancing
its reputation in the industry. Moving forward, they
are committed to setting higher standards and further
enhancing their deliverables to ensure continued growth in
both business and reputation.
Zerone Technologies takes immense pride in its project
references over the past decade, which stand as a
testament to the hard work and dedication of each and
every employee. The reference list includes prestigious
projects such as St. Regis, Ritz Carlton, JW Marriot, Westin,
Grand Sheraton, Oberoi, Taj Hotels, Radisson, Novotel,
Hyatt, NHAI HO, Mankind Healthcare, Fortis Healthcare,
Maker’s Maxity, Lodha Reality, DLF, Emaar, Panchshil,
Prestige, Plaksha & Amity Universities, Indian Railways,
Jharkhand Assembly, The Kartarpur Corridor, and various
medical colleges. These projects reflect the commitment
and contributions made by the team to shape Zerone
Technologies into what it is today.
Zerone Technologies differentiates itself from others in
the industry through its comprehensive range of services
as a one-stop System Integrator. They recognized early on
that IT, AV, IBMS, and ELV/LV services were converging
into IP. Leveraging their telecom and IT background, they
added in-house AV, IBMS, and ELV/LV capabilities. This
distinctive approach sets them apart from the majority of
their competitors, as they offer a holistic suite of services,
including Fire Alarm, Public Address, CCTV, Access
Control, Automation, Lighting automation, GRMS, Wi-Fi,
Networking, Audio Visual, Video Conferencing, Video Walls,
PABX, BMS, and more.
In conclusion, Zerone Technologies Pvt. Ltd.’s recognition
as a leading System Integrator in the field of Low Voltage
systems highlights their commitment to excellence and
innovative solutions. This award serves as a testament
to their dedication and sets a higher standard for the
industry. Zerone Technologies will leverage
this recognition to inspire others, enhance
their performance, and continue delivering
exceptional value to their customers.
 COVER STORY
The Company that Catches
PATRON’S EYE FOR 100 YEARS
M
y definition of a
brand is simple.
The brand
is a thought
that lives in a
person’s mind. As many people,
those many different thoughts of
this one brand in question. And that
is brand complexity, something that
brand-custodians within companies
grapple with all the time.
As I peek into the lives and times
of century-old companies, I am
struggling to find that one common
element in all of them. Is there one
at all? Or are there many? And
does knitting all of them together
make for the creation of a true-
blue timeless brand that has the
ability to nurture the love of every
generation it caters to, has catered
to and will cater to in the future?
The 17 companies [profiled in
this issue] span literally every type
of enterprise there is to mention.
There are the biggies from the
realm of products and services
(Tata Steel and Tata Power),
there are banks (Bank of Baroda
and Central Bank of India) and
companies that span every other
type of enterprise that finds a
use at home or office. There is the
grower and marketer of the coffee
bean (Tata Coffee), the guys who
got us that syrupy ruby-colored
drink called Rooh-Afza (Hamdard),
the makers of the best Good Day
biscuit (Britannia Industries) and
the guys who help you paint the
walls of your life white, yellow and
46 August 2023 /
COLUMN
HARISH BIJOOR
green (Berger Paints). And there
are more to munch on this list.
These companies have created
timeless brands that have
helped them bridge the gap that
generations leave behind them
to the benefit of their top-line,
bottom-line and affection-line
equally. If you really think of the
companies on this list, affection for
sure is a common sentiment that
arises, directly in some cases and
indirectly in some others.
I do believe timeless brands are
created by companies that believe
in timeless values. Three for now.
Trust Tops the List
The first common element in this
timeless-value checklist is trust.
Every one of these companies has
believed in and invested in products
and services that offer trust to the
user. The user is looking for this
one crisp and ever-fresh word in
every offering. The consumer is
a trust-seeking entity. In every
relationship, the one big thing
sought is trust. Whether it be in
a relationship with a human or
an inanimate brand, trust rules.
Every one of these 17 companies
has been a trust-leader. Generations
of managers who have led the
companies forward have believed
in this one basic. And right at the
forefront is the Tata Group in India.
As are the Hinduja group, the JK
Org., Godrej and Birla Corporation.
The list continues to embrace many.
Every one of these companies has
invested in managing trust deeply
and heavily. You sow trust, you
harvest trust. Over a hundred years
and more, many of these companies
have invested in getting trust to
be the basic building block of their
organisations. If consistency of
both product offering and service
is the end-assessed value on the
parameter of trust, so be it. These
companies worry a lot when product
re-engineering needs to be done for
any reason. They would rather lose
money than repute on product and
service. Everyone on this august
list of the August issue (I could not
help but this pun) has done just
this. The examples are many over
the decades. And the exceptions are
far and few.
Being Accessibile
The ability to touch every life, both
big and small, is the second timeless
value. The brand is also defined to
be a premium which a consumer
pays. A commodity does not charge
a premium. Premium is typically

charged by brands considering the
price a customer can really bear.
Literally every brand on this list
has sworn to have the ability to
touch every Indian life in some
way or the other, never mind the
premium. Whether it be a cigarette,
a biscuit, a masala, a paint or a
moped, each of these brands has
shown the ability to be accessible by
every part of society. The offerings
of each, either directly or indirectly,
are reached by the rich, the middle-
class and the poor. Possibly not as
equally as one would have wished,
nevertheless, the timeless brand
must be accessible to all. And
these largely are. These products
and services are consumption
democracies at play. Brands such
as Tata Steel realised early in their
lives that they had to be consumer-
touched. Never mind the fact that
these were B2B offerings that went
into the making of a sundry set of
offerings that disguised what they
have to offer in end-user terms.
In came the “We also make steel”
line, as did advertising that made
the end-customer of their primary
customer their customer as well.
Staying Contemporary
Every brand offered by all of these
companies is most certainly on
a treadmill. The floor on which
you are running is ever-changing.
Customers are changing all the
time in terms of age, gender, usage
pattern, attitude, inclination and
more. If your brand offering is able
to assess all of this on a real-time
basis all the time, and make those
small tweaks that the consumer is
not asking for but wants, you are
A brand is owned in consumer minds.
The mind-ownership of brands ... is
more important a facet to focus upon,
rather than the business and financial
ownership of these brands
INDIA'S TOP CENTURIONS
Illustration: Saahil Bhatia
ahead of the curve of consumer
need, want, desire and aspiration.
The companies on this list have
kept making those small changes
to everything that they offer. While
by and large everything looks
the same, the more they look the
same, the more different they are.
If the product will not be touched,
the packaging has been. If not
that, the communication is being
touched up all the while. Look
keenly at the advertising histories
of these companies and their
advertising guard-books over the
decades, and you can write a book
on each of these companies and
their subliminal but sure efforts to
stay contemporary. Many of these
companies still hold on to their
timeless BPS (Brand Positioning
Statement), but God is in the
tweak of their APS (Advertising
Proposition Statement) all through.
I must conclude: The brand is
a truth. A truth that lives on and
on. To that extent, a good brand
is one that can surpass time and
hold on to different generations
of consumers who stick, and even
swear, by it in many cases. The
brand is an ownership. Brands are
not owned by the companies that
make them. They are owned by
people (both who use them and
those that do not) in their minds.
The brand is owned in consumer
minds. This mind-ownership of
brands by the people who live with
them in modern consumer society
is more important a facet to focus
upon, rather than the business and
financial ownership of these brands
by the companies on list. Every
one of the companies on this list
has recognised this fact and, to an
extent, lives by that ethos into an
eternity of timelessness.
These companies have mastered
the science of “brand baton-
passing”. As consumer generations
move on, one into another (from
Gen Z to the Alpa Gen, for
instance), the handing over of
the baton from one generation
to another is handled smoothly,
subliminally and silently. So silently
that no one even notices ever.
In that silence lies the essence of
timelessness. Touche!
HARISH BIJOOR is a business and brand
strategy specialist and founder of
Harish Bijoor Consults Inc
/ August 2023 47
 COVER STORY
When a Corporation Traverses
100 YEARS SANS A FORMULA
C
entennial companies
have weathered
the storms of time,
evolving their
ownership structures
to adapt to the changing dynamics
at the macro, meso and micro
levels and at socio-economic-
political-institutional, business,
society and family levels. A few
factors include the institutional
framework of the country, industry-
specific dynamics, profitability
and earnings trends, corporate
governance practices, family, state
or foreign multinational company
ownership and mergers and
acquisitions.
The evolution of the ownership
structure is essential to navigate
the challenges thrown by the
dynamic environment, and its
implications extend beyond
financial performance. It influences
firm strategies, value, dividend
policy, corporate governance,
corporate social responsibility,
environmental sustainability and
industry dynamics. This article
looks at some factors that have
influenced ownership structures in
long-lasting companies.
The Great Family Sagas
Family ownership has been a
prevalent characteristic of many
long-standing Indian companies.
Many of them have surpassed
the century mark and, yet, have
retained family ownership,
symbolising their resilience and
48 August 2023 /
COLUMN
NUPUR PAVAN BANG
commitment to legacy despite
the challenges faced during
inter-generational ownership and
succession transitions.
The ownership structure has
evolved from individual to a holding
company or trust for reasons
such as separating ownership
and management, facilitating
succession planning, protecting
family assets, optimising taxes and
enabling business expansion. These
transitions are driven by a desire
to ensure long-term sustainability,
enhance governance practices and
secure the family’s wealth and
legacy in the evolving business
landscape.
For example, Bajaj Group
transitioned from individual family
ownership to a holding company
structure with Bajaj Holdings &
Investment Limited (BHIL) as
the apex holding company. This
restructuring facilitated a more
streamlined approach to managing
the diverse businesses and
enhanced corporate governance.
The Murugappa Group transitioned
to a family trust structure—the
Murugappa Chettiar Trust—to
ensure seamless succession and
preserve family values. The Godrej
Group utilised a combination
of family trusts and holding
companies to optimise tax efficiency
and facilitate estate planning. This
structure allows for efficient wealth
management and seamless inter-
generational transfers.
Going Public
Large, long-lasting companies do
not need to go public. There are
ample examples, such as Parle
Products or the Serum Institute
of India, that have chosen to
remain privately held, perhaps,
to retain control and avoid the
regulatory requirements and
public scrutiny that come with
being a listed company. By
staying private, families can make
strategic decisions with a long-
term perspective without being
influenced by short-term market
pressures and it offers greater
flexibility and autonomy in decision-
making. This can be advantageous
for companies that prioritise
confidentiality or have unique
business models that may not fit the
public market’s expectations.
However, as they grow in size
and complexity, most companies
venture into the realm of public
listing, embracing the benefits
of wider ownership, enhanced
corporate governance and often

Illustration: Saahil Bhatia
valuable insights from institutional
investors. The Bombay Stock
Exchange, India’s oldest stock
exchange, transformed from
a secretive club of brokers to a
publicly listed company.
Going public may dilute the
family’s ownership and control
over the company. However,
some families view the benefits
of accessing public capital,
enhancing liquidity and widening
the shareholder base as a means
to achieving their long-term vision
for the business. Reliance and the
Aditya Birla Group have used initial
and follow-on public offerings to
fuel expansion plans and fulfil the
vision of becoming a global player
across diverse businesses. Infosys
went public in 1993 to adopt best-
in-class governance practices,
enhance transparency and build
trust with investors and clients.
The Shape Shifters
Mergers, acquisitions, corporate
restructuring and strategic
alliances have significantly altered
ownership structures and dynamics
in the corporate world. Britannia
Industries went from a humble
bakery to a confectionery conqueror
through strategic alliances and
acquisitions. These strategic moves
strengthened its market presence
INDIA'S TOP CENTURIONS
and transformed its ownership
structure.
Hindustan Unilever Limited,
formed through the merger
of Lever Brothers, Hindustan
Vanaspati Manufacturing Co.
and United Traders Limited in
1956, exemplifies the impact of a
merger on ownership structures.
Tata Group’s Indian Hotels
Company Limited, in its 120 years
of existence, has entered several
partnerships, strategic alliances
and mergers and acquisitions to
become the world’s strongest hotel
brand and the largest hospitality
group in South Asia.
Each of these activities impacts
control, shareholding structure
and governance, reshaping the
companies’ landscape.
Shareholder Activism
Institutional investors and
shareholder activism have become
key players in the ownership
narratives of Indian companies.
In the 2009 case of Satyam
Computers, shareholder activism
played a crucial role in exposing
fraudulent activities and seeking
justice for the shareholders. After
the scandal came to light, several
institutional and individual
shareholders of Satyam, including
mutual funds, pension funds and
retail investors, actively pursued
legal action and sought remedies
for the losses incurred due to
the fraudulent practices of the
company’s management. They filed
lawsuits against the company, its
management, auditors and other
involved parties. As a result, the
founder lost control of the company
and, subsequently, it was acquired
by the Mahindra Group through a
competitive bidding process.
Making Their Own Stories
The evolution of ownership patterns
in long-lasting Indian companies
is a captivating case study with
important implications for the
broader business landscape.
The ownership journey of these
companies teaches us that there
is no one-size-fits-all formula for
success. The enduring family-
owned businesses remind us of
the power of tradition and the
importance of nurturing strong
family bonds. The public listings
highlight the advantages of opening
up to the world, attracting diverse
shareholders and embracing
corporate governance principles.
The shape shifters prove that
strategic alliances and acquisitions
can rewrite a company’s destiny.
And shareholder activism reminds
us that no company is safe from
the demands of its shareholders,
regardless of its age or legacy.
The evolving ownership patterns
in Indian centenarian companies
are a testament to their resilience,
adaptability and ability to thrive
in an ever-changing business
landscape. Their stories provide
valuable insights and inspiration
for companies of all ages, urging
them to embrace change, write
scripts and captivate audiences with
ownership journeys.
NUPUR PAVAN BANG is the academic
director, Thomas Schmidheiny Centre for
Family Enterprise, Indian School of Business
/ August 2023 49
 COVER STORY
Local Business Leader Falls Short
OF GLOBAL STANDARDS
T
he landscape of
leadership in Indian
corporates has
evolved over the
years, mirroring
the dynamic shifts in politics,
business, technology, customer
expectations, societal demands and
globalised markets. The definition
of leadership should not be limited
solely to individuals who govern and
manage organisations, but should
also encompass the capabilities that
organisations develop to enhance
their ability to tackle challenges.
The 17 centennial companies in
India [which have been profiled
in this issue] have diverse origins,
ownership and governance
mechanisms. Some of these have
ventured into related or unrelated
sectors, depending on the available
opportunities and the leadership
vision within the organisation.
Indian businesses have adopted
a variety of approaches to ensure
their survival and success in
the upcoming century. The
adoption and effectiveness of
these approaches may vary among
the centennial companies, but
discernible trends can be observed.
Some companies like the Hinduja
Group, Tata Steel, Tata Consumer,
Britannia, and ITC are far ahead of
other companies.
Going to the Next Level
Companies are transitioning
from a family-centric approach
to professional leadership. They
50 August 2023 /
COLUMN
AMIT GUPTA
acknowledge the necessity of
professional expertise and skills to
effectively navigate the intricacies
of the contemporary business
landscape. As a result, they have
brought in professional managers
from diverse backgrounds,
possessing expertise not only in
general management, marketing
and operations but also industry-
specific knowledge and experience.
Given the global competition and
the customer-centric approach,
Indian corporates are acutely aware
that their products and services
must match, if not surpass, those
offered by global organisations.
To achieve this, they must not
only create products and services
that meet the needs of Indian
consumers but also ensure their
competitiveness in foreign markets.
In pursuit of this objective,
they embrace collaboration with
external partners to introduce
new and exciting offerings to the
market. However, the performance
of the centennial companies on
this front has not been uniform.
Companies that directly cater to
customers like Hamdard, MDH,
Tata Coffee, Britannia, TVS and
ITC have done much better. Some
with government ownership, like
Bank of Baroda and Central Bank
of India, have been outdone by
competitors. Others, like Birla
Corporation and Gammon India,
have been beset with internal
problems and have failed to adopt a
customer-focused approach.
The performance and success of
Indian corporates in integrating
sustainability practices into
business strategies have been
varied. Sustainability is closely
related to the operations of
organisations, with a focus on
minimising the adverse impact of
their technologies, products and
services. However, most companies
have adopted a compliance
orientation rather than proactively
contributing to sustainable
practices. Despite the existence of
environmental and sustainability
regulations, their implementation
is hindered by inadequate human
and technical capacity, as well as
corruption within the government
machinery.
While progress has been made in
terms of inclusivity and diversity,
discussions in political circles and
the popular press indicate that
gender and caste representation
across organisational levels require
improvement. Accurately assessing
these issues without insider
 COVER STORY
information is challenging, and we
often have to rely on the claims made
by companies in this regard.
The Elusive Global Leadership
While Indian corporates have
achieved success and growth in
domestic markets, their performance
in international markets has been a
mixed bag. None of them have been
able to establish themselves as truly
global organisations comparable to
those from the USA or Japan. The
one big exception is the Hinduja
group which stands out among all
these companies. Tata Consumer
is another organisation which has
brands and presence across the
world. Tata Steel made a large
investment in Corus Steel in the
United Kingdom, though that has
not worked well for it.
Similarly, the success of
organisations in diversifying
from their core businesses to
become conglomerates operating
in various sectors has also been
varied. ITC started with cigarettes,
diversified into agri-business and
expanded beyond that into FMCG,
hotels, paper and packaging, and
information technology. The Hinduja
Group is the most diversified with
presence in 11 sectors, including
heavy vehicles, oil and gas,
information technology, energetics,
explosives, electronics and realty.
However, most of the other
companies have a dominant focus
with investments in other businesses;
for example, MDH (spices), Hamdard
(traditional medicine), Godrej Interio
(furniture), Bank of Baroda, Central
Bank of India (financial services),
Britannia Industries (food), Berger
A critical area for the future, particularly
in Indian corporates with family
governance and management, will be
the separation of control and day-to-day
management
52 August 2023 /
Illustration: Saahil Bhatia
Paints (paints), and so on. Many
of these operate globally, but their
global operations are mostly limited
to exporting products and services.
For instance, ITC exports its
products to 90 different countries
and TVS has a manufacturing
facility in Indonesia.
Getting Leadership Right
A critical area for the future,
particularly in Indian corporates
with family governance, will be the
separation of control and day-to-day
management. While owners may
have a significant equity stake and
manage the governing structures
and processes, they will need to
entrust operational management to
professional managers.
On the other hand, Indian
managerial talent suffers from
a shortage of leadership skills,
including the ability to navigate
uncertainty, drive innovation
and embrace technological
advancements. Effectively
leading business requires a global
mindset, establishing global-level
governance mechanisms and
structures, adeptly handling diverse
workforces, expanding businesses
and capabilities worldwide,
identifying and capitalising on
new opportunities, fostering a
culture of creativity and learning
and encouraging entrepreneurial
thinking. Professional Indian
managers must evolve and mature
to become world-class leaders,
while owners need to develop
the capacity to govern through
professional managers rather than
assuming the direct management
of organisations.
The next century will throw up
unforeseen challenges. The biggest
force for change will be the digital
technologies. Emergence of new
power centres with changes in
India’s stature in the geo-political
order will invariably result in
changes in global governance
institutions. New opportunities will
continue to emerge. It remains to
be seen how Indian business leaders
will navigate these challenges and
build organisational capabilities
to survive and thrive for another
century.
AMIT GUPTA is associate professor of
organisational behaviour and human
resources at the Indian Institute of
Management, Amritsar
 August 2023

In the dynamic world of business, powerful

performers stand out as trailblazers, leading
their companies to unprecedented heights.
These visionaries combine exceptional
leadership, innovation, and determination,

OWERFUL
revolutionizing industries. With astute
decision-making and an unyielding focus on
excellence, they inspire teams and redefine

ERFORMERS
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shaping the future of commerce.
 OWERFUL
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“Meet the Visionary
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Dr. Rachana G Rai,
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D
r. Rachana G Rai is a name
that echoes with excellence
and versatility. Not only
is she a highly accomplished
physiotherapist, but she also shines
as an entrepreneur, leaving an
indelible mark in both worlds.
Her journey as a physiotherapist
began with rigorous academic
pursuits. Armed with an MPTH
in Neurology from Nair Hospital,
Mumbai University, and a BPTH from
Nair Hospital, MUHS, Dr. Rachana
established a strong foundation for
her career. She didn’t stop there,
constantly seeking to expand her
knowledge and skills. Dr. Rachana
is an active member of the Indian
Association of Physiotherapists (IAP)
and the Physiotherapy Promotion
Group (PPG) in Mumbai, showcasing
her dedication to continuous
learning and professional
development.
What sets Dr. Rachana apart is her
holistic approach to healing. She
completed the Teacher’s Training
Course in Yoga from the prestigious
Yoga Institute in Santacruz, allowing
her to integrate the transformative
benefits of yoga into her patients’
54 August 2023
rehabilitation journeys. This
comprehensive approach has
garnered her immense respect and
admiration from both patients and
peers.
Moreover, Dr. Rachana’s
quest for knowledge led her to
participate in various workshops
and certifications, propelling
her expertise to new heights. As
a Certified McKenzie Therapist,
she practices the renowned
McKenzie Method of Mechanical
Diagnosis and Therapy. She has also
completed the Mulligan workshop
by Dr. Deepak Kumar of the Capri
Institute, and attended workshops
on NDT (Neuro-Developmental
Treatment) and SI (Sensory
Integration) by Jeena. Additionally,
she has expertise in Theraband
Rehab & Wellness Station, Dry
Needling, and Kinesiology Taping,
further diversifying her therapeutic
capabilities.
Dr. Rachana, part of R&M
Rehab Care, offers personalized
physiotherapy, advanced
techniques, education, and
preventive programs for
comprehensive healthcare.
Her multifaceted talents do not
end with physiotherapy. Dr. Rachana
is also the chairperson of the
renowned Specialized Engineering
& Construction Company (DGC).
With its roots in IIT Bombay and
Sardar Patel College, DGC’s core
technology, developed by Dr.
Gopal Rai, the founder, revolves
around repairs and rehabilitation
of structures using composite
materials. Over the years, the
company has grown in stature,
driven by growing awareness
of their special techniques and
advantages.
Dr. Rachana’s passion for serving
society is evident through her
involvement with children and senior
citizen groups. Her enlightening
lectures on relieving back pain have
empowered many to lead pain-free
lives. Her compassion and dedication
have made her a transformative
force, inspiring healthier lifestyles in
all those she encounters.
Dr. Rachana G Rai excels as a
physiotherapist, entrepreneur, and
community servant, leaving a lasting
impact on lives through dedication
and excellence in various domains.

Madam (Dr.)Grace Pinto
Managing Director, Ryan International Group of Institutions
Grace Pinto: A Visionary
in Transforming Education
for India’s Children
T
hroughout various sectors,
women have demonstrated their
capacity to make a significant
impact, and in the field of education,
one remarkable woman stands out:
Dr. Grace Pinto. Her unwavering
commitment to providing quality
education has touched the lives of
countless children in India, making her a
leader and an inspiration to others in her
field. With a passion for teaching and
a vision for accessible and affordable
education, Madam Grace Pinto,
alongside her husband Dr. A. F. Pinto,
Chairman of Ryan Group, embarked on
a mission to establish centers of learning
across the nation.
As the Managing Director of Ryan
Group, Dr. Grace Pinto’s business
acumen, combined with her deep
faith in Lord Jesus Christ, has been
instrumental in building one of India’s
largest privately owned and managed
chains of educational institutions. With a
presence in 40 cities and 18 states, Ryan
Group offers K-12 curriculum through
state, national, and international
education with a focus on technology-
integrated pedagogy.
Recognizing her exceptional
contributions, Dr. Grace Pinto has
received numerous prestigious awards,
including the “Women Leadership
Award in Education 2023” by Economic
Times, the “Lifetime Achievement Award
2022” by H. E. Mr. PrithvirajsingRoopun,
GCSK, President of the Republic of
Mauritius, and the “Her Power Award
OWERFUL
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2022” by Brand Story. Despite
her success, she remains humble,
attributing it all to Lord Jesus Christ and
his enabling grace in her life.
At the helm of Ryan Group, Dr. Pinto
plays a crucial role in providing strategic
direction and ensuring the organization
remains relevant to the demands of the
modern world. She is deeply involved
in crafting a cutting-edge educational
platform, fostering industry-academia
partnerships, and imparting 21st-
century skills to students through
experiential learning. Dr. Pinto’s vision
extends beyond merely preparing
students for employment; she aims to
empower them to become researchers,
entrepreneurs, and contributors to
society.
The journey of Ryan Group has been
marked by numerous pioneering
initiatives. They were the first in the
country to host the International
Theatre Festival and Indian Model
United Nations (INMUN). Additionally,
they hosted the prestigious World
Scholar’s Cup, setting a record-breaking
participation. International Cultural
Exchange programs with institutions
from various countries and partnerships
with PennHub have expanded higher
education opportunities for Ryan Group
students. Dr. Pinto’s collaborations with
sports and media professionals have
also provided world-class training in
sports and media studies through fully-
equipped in-house studios.
Dr. Grace Pinto draws inspiration
from Mother Teresa and actively follows
in her footsteps, reaching out to the
underprivileged and supporting social
causes. She passionately champions
women empowerment and welfare
for senior citizens through various
initiatives. Through her unwavering
determination, thousands of children
have been blessed with holistic
education, empowering them
to become lifelong learners and
responsible global citizen leaders.
In conclusion, Dr. Grace Pinto’s
journey is one of dedication, vision,
and impact. Her commitment
to transforming education and
empowering the youth of India has
not only enriched the lives of countless
children but also paved the way for a
brighter and more promising future. As
she continues to shape and transform
the educational landscape, her legacy
as a visionary leader in the field of
education will undoubtedly endure for
generations to come.
August 2023 55
 OWERFUL
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Dr. Sudhindra Bhat:
A Trailblazer in Legal
Excellence
D
r. Sudhindra Bhat, the driving
force behind SS Law Firm, is
redefining the legal landscape
with his powerful performances and
innovative approach. Specializing
in crime, family/divorce, civil, IPR,
personal injury, property, arbitration,
mediation, and corporate law, Dr.
Bhat and his team have earned a
reputation for delivering top-notch
legal services with a personal touch.
As a visionary advocate and legal
strategist, Dr. Sudhindra Bhat leads
SS Law Firm with an unwavering
commitment to excellence. Despite
years of experience in the field, he
continues to learn and grow, always
56 August 2023
going back to the fundamentals for
every task. This dedication sets SS
Law apart from its competitors and
ensures that the firm stays ahead of
the curve.
What truly sets SS Law Firm apart
is its capacity to generate “out-of-
the-box” ideas and creative solutions.
Dr. Bhat and his team understand
that the key to future success lies in
client satisfaction and appreciation
for quality work. They firmly believe
in India’s rising prominence as a
global superpower and are ready
to capitalize on the opportunities
provided by the government’s strict
laws and recent reforms.
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Advocate
Dr. Sudhindra Bhat
Like any successful venture, SS
Law has faced its share of challenges.
With the advent of digitalization and
increasing client demands, the firm
had to differentiate itself from the
competition. Dr. Sudhindra Bhat took on
this challenge by building specialized
expertise and creating an emotional
bond with clients. He understands that
clients not only want exceptional legal
services but also a personal connection
and genuine concern for their needs.
At the heart of SS Law’s success
lies its client-centric approach and
commitment to employee well-being.
Dr. Sudhindra Bhat and his team value
client satisfaction, employee happiness,
and trust above all else. They strive to
provide exceptional value and exceed
expectations, ensuring that each client
feels valued and supported throughout
their legal journey.
The firm’s cohesive team of experts
plays a crucial role in its success. Each
member brings unique skills and
knowledge to the table, working
cohesively to put the client’s interests
first. SS Law acknowledges the
importance of celebrating individual
and team achievements, fostering a
sense of belonging, and recognizing the
integral role employees play in the firm’s
accomplishments.
As the legal landscape continues to
evolve, SS Law remains prepared to
embrace the future. Dr. Sudhindra Bhat
understands the significance of staying
ahead of the curve and leveraging
technology to offer even better services
to clients. By embracing innovation
and focusing on client needs, the firm
is ready to tackle the challenges of the
digital age.
Dr. Sudhindra Bhat and SS Law Firm:
Legal powerhouses exemplifying
dedication, innovation, and client-
centric values, shaping a bright future.

Algaenergy: Igniting India’s Bio
Revolution with Sustainable Technology
Driving Sustainable Agriculture: Debabrata
Sarkar’s Vision for AlgaEnergy
I
n the rapidly advancing realm
of sustainable agriculture, there
exists a trailblazer that has risen to
prominence: AlgaEnergy. Spearheading
innovative solutions for agriculture,
aquaculture, animal and human
nutrition, and cosmetics, AlgaEnergy
stands at the forefront of the
biotechnology industry. Leading the
charge for this transformative company
is Mr. Debabrata Sarkar, Chairman
& Managing Director of MicroAlgae
Solutions India Pvt Ltd & Vice President
– Asia Pacific (AlgaEnergy). With over 26
Debabrata Sarkar
VP-APAC Algaenergy
years of experience in the International
Agriculture sector and a proven track
record as a C-level executive, Debabrata
Sarkar has played a pivotal role in
revolutionizing the agri industry in India
and beyond.
Agriculture graduate and IIM Kolkata
alumnus, Debabrata Sarkar, possesses
exceptional skills in various facets of
business, including P&L management,
marketing, brand development, and
product launch. As CMD of MicroAlgae
Solutions India Pvt Ltd, a subsidiary
of AlgaEnergy Spain, he has achieved
OWERFUL
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a remarkable 100% year-over-year
revenue and PAT growth within just four
years of incorporation.
One of Debabrata’s most
noteworthy accomplishments was
the establishment of a joint venture
between AlgaEnergy and KREPL Group
(AgMA Energy Pvt Ltd) in a record time
of 49 days, ultimately achieving cash
positivity in a mere 17 months. Even
in the face of challenges presented by
the pandemic, his strategic decision-
making and unwavering adherence to
brand values allowed the company to
thrive during the tumultuous years of
2020 and 2021.
Debabrata’s visionary leadership has
earned him prestigious awards and
accolades. Notably, AlgaEnergy won the
Technology Leadership Award in 2019,
and he received the Most Influential
Agriculture Industry Professional
Award in 2020. In 2021, he was named
Business Leader of the Year and CEO of
the Year, while also being recognized
with the Outstanding Leader of the Year
award in the Biotechnology & Biological
Industry. Forbes India featured his
inspiring success story in February 2021.
AlgaEnergy, awarded Best Company
of the Year in Biological Agriculture in
March 2022, led by Debabrata Sarkar,
who received the Best Bio Ag CEO
Award. More accolades followed, with
AlgaEnergy India winning the Best
Bio Stimulant Award in April 2022 and
Debabrata receiving the Times Leading
Entrepreneurs Award in October 2022
and another Best Bio Ag CEO Award in
April 2023 from the Agriculture Minister
of India. Sarkar’s vision goes beyond
business growth, aiming to expand
AlgaEnergy’s influence in India and
Asia-Pacific by promoting microalgae-
based technology in various sectors. His
mission is to contribute to sustainable
food security, environmental protection,
and energy efficiency. Apart from
work, Debabrata enjoys painting,
photography, and cricket. Under
his leadership, AlgaEnergy is set to
revolutionize India’s bio industry and
create a greener, sustainable future
globally.
August 2023 57
 OWERFUL
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Rajagopal G-
Disrupting the
Geriatric Care
Sector
Rajagopal G, Co-Founder and CEO
of KITES Senior Care
“Empowering Elders and Transforming Geriatric Care:
Rajagopal G’s Visionary Leadership”
I
n an ever-changing world,
few possess the courage
and foresight to venture into
uncharted territories, leading the
way for transformative changes
in society. Rajagopal G, the Co-
Founder and CEO of KITES Senior
Care, stands as an exceptional
entrepreneur and visionary leader,
disrupting the geriatric care sector
in India with his noble vision and
innovative approach.
Recognizing the impending
challenges posed by the rapid
growth of India’s elderly population,
Rajagopal, along with his Co-
Founder Dr. Reema, embarked on
a journey to address the changing
societal norms and the need for
organized geriatric care. Their
brainchild, KITES Senior Care, was
established with a compelling
mission to become the most
trusted ‘out of hospital’ geriatric
care partner for the elderly and
their families.
At the heart of KITES Senior Care
lies a comprehensive range of
58 August 2023
specialized services, catering to the
unique needs of seniors. From post-
hospitalization rehabilitation care to
palliative care and dementia care,
KITES ensures that elders receive
compassionate and expert support,
both at their state-of-the-art care
facilities and within the comfort of
their own homes. Their dedication
and commitment have touched the
lives of over 5,300 elders to date,
leaving an indelible impact on the
geriatric care landscape.
Central to the success of KITES
Senior Care is the strong and
cohesive team fostered by Raj and
Dr. Reema. Emphasizing a culture
of collaboration, empathy, and
innovation, Raj proudly celebrates
a workforce predominantly
comprised of women, recognizing
their immense contribution to the
organization’s growth and success.
Rajagopal’s visionary leadership
and KITES Senior Care’s excellence
garnered accolades, including Top
10 Impact Startup and Best Out of
Hospital Care Provider.
Fueling the growth and vision
of Raj and KITES Senior Care, the
support and investment from Dr.
Ranjan Pai’s MEMG Family office
have been instrumental. This
partnership has injected a new
surge of passion and determination
into KITES, propelling them to reach
even greater heights.
As India’s elderly population
continues to grow, Rajagopal and
KITES Senior Care remain steadfast
in their commitment to provide
top-notch ‘out of hospital’ geriatric
care. Their relentless pursuit
of excellence and unwavering
dedication to enhancing the lives
of the elderly set an extraordinary
example for the entire industry.
Rajagopal G stands as a true
visionary leader, reshaping the
geriatric care sector in India, one
compassionate step at a time.
With KITES Senior Care leading the
way, the future of elder care in the
country looks brighter than ever. As
they continue to make a profound
impact on the lives of seniors and
their families, the industry eagerly
watches the transformative journey
of this remarkable leader and his
organization.

Empowering Education: Ms.
Monica Malhotra Kandhari’s
Unstoppable Leadership in
the Publishing Industry
Visionary Entrepreneur, Mrs. Monica Malhotra
Kandhari, Revolutionizing the Publishing Industry
I
n the dynamic world of
publishing, one name stands
out as a beacon of unwavering
leadership – Ms. Monica Malhotra
Kandhari, the Managing Director of
MBD Group. From a young age of 16,
she embarked on an extraordinary
journey that has led to her becoming
a prominent figure in promoting
education both nationally and
internationally.
Ms. Kandhari’s path to success
began with a profound dedication to
learning, starting from the grassroots
and acquiring invaluable expertise in
the publishing industry. Her creativity
and passion for education gave birth
to award-winning books, while her
keen business acumen, inherited
from her father, fueled MBD Group’s
remarkable success.
Under Ms. Kandhari’s visionary
guidance, MBD Group expanded its
reach globally, establishing offices
in Cape Town and Sri Lanka, earning
recognition and forging strategic
collaborations worldwide.
Ms. Monica Malhotra Kandhari
excels in publishing, academia, and
leadership. Senate member at Guru
Nanak Dev University, VP-North at
Federation of Indian Publishers, and
co-chair at CII and FICCI. Launched
AASOKA app for revolutionary online
learning.
Ms. Kandhari’s philanthropy focuses
on education, donating books,
notebooks, and conducting teacher
training, impacting lives across India,
Sri Lanka, and South Africa. She
advocates for girls’ education too.
AASOKA which is an innovative
learning solution, stands as a
testament to Ms. Kandhari’s
dedication to transforming
education. Leveraging the success
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Monica Malhotra
Kandhari
MD of MBD Group
of MBD Group in publishing, the
app harnesses crucial feedback
and analytics to offer personalized
education powered by AI. Under
her visionary guidance, AASOKA has
already left a profound impact on
countless lives, shaping the future
of publishing and education in
remarkable ways.
Throughout her illustrious
career, Ms. Kandhari has garnered
recognition and accolades. Awards
such as “Excellence in Contribution
to the Education Sector,”“Times
Power Icon for Contribution to
Education,” and the “Extraordinaire”
award from Brand Vision Summit
have acknowledged her significant
contributions. The Federation of
Indian Publishers has also celebrated
her and MBD Group with numerous
prizes for Excellence in Book
Production. Her profound insights
on education, venture capital, and
leadership have earned her invitations
to speak at prominent forums and
summits organized by FICCI, Business
World, and India Today.
Driven by a broad vision,
Ms. Monica Malhotra Kandhari
empowers through MBD Group,
leaving an indelible impact on
India’s skills mission. Her remarkable
leadership in the publishing industry
and unwavering commitment to
education will continue to inspire
generations to come.
August 2023 59
 OWERFUL
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Mr Jijy Mathew
CEO and MD,
Maxvita Foods (India) Pvt. Ltd
Maxvita Foods: Pioneering the Path of
Excellence in Marketing and Quality
Discovering the Ascendancy of Maxvita Foods: A Saga of Triumph
I
n the dynamic world of food
processing, Maxvita Foods (India)
Pvt. Ltd., founded in 2011 by the
visionary entrepreneur Jijy Mathew,
has rapidly emerged as a prominent
player, tantalizing taste buds and
earning affection with its delightful
array of snacks. Starting humbly in
South India, the company has reached
astonishing heights, flourishing even
amidst adversities. Let us embark on
their inspiring journey and uncover
the secrets behind their unwavering
dedication to maintaining top-notch
quality.
Earning Consumer Trust and
Acclaim: The Power of Maxvita’s
Marketing Strategies
The resounding success of Maxvita
Foods owes much to its shrewd
marketing approach. The company
has invested in crafting a reputable
brand identity through consistent
communication and transparent
business practices. By placing
consumers at the heart of their
operations, Maxvita has won the
unwavering loyalty of customers who
swear by the exceptional taste and
60 August 2023
quality of their snacks.
Maxvita capitalized on accolades
and recognition to bolster its market
presence further. Being honored as
one of the “Top 10 Food Processing
Companies in India in 2023” by The
Industry Outlook, acknowledged as one
of the “20 Most Trustworthy Companies
to Watch in 2023” by Prime Insights,
“Trusted Brands and Leaders” by Fortune
India – Exchange and receiving the
prestigious “Mysuru Business Award”
from Asianet Suvarna News have all
contributed to elevating the brand’s
reputation, a true testament to their
unwavering commitment to excellence.
The Pillar of Maxvita’s Triumph:
Unyielding Dedication to Quality, On
time delivery, and well researched
SKU’s.
At the heart of Maxvita Foods’
remarkable success lies an unyielding
dedication to maintaining the highest
quality standards. Right from its
inception, the company has invested
in its human capital, bringing together
experienced professionals and fresh
talent in perfect harmony. This fusion of
expertise and innovation has enabled
them to continually develop top-of-the-
line products that captivate consumers.
Adhering to stringent quality
measures, with state-of-the-art
machinery and dependable raw
materials, Maxvita ensures efficient
supply chain management, timely
deliveries, and utmost customer
satisfaction. Their devoted R&D team
consistently churns out innovations,
ensuring that the brand remains
dynamic and relevant to diverse
consumer preferences.
Aiming for Exponential Growth:
Maxvita’s Ambitious Targets
Maxvita Foods sets its sights on
remarkable growth, with a goal
of achieving a minimum revenue
of 150 Crore by 2026. Guided by a
visionary approach, the company
plans to establish a new cutting-
edge manufacturing facility to drive
further expansion towards their 250
Crore benchmark by FY 2028. Under
the astute leadership of Jijy Mathew,
Maxvita Foods continues to dominate
South India’s snack market, fueled by
exceptional marketing strategies and an
unwavering commitment to quality.

Creating a
Positive Change:
The Marching
Sheep Story of
Empathy and
Inclusion
Sonica Aron, Founder, Marching Sheep
Pioneering Empathy and Inclusion: The Marching Sheep Journey
M
arching Sheep, a
prominent consulting
firm, has emerged as
a frontrunner in prioritizing a
people-first approach and fostering
an inclusive and diverse work
environment. Led by the visionary
Ms. Sonica Aron, the organization
has demonstrated its commitment
to corporate social responsibility
(CSR) while making a lasting impact
on society.
Marching Sheep is a staunch
advocate for fostering diverse,
inclusive, and psychologically
supportive work environments,
recognizing that this not only
upholds moral principles but
also enhances productivity. The
company specializes in providing
extensive diversity, equity, and
inclusion solutions, drawing upon
their profound grasp of cultural
intricacies and social dynamics in
various regions. Their initiatives
include proactive support for the
rights of the LGBTQIA++ community
and promoting sensitivity within the
workplace.
Marching Sheep’s initiatives, such
as Inclusion Diagnostics, Women@
Work, and Unleash the Power of
Inclusion, have gained industry-
wide recognition. They foster
inclusive workplaces, diversity,
and employee engagement,
leading to enhanced creativity and
productivity. Leadership coaching
for women has also been impactful.
Marching Sheep collaborates
closely with client companies,
helping them craft robust diversity
charters, strategies, and actionable
plans. With a team of experienced
HR professionals, they ensure
effective implementation and
support throughout the process.
Their commitment to building trust
and lasting partnerships has led
to impactful long-term success for
both Marching Sheep and its clients.
Ms. Sonica Aron, the driving force
behind Marching Sheep, has played
a pivotal role in the firm’s success.
With a solid background in human
resources and leadership coaching,
Sonica founded the company in
2013 with a mission to enhance
people’s lives and careers while
fostering equality and respect for
all. Her extensive experience and
expertise in understanding the
challenges faced by marginalized
groups have been instrumental in
shaping Marching Sheep’s tailored
solutions.
OWERFUL
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Under Sonica’s leadership,
Marching Sheep has experienced
remarkable growth and
collaborated with esteemed
organizations. The firm’s
exceptional work during the Covid
pandemic earned recognition,
including being listed as one of
the Top 25 HR Consulting Firms
by Business Connect and one of
the Top 30 in India by UN Women.
Sonica’s advocacy for mental
wellness, employee satisfaction,
and inclusion, coupled with her
insightful perspectives on various
topics, has solidified her reputation
as a respected thought leader in
the field.
Marching Sheep, led by Ms.
Sonica Aron, continues to make
substantial contributions to driving
diversity and fostering inclusive
cultures within organizations. With
their comprehensive solutions
and experienced HR professionals,
the firm stands out as a trusted
partner for companies committed
to creating equitable work
environments. Marching Sheep’s
focus on CSR activities and their
lasting impact on society further
establish them as a true leader in
the realm of diversity and inclusion.
August 2023 61
 OWERFUL
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I
n the rapidly evolving landscape
of the Indian financial industry,
one man stands out as a
beacon of expertise and guidance,
transforming the way individuals
perceive and manage their
finances. Meet Mr. Ojha, a Patna-
based Financial Advisor, Tax expert,
Certified Retirement Advisor,
CPFA, and Wealth Manager. With
an impressive track record in the
banking sector, having worked
with prestigious institutions like
Axis Bank and HDFC Bank, Mr. Ojha
is spearheading a revolutionary
movement in personal finance.
For years, the average investor in
India has struggled to keep up with
economic growth and make the
most of their hard-earned money.
Despite a high savings rate and
traditional investment options like
real estate and gold, many have
navigated their financial journey
haphazardly, lacking a structured
approach to financial planning. But
with Mr. Ojha’s guidance, the tides
are turning.
In an industry often fraught with
complex jargon and rapid changes,
Mr. Ojha’s firm, Fincun, emerges as
a guiding light. Having successfully
collaborated with over 2000 families
62 August 2023
Mr. Ojha:
Revolutionizing
and Streamlining
the Financial
Industry as a
Powerful Leader
Empowering Individuals,
Transforming Finances: The
Fincun Approach
Bikesh Ojha, Founder of Fincun Pvt. Ltd.
nationwide, Fincun is dedicated
to providing the best advice and
tailored solutions for each client.
No matter the investment amount,
Fincun places utmost importance on
the client’s financial wellbeing.
As economic uncertainties
loom, Mr. Ojha realizes the need
to maintain financial lifestyles
while adding value to hard-earned
wealth. He understands that
the world of finance is dynamic,
with conventional norms giving
way to new rules and guidelines
regularly. Amidst this ever-changing
landscape, investors often find it
arduous to keep pace with ongoing
developments.
Mr. Ojha’s approach is simple: Be
Proactive, Stay Updated, and Remain
Adaptive. He empowers clients
with the knowledge they need to
make informed decisions in a rapidly
evolving financial world. Through
personalized interactions, he learns
about each client’s aspirations and
financial goals, creating a strong
foundation for their success.
At Fincun, clients are not just
another number. Instead, they
receive institutional-quality
management delivered on a
completely personal level. Mr. Ojha
believes that understanding a client’s
unique circumstances is the key to
providing the best financial solutions.
Rather than making assumptions,
he invests time and effort in
comprehending individual needs
and tailoring strategies accordingly.
With a rich history of 12 years in
the industry and a strong foundation
laid during his graduation from
Delhi University and schooling
at DAV Public School, Barora, Mr.
Ojha is poised to revolutionize the
personal finance landscape in India.
His expertise in Equity Research,
Portfolio Management, Business
Relationship Management, NRI
Banking, and Branch Banking is
unparalleled, positioning him as a
powerful leader in the industry.
Mr. Ojha’s Fincun envisions
empowering every Indian with
sound financial decisions, fostering
growth. Their team inspires trust,
guiding clients towards a brighter
financial future. As a trailblazer, Mr.
Ojha transforms personal finance,
making prosperity accessible to all.
Fincun leads the revolution, shaping
streamlined financial success in India’s
quest for economic rejuvenation.
Email on: bikesh@fincun.in

Dr. Parjeet Kaur:
Empowering Women’s
Health and Advancing
Endocrinology
A Trailblazer in Endocrinology and
Women’s Health Advocacy
D
r. Parjeet Kaur is a name
synonymous with excellence
in the field of endocrinology
and a strong advocate for women’s
health. As the Associate Director
of Endocrinology and Diabetes at
Medanta The Medicity hospital in
Gurugram, her contributions have
significantly impacted both her
patients and the medical community.
Dr. Kaur’s journey to success began
with her exceptional education
at the renowned Maulana Azad
Medical College, New Delhi, where
she completed her MBBS. Her thirst
for knowledge and passion for
endocrinology led her to AIIMS New
Delhi, where she obtained her MD in
internal medicine and later her DM
in endocrinology. Armed with this
impressive educational background,
she joined Medanta hospital, where
she continues to excel and make a
lasting impact.
In the realm of endocrinology, Dr.
Parjeet Kaur is a recognized expert,
boasting several research publications
in the field. Her dedication and
commitment to advancing medical
knowledge have earned her
prestigious awards, including the
AV Gandhi award for excellence in
Endocrinology and the Golden Aim
Women Healthcare Leader award.
Beyond her professional
achievements, Dr. Kaur is a fierce
OWERFUL
ERFORMERS
Dr. Parjeet Kaur
MD (AIIMS) DM (AIIMS), FACE,
Associate Director Division of
Endocrinology and Diabetes
Medanta Medicity, Gurgaon
(Delhi/NCR)
advocate for women’s health. She
believes in addressing the unique
challenges faced by women in
healthcare, aiming to bridge the
gender disparities prevalent in clinical
and epidemiological studies. Her
vision includes the establishment of
a dedicated women’s endocrinology
center at Medanta, focused on raising
awareness about hormonal disorders
and promoting women’s health.
Dr. Kaur’s journey to success has not
been without its share of challenges.
As a mother, she experienced firsthand
the struggles faced by women during
motherhood and parenting. Despite
these obstacles, she managed to strike
a perfect balance between her career
and family responsibilities, setting
an example for others facing similar
challenges.
In addition to her medical
endeavors, Dr. Parjeet Kaur discovered
her love for running five years ago,
which has become an integral part of
her life. Regularly engaging in running
and weight training, she prioritizes
her physical and mental well-being.
This personal commitment to fitness
allows her to better connect with
her patients, inspiring them to adopt
healthy lifestyles.
Derived from her father’s teachings,
Dr. Kaur wholeheartedly embraces
self-discipline as she strives to realize
her vision of a healthier and more
inclusive healthcare system, diligently
pursuing specific daily goals.
Dr. Parjeet Kaur’s inspiring
message to women: prioritize health
and happiness through exercise,
balanced diet, and rest. An excellent
endocrinologist and champion for
women’s health, her remarkable
achievements and commitment
to well-being inspire peers and
patients. Her unwavering dedication
to improving women’s health and
advocating for gender equity in
healthcare is commendable.
August 2023 63
 OWERFUL
ERFORMERS

Dr. Udayraj Mishra:

A Visionary and
Powerful Leader in
the Health Industry
7UDQVIRUPDWLYH/HDGHUVKLS5HGHͤQLQJ
Health Industry: Dr. Udayraj Mishra’s
,QVSLULQJ&RPPLWPHQWWR([FHOOHQFH
DW$PDU$TXDWLF

Dr. Udayraj Mishra, Director

$PDU$TXDWLF$XQLWRI$PDU3RO\ͤOV3YW/WG
I
n the competitive world of
health and beauty markets,
there are few leaders who
stand out as true torchbearers,
and Dr. Udayraj Mishra, the
dynamic business leader at Amar
Aquatic, is undoubtedly one
of them. With over 35 years of
experience in various sectors, Dr.
Mishra has established himself
as an inspirational force, setting
new benchmarks for quality and
services in the industry.
Amar Aquatic, a brand possessed
by the Amar Group, has garnered
exceptional recognition in
the international market as a
producer and exporter of Fish
Collagen and Fish Gelatin. Thanks
to revolutionary strategies,
imported technology, and a highly
experienced team, the company
has received numerous accolades
and feathers in its cap. Driven by
Dr. Mishra’s passionate leadership
and vision, the brand has become
synonymous with trust and
excellence in the health sector.
At the heart of Amar Aquatic’s
success lies a commitment to
detail and customization, a
strength that sets them apart from
64 August 2023
their competitors. The company’s
market-oriented research and
development have become its
unique selling proposition, and
it has earned major approvals,
certifications, and quality and
viability tests for its products.
One of the company’s flagship
offerings, Fish Collagen, has
become a best-seller and
earned a reputation as a super-
food and brain food enriched
with pure protein. It is now a
popular ingredient in beverages,
confectionery, health drinks,
weight loss products, and many
other items. Collagen’s diverse
applications include maintaining a
youthful appearance, aiding post-
surgery wound healing, boosting
stamina, and relieving inflammatory
pain in bone joints. It has even
found its way into products that
delay the aging process and
stimulate renewal and repair of
damaged skin, nails, and hair cells.
Dr. Mishra’s mentorship,
combined with the visionary
leadership of Mr. Ram Babulal
Panjari, the owner of Amar
Aquatic, has been instrumental
in the company’s expansion and
diversification. Their focus on
uncompromising quality, ethical
business practices, and customer
loyalty has earned them a rock-
solid reputation globally.
Under the umbrella of Diamond
Brand, Amar Aquatic serves society
by providing Fish Collagen Powder,
Fish Collagen Granulated version,
and Fish Gelatin extracted from
fish scales. These products have
become hot commodities for
manufacturers in pharmaceuticals,
supplements, and beauty products
due to their high quality and
effectiveness.
Amar Aquatic’s monopoly in the
targeted market is a testament
to the high demand for its
products as raw materials both
domestically and internationally.
The brand has a strong foothold
in countries like South Korea,
Thailand, Japan, Australia, and EU
countries, showcasing Dr. Mishra’s
capability as a leader who can drive
international growth.
Dr. Udayraj Mishra transformed
Amar Aquatic, setting exceptional
health industry standards, inspiring
market excellence with expertise
and customer focus.

Dr. Pramod Kumar
an internationally acclaimed
Management Expert and Educator
T
he International School
of Business and Media
(ISB&M) is the Best Media
B-School with a successful alumni
network and a AICTE approved
full fledged media program that
focusses on media competence,
modern perspectives, and career
development that builds upon the
23-year legacy of excellence.
ISB&M is led by Dr. Pramod
Kumar, an accomplished
management expert and educator,
who has previously worked at
top institutions like XLRI, IIM-
Ahmedabad, and Symbiosis.
The faculty is made up of highly
qualified graduates from top
institutes like IIMs, XLRI, FMS, and
SP Jain. With campuses in Pune,
Kolkata, and Bangalore, ISB&M has
a strong reputation in the field of
management education and has
established itself as a preferred
choice for top industry recruiters.
ISB&M PGDM communication
and media management program
offers a 2 years’ full time dynamic
Career – Oriented PGDM media
program approved by AICTE with
course specialisations:
t
Digital Branding
t
Social Media Marketing &
ISB&M: Where Excellence
Meets Opportunity
Management
t
Influencer Skill & Marketing
t
Media Analytics
t
TV Production & Creative Writing
t
Advertising & Media Planning
t
Public Relations & Corporate
communication
t
Technology Celebrity and Luxury
Branding
Past recruiters:
Mullen Lowe Lintas, Ogilvy &
Mather, Group M, Edelman India,
Genesis BCW, Aajtak, Perfect
Relations, Network 18, ESPN Star
Sports, SONY India, Star News,
Times Now, SAB TV, Disney+
Hotstar, Balaji Telefilms, Miditech,
Yashraj Films, Radio FM & more
Be amongst the best:
ISB&M Alumni share 90 % in world’s
top 20 most preferred employer
by world’s best MBA working with
companies like Google, Apple,
Ernst & Young, Goldman Sachs,
PwC, Deloitte, Microsoft, KPMG,
ALUMNI SPARK
Abhishek Bhatt Chanda Singh
(2003-05) (2001-02)
Senior Director CEO
Brand Marketing XP&D
CNBC Mumbai
New York City
For more information
Contact Mobile: 7757029571 | Website: www.isbm.ac.in
OWERFUL
ERFORMERS
L’Oréal, Amazon, Adidas, Procter
& Gamble, BMW Group, Nike,
Bain & Co, Mckinsey & Company,
JP Morgan, Boston Consulting
Group, Morgan Stanley, Coca –
Cola, Unilever, all across the Globe
in Leadership Role - Over 9500
Alumini are working with top
Indian & MNCs in senior positions
like Director- HR, Sr. Vice President,
Vice President, Director- Marketing
across the world.
Key Strengths:
t
Among top2% B –School in India
in terms of Education & Career
Building
t
Pune ‘s 2nd Most Preferred
B-School
t
Highly Qualified & Accomplished
Leadership & Faculty from IIMs,
IITs, XLRI SP Jain, XIM, GIM, TISS,
NITTIE etc.
t
10000+ Alumni all across the
globe
t
Global benchmark, talent and
attitude driven
Fariya Farooqui
(2011-13)
Lead - Ad Operations
Disney+ Hotstar
Mumbai
August 2023 65
 OWERFUL
ERFORMERS
Dr. Shalini
Malhotra:
5HGHͤQLQJ
excellence
in Hair
Restoration
Breaking Barriers,
One Hair at a Time
Dr. Shalini Malhotra
Hair Transplant Surgeon &
Consultant Dermatologist
D
r. Shalini Malhotra, a
distinguished hair restoration
surgeon and an accomplished
dermatologist, has left an indelible mark
in the field of hair transplantation. Her
journey of excellence began 10 years
back when after obtaining her post-
graduate degree in Dermatology from
Safdarjung Hospital and Vardhman
Mahavir Medical College, New Delhi,
she got trained in an extremely refined
technique of Hair Transplant by the
renowned DHI (Direct Hair Implant)
academy in Greece. She later served as
their Master Surgeon for over four years.
Dr. Malhotra’s quest for excellence
led her to obtain the coveted American
Board of Hair Restoration Surgery
(ABHRS) certification in Chicago, USA,
a distinction held by only a select few
in India. Breaking barriers, she became
the first Indian to be elected to the
Board of Directors of ABHRS, solidifying
her position as a respected authority in
the field. In this capacity, she examines
candidates aspiring for ABHRS
certification from around the world.
ABHRS is the only valid certification
for hair transplant surgeons globally
which is recognized by the ISHRS (
International Society of Hair Restoration
Surgeons ).
With over 4000 successful surgeries
to her credit, Dr. Malhotra is celebrated
as a powerful performer in hair
restoration. She specializes in the
66 August 2023
“Advanced FUE technique,” utilizing
patented instruments for one-time use,
ensuring safety and exceptional results.
The beauty of this technique is that the
patient doesn’t need to shave his or
her hair off before surgery ( Unshaven
hair transplant ). The procedure is done
under local anesthesia wherein patient
does not feel pain throughout the
procedure. Implantation is done using
implanters and there is no bleeding
associated with the procedure. Patient
is discharged on the same day and
can resume his daily activities from the
next day. Whole surgery takes 5 to 6
hours and full results are visible in 6 to
9 months. Unlike many practitioners,
Dr. Malhotra personally performs every
surgery, ensuring unparalleled care and
attention for her diverse patient base,
including prominent figures from India
and abroad.
Acknowledged for her pioneering
contributions, Dr. Malhotra has received
numerous awards, including the “Best
Young Dermatologist Award” from the
Indian Association of Dermatologists,
Venereologists & Leprologists in 2009
by the Delhi state Dermatology Society
in their annual cuticon conference.
Additionally, she holds the distinction
of being the first Indian appointed
to the Board of Directors of The
American Board of Hair Restoration
Surgery, cementing her reputation as a
trailblazer.
As a renowned speaker and expert,
Dr. Malhotra has been invited to
prestigious conferences and summits
worldwide. She presented a paper on
“Unshaven Hair Transplant” at the IMCAS
Annual World Congress and shared
her insights on hair transplantation in
women at various conferences, such
as ISHRS Global summit and DAAS
SUMMIT.
Her research contributions
have been published in esteemed
scientific journals. She is the first
author in standard textbooks of hair
transplantation further establishing
her as a thought leader in the hair
restoration domain.
Dr. Shalini Malhotra’s exceptional
journey at a young age continues
to inspire future generations of
dermatologists and hair restoration
surgeons. Her patient-centric approach
and commitment to pushing the
boundaries of hair transplantation
have earned her the well-deserved
recognition as a powerful performer
and a path breaker in the field. With
a tireless pursuit of excellence, she
stands as a beacon of hope for those
seeking transformative hair restoration
solutions.
Contact no: +91 97736 56163
Follow on: https://instagram.com/sha
linimalhotradr?igshid=MjEwN2IyYWY
wYw==

D
r. Minnie Bodhanwala,
the CEO of Wadia
Hospitals, is a woman
of extraordinary substance,
setting the standard for success
in healthcare entrepreneurship.
With exposure, experience, and
expertise as her building blocks,
it is her addition of empathy that
truly sets her apart as a powerful
performer. Her journey has become
an inspiration to professionals
and ordinary individuals alike,
as she embraces her role as CEO
at Wadia Hospitals while also
serving as a board member and
trustee of various companies and
philanthropic organizations within
the esteemed Wadia Group – a
business conglomerate with a
legacy stretching back to the pre-
independence era. Dr. Minnie, a
dental surgeon with a Midas touch,
has achieved mind-boggling feats
few can rival!
Beyond her accomplishments, Dr.
Minnie’s winsome smile exudes an
irresistible aura that brings calm to
The Empathetic
Powerhouse
Milestones in Healthcare
Entrepreneurship:
Dr. Minnie Bodhanwala,
CEO of Wadia Hospitals
even the most hassled individuals.
Her humility is a testament to
decades of struggle in an intensely
competitive world. As a woman,
she sought no concessions, relying
instead on her unyielding passion
for excellence to conquer every
endeavor she embarks on. This
remarkable trait has enabled her
to shoulder multiple leadership
responsibilities and transform any
venture into a resounding success.
Dr. Minnie embodies the
perfect blend of medical expertise
and entrepreneurial acumen,
breaking gender barriers with
her philanthropic initiatives.
She showcased her exceptional
healthcare management skills
during her tenure as a coordinator
surgeon, setting up the First
Dental Unit on the Lifeline Express,
providing care to remote and
underserved areas.
Her unwavering commitment to
excellence and her role as a hard
taskmaster have elevated hospital
administration and healthcare
OWERFUL
ERFORMERS
Setting Iconic
service delivery at Wadia Hospitals.
Dr. Minnie’s expertise in medicine
and business strategies, evident
during the Covid pandemic, has
garnered admiration from patients
and staff, inspiring dedication to
healthcare as a service to humanity.
Under her leadership, Wadia
Hospitals are known for accessible,
compassionate healthcare, offering
specialized centers for various
medical conditions like Clubfoot,
Cancer, and HIV. Her impactful
initiatives, including ‘The Little
Hearts Marathon,’ positively impact
thousands of lives yearly.
Dr. Minnie, a healthcare pioneer,
holds over 100 national and
international awards, including
the prestigious Harvard T. H.
Chan School of Public Health’s
Certificate for Women on Boards.
Renowned as a top 25 Living
Legend of Healthcare, she utilizes
her expertise as a Six Sigma
Master Black Belt Expert to drive
revenue-focused projects and
crisis management. Her advisory
roles for Impact India Foundation
and the Modern Education Society
demonstrate her dedication to
social welfare and education.
Dr. Minnie Bodhanwala’s inspiring
journey showcases empathy,
resilience, and determination in
revolutionizing healthcare, leaving
an indelible mark on countless lives.
She stands as a true healthcare
entrepreneur.
August 2023 67
 OWERFUL
ERFORMERS

MWB Groups: Beacon of Excellence and Innovations

In South India’s Pulses and Foodgrains Market
Tech Driven Food Processing Industries to Software Driven than 1 lakh farmers, solidifying their
Retail Business – Proudly the “Pulses People of South India”. position as the ‘Pulses People of South
India.’ The establishment of one of

I
n the ever-evolving world of business,
one name stands out as a true
visionary leader - Mukesh Bafna -
Director of Mutha Wagmal Bhuraji (MWB)
Group. With a history dating back to 1971
when it was just a humble retail store,
MWB Group has emerged as the epitome
of success and innovation, now heralded
as the most diversified business group
in South India. Under the sagacious
guidance of 2nd and 3rd Generations
of Bafna Family, MWB Group has
transformed into a one-stop solution for
“All Your Kitchen Needs,” captivating the
hearts and homes of countless families
across Karnataka, Kerala, Tamil Nadu, and
Goa.
FIn the ever-evolving world of
business, one name stands out as a true
visionary leader - Mukesh Bafna - Director
of Mutha Wagmal Bhuraji (MWB) Group.
With a history dating back to 1971 when
it was just a humble retail store, MWB
Group has emerged as the epitome of
success and innovation, now heralded
as the most diversified business group
in South India. Under the sagacious
guidance of 2nd and 3rd Generations
of Bafna Family, MWB Group has
transformed into a one-stop solution for
“All Your Kitchen Needs,” captivating the
hearts and homes of countless families
across Karnataka, Kerala, Tamil Nadu, and
Goa.
From its modest beginnings with a
trifling annual turnover of Rs. 10,000 and
a handful of employees, MWB Group
has metamorphosed into an industry
powerhouse, boasting an impressive
turnover of over Rs. 1500 Cr and a
workforce of 750+. Mukesh Bafna’s and
Family Members, strategic prowess
and unwavering commitment to serve
society have been the driving force
behind this phenomenal success story.
MWB Group’s Success is driven by their
adaptive mission, scientific planning,
and diverse product range, benefiting
countless families.
Under able leadership of Bafna
Brothers, MWB Group has mastered
the art of fostering strong relationships
with its customers and suppliers. The
group directly engages with more
South India’s largest technology-driven
dal mills and packing units with a
staggering production capacity of
300+ tons exemplifies their unwavering
commitment to excellence.
Mukesh Bafna envisions Technology
and Wellness as MWB Group’s
transformative drivers. They diversified
into software development and opened
up Karnataka’s First Patanjali Wellness
center, promoting wellbeing and
embracing technological advancement.
MWB Groups, CSR commitment shines
through MWB Tech’s Kalpavriksha Business
App, empowering North Karnataka’s
business community. With more than
10,000 registered users, it will expand
nationally from August 15, solidifying
MWB Group’s reputation as a change-
maker. Bafna’s visionary leadership propels
the conglomerate’s success, leaving a
lasting impact on South India’s business
landscape and beyond.
Mukesh Bafna , Director MWB Groups
www.mwbgroups.com

68 August 2023

Adietya K Chopra,
Founder & CEO, AKC Capital
Private Limited
B
e it in your educational
sphere, career or personal
life, balance is imperative to
a well-rounded lifestyle. Similarly, a
balanced portfolio is imperative to
an optimal investment journey and
this balance can be attained through
effective diversification. Let us consider
how alternate investments, which
fall beyond the purview of traditional
ones like listed equity and vanilla fixed
income, can play a leading role in
bolstering your portfolio.
Understanding Alternate
Investments
In simple terms, alternate investments
are all investments which do not
adhere to the traditional categories
of bonds, stocks, mutual funds, and
cash. These include a variety of asset
classes such as hedge funds, private
equity, real estate, private debt, and
commodities among other emerging
segments. While hedge funds are
entities which pool capital from a
group of individuals with similar
investing interests, in an attempt to
enhance risk-adjusted returns through
diversified investments across multiple
assets, private equity focuses on
investments in private companies, by
way of growth equity venture capital
and buyouts. Real estate investments
revolve around parking capital in retail,
commercial, and residential properties
in an individual or group capacity, and
debt investment focuses on financing
the debt of unlisted companies. Then
you have the commodities category,
Alternate Investments–
An optimal way to
bolster your Portfolio
wherein you can invest in a variety of
commodities including gold, silver, oil,
etc., based on your investor profile and
return requirements.
Why should you invest in
Alternates?
So, why should you look beyond
traditional asset classes like mutual
funds, stocks, and fixed income when
they are exhibiting robust growth and
offer easy channels for investment?
Here are some of the major reasons
why alternate investments have
the power to bolster your portfolio
optimally.
t
*NQSPWFE
SJTLBEKVTUFE
SFUVSOT

Historically, alternate investments
have indicated a higher ability to
offer enhanced risk-adjusted returns.
This can be attributed to the fact that
such assets have lower accessibility
to traditional forms of raising capital
and thereby, are willing to pay higher
interest/returns than listed securities.
Choosing a fundamentally strong
company/ asset class can, therefore,
ensure improved risk-adjusted
returns compared to traditional
assets.
t
0QUJNBM
EJWFSTJöDBUJPO
One of
the first investment lessons taught
to us revolves around the practice
of diversification. Given the low
correlation between alternate
investments and traditional assets,
investments in the former can help
you foster a more comprehensive
portfolio capable of withstanding
greater risk and offering potentially
higher returns. As is often said, it is
wise to avoid putting all your eggs in
one basket.
t
-FWFSBHJOH
TQFDJöD
NBSLFU

DPOEJUJPOT Since time immemorial,
the markets have indicated a
propensity for uncertainty. Even
as equities may be surging on a
particular day, there is no guarantee
that the bull run will continue into
the next session or the next week.
In such volatile scenarios, certain
alternate investments such as
commodities and real estate may
offer better returns, thus making
them essential to your portfolio.
t
)FEHF
BHBJOTU
JOøBUJPO
Over
the years, alternate investment
categories such as gold, silver and
real estate have acted as excellent
hedges against the inexorable
climb of inflation. This is because
these assets grow in value, in line
with or above inflation, owing to
their limited nature, making them
attractive in the practice of inflation
hedging.
Factors to consider before
investing
Undoubtedly, alternate investments
are an excellent means to bolster
your portfolio but before you take the
plunge, there are a few factors you
should keep in mind. Firstly, make
sure that the features of the alternate
asset class are aligned with your time
horizon and liquidity, considering the
fact that many alternate investments
have a longer time horizon and are less
liquid when compared with traditional
assets. Therefore, it would not be
advisable to invest your emergency
funds or the capital you have saved for
a short-term purchase in alternates.
Secondly, even within alternates,
remember to diversify in line with your
risk appetite and return requirements,
to ensure optimal outcomes. If you
have a low risk appetite, hedge funds
may not be the right option for you.
Finally, always assess all the potential
risks and threats associated with
alternate investments since these
are less transparent than traditional
assets and have fewer regulatory
requirements in terms of disclosures.
Only invest in alternates after extensive
research and upon the advice of
experienced wealth managers.
Now that you have a strong grasp
on the various facets of alternate
investments, do you think this is the
right asset class for your requirements?
 COVER STORY

The original
Hamdard
Dawakhana
1 Hamdard Est. 1906
in Lal Kuan
in old Delhi
Photo: Hamdard Archives

1964 1969
1972
1906 2015

The group ventures into Realising the scattered and

Hakeem Hafiz education and other social
Abdul Majeed interventions through the
establishes a Hamdard National Foundation
small Unani under Hakeem Abdul Hameed’s
clinic in Delhi leadership. His son Hammad
Ahmed manages the affairs of the
organisation as chairman now
undocumented nature of Unani Hamdard
preparations, Hamdard catalogues College of
them after years of research in Pharmacy
Hamdard Pharmacopoeia of Eastern is set up
Medicine, in which the Hamdard
founder’s two sons living in the Hamdard’s
neighbouring countries contribute turnover crosses
Rs 500 crore

Hamdard Ghalib All India Unani

Education Society Tibbi Conference Business and
Academy Employment Bureau
Jamia Hamdard
(Hamdard University) Hamdard College
of Pharmacy
Major Institutions under
Hamdard National Foundation

70 August 2023 /
 INDIA'S TOP CENTURIONS

Known for its university and iconic flavoured drink Rooh Afza, the
Hamdard Group started out as a Unani clinic in old Delhi in 1906.
Haleem Hafiz Abdul Majeed, the founder of the group patented
several medicine formulations in his short career, spanning just 16
years. Today, with a turnover of Rs 500 crore, the group is spread
across education, pharmacy and FMCG sectors under a non-profit
model of business, which is dedicated to keeping the legacy of its
founder alive.

Key People

+DNHHP+DǓ]Abdul Majeed Hakeem Abdul Hameed

1883–1922 Founder 1908–1999

Hamdard’s founder was a renowned Unani
medicine practitioner and pharmacist in
Delhi in undivided India. The biographers
close to the Hamdard Group attribute
Majeed’s belief to popularise Unani system
of medicines and taking it out of the
closed network of hakeems as the impulse
behind starting Hamdard Dawakhana.
By and large, he succeeded in taking the
medicine system beyond its loyal patients
through moderate pricing and ease of
access. Hamdard largely dispensed classical
formulations but soon started innovating
with formulations.
He was barely 14 when his illustrious father
passed away in 1922, bequeathing the promise
of a healthcare business group to him. Hameed
stood up to the task, even when the country
was passing through tumultous times. He
stayed put in the newly independent India
when a part of his family, including his
younger brother, moved to Pakistan. Hamdard
under Hameed’s leadership grew steadily,
adding proprietary medicines, clinics, herbal
consumer products and a large supply chain
in South Asia. Hamdard became a trust under
his watch. He was awarded Padma Shri and
Padma Bhushan for his services to society.

CURRENT LEADERSHIP

Abdul Majeed Asad Mueed

Grandson of Hakeem Abdul Hameed Grandson of Hakeem Abdul Hameed
Chairman and Managing Trustee Executive Trustee

¬ All maps not to scale / August 2023 71

 COVER STORY

2 Tata Steel Est. 1907

Starting out as Tata Iron and Steel Company, popularly known
by its acronym TISCO, Tata Steel now has a market capitalisation
of over Rs 1.4 trillion. It was conceptualised by Jamsetji Tata and
established by his son Dorabji after his death. It came to be seen
as a building block of Nehruvian India. The first block of steel
rolled out of the company’s Jamshedpur plant in 1912 in the midst
of momentous political events, like World War I and when the
decision to move the capital of British India to Delhi had been
made. What started out as an industrial replica of the Western
companies after Jamsetji’s American tour now has an annual crude
2,43,353 crore steel capacity of 35 million tonnes per annum (March 2023).
was the consolidated
revenue of Tata Steel
in FY23 in rupees
Key People
77,000
The number of employees
at Tata Steel globally by CURRENT LEADERSHIP
the end of FY23

40 MnTPA Ratan Naval Tata

Tata Steel’s targeted crude Chairman Emeritus
steel capacity in India by
2030, nearly double of the Natarajan
2023 capacity 21.6 MnTPA JAMSETJI Chandrasekaran
NUSSERWANJI TATA Chairman, Non-Executive
307 1839–1904 Founder
The number of
patents granted to Jamsetji was the founder of the T.V. Narendran
Tata Group. He was only 20 CEO and MD
Tata Steel in FY23
when he joined his father’s small
firm and never looked back from
3.15 million there. Nine years later, he arrived
The number of people independently in the business
reached by Tata space with a trading company,
OUTSIDE INDIA
Steel through its CSR but the turning point of his life,
programmes in FY23, as well as of India, came when
Tata Steel has a strong
according to the he travelled to Manchester to presence in Europe and is one
data released by the learn about textile factories. His of the largest steel producers
company first foray into manufacturing in the region through its
was a textile mill in Bombay’s two plants: Ijmuiden in the
Dow Jones Sustainability Chinchpokli. His textile journey Netherlands and Port Talbot in
Index counted Tata took him to Nagpur by 1877, the UK. They produce flat steel
where he founded Empress Mills. products. Tata Steel (Thailand)
Steel in the top 10 steel
Public Company Limited is
companies in It was during his foreign visit
one of the largest long steel
the world in the that he got attracted to the idea manufacturers in Thailand and
Corporate Sustainability of setting up and iron and steel uses recycled steel scraps as
Assessment 2021 report company in India. His dream was raw materials
realised by the next generation.

72 August 2023 /
 INDIA'S TOP CENTURIONS

Milestones
The company founds the
First steel inglot Jamshedpur Technical Institute
is produced at the 1912 1921 for training human resource for
Tata Steel plant the steel industry. It was later
renamed as the Shavak Nanavati
Technical Institute

Subhas Chandra Bose, the then

1907 1910 president of the Jamshedpur Labour
Association, visits the plant in 1928
and signs an agreement with the
management for workers’ benefits

Tata Steel, Dorabji Tata, credited

Asia’s first private with establishing Tata
iron and steel
company, founded
Steel on Jamsetji Tata’s
vision, is knighted by 1937
Top Acquisition
in Jamshedpur Edward VII

Operations of the Research and

Corus
Control Laboratory for
research and innovation begin
$12 billion
2007
Europe
Modernisation process started at Tata Steel,
the high point being the installation of IBM 1960s
1401, an early computer, in 1967. Tata Steel
targets total computerisation with it
NatSteel
$486.4 million
2004
A basic oxygen furnace shop is set up with a
capacity of 1.1 million tonnes per annum
1982 Singapore

Tata Steel starts operations in Southeast Asia, Millennium Steel

acquiring NatSteel in Singapore in 2004,
following with Millennium Steel in Thailand 2004 $130 million
the next year. The latter was renamed as –05 2005
Tata Steel Thailand Thailand

Tata Steel makes bid for the much larger Anglo-

Dutch steelmaker Corus for $8.1 billion in 2006
Structure Steel
and completes the deal in 2007 at the final Engineering Pte and Vinausteel
price of $12 billion after defeating Brazilian steel
2006
company CSN’s bid. At that time, Corus produced –07 $41 million
five times more than Tata Steel 2007
Vietnam

Usha Martin (Steel business)

Rs 4,525 crore
2019
Jamshedpur
Photo: Tata Steel

Neelachal Ispat Nigam

Rs 12,000 crore
2022
Odisha
The first locomotive arrives at the TISCO plant on Founder’s Day in 1937

/ August 2023 73
 COVER STORY

3 ITC Est. 1910

With the current market capitalisation of around Rs 5.8 trillion,
this multi-sector company has undergone many changes in over
a century of its existence. Right from the name to its portfolio
of consumer products, the FMCG major has created a new
identity to reflect the changing times. It started as the Imperial
Tobacco Company of India—hence the initials—in Calcutta.
It was a British company dealing in tobacco products, whose
Indian ownership was reflected in the change of name to India
Tobacco Company in 1970. Within four years, it dropped the full
name, ostensibly to dissociate from the negative connotation of
“tobacco”, and was rechristened as I.T.C. Limited. The new name,
anyway, better reflected its diversification in other FMCG sectors.
ITC continues to be headquartered in Kolkata.

230 million Multi-Sector Behemoth Revenue Giant

The number of households ƣ
ITC claims to have reached ITC operates in five major ƣ

with its many consumer sectors, in each one of which

Profit
brands it has established itself as 18,753.30
a large player. However, 15,062.90
tobacco products continue
105 to form the largest chunk of
The number of plants ITC has its revenue Revenue 69,480.9
in the country for its various
divisions 10.51 59,101.10
17.72 40.6
14.98
The percentage of turnover
generated from exports by O All figures in rupees crore
the company
3.7
49,824 Milestones
The number of employees,
including 6,330 women ITC starts a packaging
employees, ITC had in FY23
27.46
and printing unit to aid its
tobacco business, which
FMCG is now an independent
38,589 Tobacco products packaging business
The number of workers
Food, stationery,
engaged on the rolls by ITC personal care,
over and above the number agarbattis
of employees in FY23 1910 1925
Hotels
Agri business
27 Paper and packaging
The number of wholly owned Imperial Tobacco Company is set
subsidiaries ITC had in FY23 up in Calcutta for sale of cigarettes,
cigars and other tobacco products

74 August 2023 /
 INDIA'S TOP CENTURIONS

Key People Ownership

ITC has been a professionally owned and
managed company since its inception and
not associated with any promoters or business
families. Its current ownership, as on March 31,
2023, reflects this pattern

Mutual funds Other domestic Foreign Retail and

YOGESH CHANDER DEVESHWAR institutions institutions others

1996–2017 Executive Chairman and CEO 9.47% 32.59% 43.35% 14.63%

,QVXUDQFHǓUPV 5HWDLOLQYHVWRUV
The midnight’s child was the longest-serving head 2WKHUV 2WKHUSDUWLHV
of any Indian company and came to acquire a
cult status within the corporate world. He was
Top Shareholders
instrumental in changing the image of ITC,
outgrowing its tobacco lineage. Business historians
see him as a leader who represented the potential
of the animal spirit in the business world that was 23.98* 15.27 7.85 3.92
unleased during the economic reforms of 1991. At
a time when India became synonymous with IT
Tobacco Life Insurance 6SHFLǓHG Myddleton
exports, Deveshwar stayed firm in consumer business Manufacturers Corporation of Undertaking of the Investment
and carved a niche for himself and the FMCG sector (India) Limited India Unit Trust of India Company

in a changing era. He showed how the old economy

could hold on to its strength in a wired world.

CURRENT LEADERSHIP 1.74 1.47 1.44 1.32

General Insurance The New India GQG Partners SBI Nifty

Sanjiv Puri Corporation of Assurance Emerging Markets (7)
India Company Equity Fund
Chairman and Managing Director * In per cent

The company diversifies into the
hospitality business with the acquisition
of a Chennai hotel and calling it ITC
Welcomgroup Hotel Chola, which leads
to a full-fledged hotel business
ITC ventures into agribusiness Launches many brands
by establishing an agribusiness under the foods category,
division within the company with which grows to become a
an eye on the export market mainstay of the company

1974 1975 1985 1990 2000 2001

ITC officially comes to be ITC sets up Surya Tobacco Co. Sets up e-Choupal programme within
known by its abbreviation in Nepal. As it entered garment the agri business division.
instead of the expanded form business in 2004, its name was Separates its infotech business as a
Indian Tobacco Company changed to Surya Nepal Pvt. Ltd subsidiary, ITC Infotech India Limited

/ August 2023 75
 COVER STORY

4 Bank of Baroda Est. 1908

Established by Sayajirao Gaekwad III, ruler of the erstwhile

princely state of Baroda, Bank of Baroda is the second largest
public sector bank in India after the State Bank of India. It was
nationalised in 1969 and was listed on stock exchanges in 1996.
Because of its wide international presence, it came to be known
as India’s international bank. Bank of Baroda was the first
to launch mobile branches in 1964. The government of India
continues to be its largest shareholder.

Key People

14,109.62 crore
Net profit of CURRENT LEADERSHIP
BOB in rupees in FY23

99,614 crore
BOB’s total
income in rupees
in FY23

8,384 crore
Net non-performing
assets of BOB in rupees in
SAYAJIRAO
FY23, down from
Rs 13,364 crore
GAEKWAD III
1863–1939 Founder
in FY22
Sayajirao is credited with
several projects for reformation
and modernisation in Baroda
state during his rule from 1875
to 1939, particularly in the
areas of education, art and
culture, civic infrastructure
and women’s rights among
others. Several institutes
established by him, Bank of
Baroda being one of them, are
still operational in the city. He
was known to be a patron to
talented people.
DEBADATTA CHAND
MD and CEO
Chand took over as the
managing director and CEO of
the bank on July 1, 2023. Prior
to becoming the MD, he was an
executive director at the bank
since March 2021. He has more
than 27 years of experience
working at commercial banks
and development financial
institutions. He has earlier
worked with the Punjab
National Bank.

76 August 2023 /
 INDIA'S TOP CENTURIONS

Milestones
5 MDH Est. 1919
Sayajirao Gaekwad
establishes Bank of
Baroda. First branch 1908
comes up in Mandvi
area in Baroda

First BOB
branch in
1918 Bombay
established

First two overseas India has a rich legacy of a century-old

branches of BOB companies that started small. However,
established in very few of them grew out of a small shop.
Uganda (right) MDH, or Mahashian Di Hatti, as Mahashay
and Kenya in 1953 Chunnilal Gulati’s small shop in Sialkot was
called, is one such company. Chunnilal’s son
Mahashay Dharampal Gulati and others in
BOB ranked the family shifted to Delhi after Partition,
first among
where Dharampal Gulati set up a shop.
nationalised
The journey of MDH as a packaged brand
1981 banks in terms
of spices started soon after. Before MDH
of total deposits,
owned funds arrived on the scene, spices were considered
and net profit household items, which were either
prepared within the families or bought
unpackaged from the grocer. MDH was
BOB goes one of the first successful companies that
public, is among changed this perception.
the first public- 1996
sector banks to
do so

In 2005, BOB
launches its new
logo called “Baroda
Sun” which shows
rays of the rising
sun within the
alphabet “B”

Vijaya Bank and

Dena Bank merged
with BOB as part of
the government’s
efforts to reduce
2019
bad loans in the
banking sector and
spur growth
The cover of Dharampal Gulati’s autobiography
How a Tongawalla Became the King of Spices

/ August 2023 77
 COVER STORY

Key People

MAHASHAY
CHUNNILAL GULATI
Founder

TOP CEO FAMILY FAITH

MAHASHAY
DHARAMPAL GULATI
1923–2020 Founder
The journey of MDH is
synonymous with the life
of Dharampal Gulati, who
famously rode a tonga for
a living after shifting to
India before he restarted
Mahashian Di Hatti in Delhi.
In 1959, he started on a bigger
entrepreneurial journey when
he established a manufacturing
unit for spices. By 1965, MDH
was a trademark for Gulati’s
business. Gulati’s is an easily
recognisable face since he was
the brand ambassador for the
MDH products. His provincial
appearance and on-screen
conversations made the fifth-
standard dropout unusually
popular with his consumers.
His appeal lay in his rags-to-
riches story and the creation
of an entire segment of spices
business in the country.
Dharampal Gulati was the
The Gulati family endorses
highest paid CEO in the FMCG
the Arya Samaj sect.
sector in 2017 with an annual
Dharampal Gulati went
salary of Rs 21 crore
to an Arya Samaj school
in Sialkot and continued
CHARITY to be involved with many
institutions affiliated to
The MDH group has supported
around 70 charitable
the sect till his death
institutions, including
hospitals, schools, cow DAILY SPICE
shelters, old age homes, etc.
MDH’s modern grinding
and packing machines
GLOBAL REACH have a capacity of
producing 30 tonnes of
MDH exports spices to 60
spices in powders. MDH
countries and has a warehouse
claims that four lakh retail
in the UK and a large
dealers are part of its
manufacturing facility in Dubai
delivery network
(Top) A grab from an MDH commercial. (Above left) Dharampal Gulati
with actor Om Prakash and (above right) with actor Raj Kapoor

78 August 2023 /
 INDIA'S TOP CENTURIONS

6 Catholic Syrian Bank Est. 1920

Catholic Syrian Bank, the first private bank of Kerala, was

established in Thrissur district by a group of Syrian Catholic
businessmen. Fairfax India Holdings Corporation, a Canada-
based investment holding company, acquired it in 2018 when
it was making huge losses. Its fortunes changed following the
acquisition. The bank registered net profit of Rs 547 crore in
FY23, up from Rs 13 crore in FY20.

2019 CURRENT LEADERSHIP

The year when
Catholic Syrian Bank went public
with IPO of Rs 409.67 crore PRALAY MONDAL
Managing Director and CEO
2.15 million Mondal took charge as the
Client base of the
managing director at the bank
bank currently
in 2022. He had joined the bank
in 2020 as president–retail,
0.35% SME, operations and IT. Prior to
Net NPA ratio as of joining CSB bank, he worked as
March 31, 2023, down from an executive director and head of
0.68% the previous year Retail Banking at Axis Bank.

100
The number of branches opened
in FY23, taking the total to 704

Milestones
Catholic Syrian Reserve Bank of India allows FIH Pralay Mondal
Bank becomes Mauritius Investments Ltd, a company appointed MD
a scheduled owned by India-born Canadian and CEO of
bank billionaire Prem Watsa’s Fairfax Group, the Bank
to buy up to 51% stake in the bank

1969 1972 2018 2019 2022

Establishes its first branch Catholic Syrian Bank goes public with its
outside Kerala in Chembur initial public offering to the tune of Rs 409.67
area of Mumbai crore. Rebrands itself as CSB Bank Ltd

/ August 2023 79
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7 Tata Coffee Est. 1922

The journey of Tata Coffee began as Consolidated Coffee Estates

(CCE) Ltd Edinburgh, later renamed as Consolidated Coffee
Limited (CCL). The company entered the Tata Group’s fold in
1991 when Tata Tea acquired controlling interest in it. CCL was
renamed as Tata Coffee Ltd in 2000 and became a subsidiary of
Tata Consumer Products Ltd last year. The company currently
has over 13,000 employees. In the last 101 years of its operation,
it has become one of the biggest integrated coffee cultivation
and processing companies in the world and the largest corporate
producer of Indian origin pepper.
Milestones
Coorg Co. Ltd
and Pollibetta Rs 45.59 billion Rs 1,091 crore Rs 231 crore
Coffee Estates Co. Market capitalisation Total revenue The company’s
Ltd, managed by of Tata Coffee of Tata Coffee profit after tax
Matheson & Co.
1922 together form
in FY23 in FY23
the Consolidated
Coffee Estates
(CCE) Ltd
Edinburgh Key People
CCE renamed
1966 as Consolidated
–67 Coffee Limited
(CCL)

Tata Tea Ltd

acquires 52.4%
stake in CCL.
1991 CCL renamed Tata
Coffee Ltd

Tata Coffee
acquires 34.2%
2002 stake in Indian R. HARISH BHAT CHACKO PURACKAL
coffeehouse chain
Barista Chairman THOMAS
Managing Director and CEO
Bhat joined Tata in 1987 and rose
Tata Coffee acquires through the ranks to become the Thomas joined Tata Coffee
American coffee in 2015, prior to which he
brand Eight
chairman of Tata Coffee. He is
2006 O’Clock Coffee from well-known for the turnaround was the managing director
Gryphon Investors of Tanishq, the group’s jewellery of Kannan Devan Hills
for Rs 1,015 crore business, as well as the acquisition Plantations Company Private
of Tetley. Bhat is currently on Limited, Munnar. He has an
Tata Consumer experience of over 27 years in
Products the boards of several other Tata
announces merger companies, including Trent Ltd, the plantation industry.
2022 of Tata Coffee with Tata Starbucks Pvt. Ltd, Infiniti
itself as part of Retail Ltd, and Tata AIA Life
reorganisation plan Insurance Company Ltd.

80 August 2023 /
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8 Hinduja Group
Est. 1914

The journey of the multinational conglomerate began

when Parmanand Deepchand Hinduja arrived in Mumbai.
He started out with the trading business. Five years later,
he set up his company’s first overseas office in Iran. The
company headquarters remained in Iran till 1979, after which it
moved base to London owing to the Islamic Revolution of 1979.
The Hinduja Group is spread over sectors like automotive, oil
and specialty chemicals, banking and finance, IT & ITeS, etc.
and is present in 37 countries. The group posted a total
income of Rs 3,783.20 million in FY23.

Key People

CURRENT LEADERSHIP

PARMANAND SRICHAND HINDUJA

DEEPCHAND HINDUJA
1901–1971 Founder
Parmanand Hinduja first
arrived from Sindh, then a part
of undivided India, to work
in Mumbai at 14. Initially, he
carried out trade between India
and Persia, later known as
Iran. Besides being an astute
businessman, he was also a
philanthropist. He established
the Hinduja Foundation and the
Hinduja Hospital. He had four
sons who carried forward his
business legacy.
1935–2023 Former Chairman
The eldest son of Parmanand
Hinduja, Srichand Hinduja
joined the family business in
1952. He was the chairman
of the group. IndusInd Bank,
among the first of the new-
generation private banks in
India, was his brainchild.
Under him, the group acquired
Ashok Leyland and Gulf Oil.
He and his brother Gopichand
were together the UK’s richest
people. He passed away in
May this year.
GOPICHAND HINDUJA
Chairman
He took over as the chairman
of the Hinduja Group after the
demise of his brother Srichand
Hinduja. He is also the chairman
of Hinduja Automotive UK. He
is known for the Hinduja Group’s
diversification into power and
infra sectors. His brothers
Prakash and Ashok handle the
family business in Europe and
India respectively.

82 August 2023 /
 INDIA'S TOP CENTURIONS

An Ashok Motors
plant in Madras
in 1948. It was set
up by industrialist
Raghunandan Saran
in collaboration
with Austin Motor
Company, England,
Ashok Motors
became Ashok
Leyland in 1955
and later its control
passed over to the
Hindujas
Photo: Ashokleyland.com

Milestones
Group
acquires Hinduja-Iveco joint venture acquires Land
Rover Leyland International Holdings
Gulf Oil 1984 1987 (UK). The latter had a 40% stake in Ashok
International,
marking its Leyland which rose to 51% in 1994
foray into oil
and gas

Enters Indian
banking space
1919 1978 1993 with the launch
of IndusInd Hinduja Group
Bank buys out Iveco’s
indirect stake in
Ashok Leyland.
Parmanand Hinduja Group Currently.
Hinduja opens establishes the group’s
first overseas a finance shareholding in
operations in Iran, company in 1994 2007 Ashok Leyland is
which remains Switzerland, at 51%
the company called the
headquarters Hinduja Bank
until 1979 when (originally
the group shifts Amas SA) Hinduja Bank (Switzerland) Ltd
to London established as a Swiss banking institution

COMPANIES UNDER HINDUJA GROUP

Ashok Leyland IndusInd Bank Hinduja Foundries

Hinduja Bank (Switzerland) Hinduja Global Solutions Gulf Oil India Lubricants

/ August 2023 83
 COVER STORY

9 TVS Est. 1911

T.V. Sundaram Iyengar was all of 34 years old when he decided

to become an entrepreneur in 1911 by starting a bus service in
Madurai under the banner T. V. Sundaram Iyengar and Sons
Limited. Under this banner, Iyengar started other businesses
too, and, with time, it became the biggest family-run business
group of south India. Its transport and parcel business went to
Southern Motors Limited in 1946. The TVS Group soon added
the Madras Auto Service Ltd. and the Sundaram Motors Ltd
under its banner and brought General Motors to south India
as its largest dealer. Over the years, the group diversified
into many sectors with a plethora of companies and saw
ownership division among Iyengar’s children.

FAMILY WEB
Family Control
The TVS Group has three holding
companies that hold most of other
subsidiaries through a complex
web of family and institutional
ownership. Iyengar’s four sons
and their subsequent generations
controlled companies with relative
independence even when the
holding companies continued to
have legal ownership

T.V. SUNDARAM IYENGAR

The four families 1877–1955 Founder
have equal stake in TVS
& Sons and send three
directors each to the
company board
T.S. RAJAM T.S. SRINIVASAN
d. 1982 d. 1979
HOLDING COMPANIES
TVS Logistics Sundaram Clayton
TVS Tyres TVS Motors
TVS Electronics
T.V. Sundram Iyengar &
Sons (TVS & Sons)
T.S. KRISHNA T.S. SANTHANAM
Sundaram Industries d. 1975
Wheels India
Private Ltd Brakes India
Sundram Fasteners
Sundaram Brake Linings
Southern Roadways
Private Ltd

84 August 2023 /
 INDIA'S TOP CENTURIONS

T.V. Sundaram
turns
entrepreneur in
1911 with his bus
service in the
Madras region

Milestones
Conflict in the
Building on the group’s past After a National
Iyengar family grows
association with General Company
after three sons of T.V.
Motors, group company Law Tribunal
Sundaram Iyengar
Sundram Fasteners starts order, holding
pass away one after
the other, with the
1980s 1993 manufacturing radiator caps companies
for the global auto giant. It Sundaram
third generation
also set up a production unit Industries
seeking legal
in China in 2002 and Southern
recourse to separate
their businesses Roadways
A dispute involving merged with
Brakes India, managed TVS & Sons
by the Santhanam family, and later its
1911 1929 1990s and Sundaram Abex, 2022 shareholding is
managed by the Krishna demerged into
family, divides the group companies held
into two camps by branches of
the founder’s
T.V. Sundaram TVS & Sons is family
Iyengar founds incorporated as
TVS & Sons to a private limited
start a transport company, which Early 2015 Late
business would grow to 2000s 2010s
become a holding
company for a vast
business empire in
south India
The fourth Suresh Krishna The TVS Group
generation starts is appointed as has built
reconciliation; the chairman of an empire
post of TVS & TVS & Sons of about 50
Sons chairman companies with
kept vacant to over 40,000
facilitate process employees

Sources: Splitting the century old TVS Group: The Family Arrangement by S. Subramanian of Indian Institute of Management, Kozhikode, and public information

/ August 2023 85
 COVER STORY

10 New India Assurance Est. 1919

Founded by Dorabji Tata in Mumbai, New India Assurance

is currently India’s largest non-life insurer with the largest
market insurance share in the industry at 13.42%. Following the
government’s General Insurance Business (Nationalisation) Act, it
left the Tata fold to become a nationalised entity as the subsidiary
of the General Insurance Corporation of India in 1973. It remained
thus until 2000 when it became an independent company, after
the newly constituted Insurance Regulatory and Development
Authority reopened the insurance market, and was delinked from
GIC in 2002. New India Assurance’s pre-nationalisation parent
company, the Tata Group, floated Tata AIG general insurance which
replaced it as the lead insurer of Air India this year.

FINANCIAL PROWESS
Key People
FY23
40,786.12*
CURRENT LEADERSHIP
1,055.40
FY22
35,739.34
164.27
Revenue Profit after tax

*In rupees crore

Rs 37,957 crore
Net worth of the
company, including fair
value, with investments at
market value at
Rs 86,111 crore
2,200
Number of offices of New
India Assurance in India,
with approximately
16,000 employees
25
Number of countries
it is present in
DORABJI TATA
1859–1932 Founder
Dorabji, the eldest son of Tata NEERJA KAPUR
Group founder Jamsetji Tata, Chairman and MD
was an audacious businessman
who took forward his father’s Neerja Kapur took charge as
vision and established Tata the CMD of New India Assurance
Power and Tata Iron and Steel in 2022. Prior to that, she was
Company, later Tata Steel. the general manager at the
When TISCO hit a crisis, he organisation. She has experience
pledged his personal fortune of over 35 years in
to save it. He also established the insurance industry.
the Indian Institute of Science.
Under his stewardship, the
Tata Group also got New India
Assurance, an edible oil and
soap company, two cement
companies and an aviation unit.

86 August 2023 /
 INDIA'S TOP CENTURIONS

Milestones

New India Becomes the first company to Company makes its

Assurance starts its set up an aviation insurance market debut with
first international department; also the first to handle Rs 9,600 crore IPO, lists
operations in the hull insurance requirements of at a discounted price
London the Indian shipping fleet

1920 1930 1946 1973 2017

New India Assurance

Starts operations
is nationalised after
in the Philippines
the General Insurance
Business (Nationalisation)
Act comes into force

11 Britannia Est. 1918

Britannia’s origin can be

traced back to Kolkata
where a group of British
businessmen set up a
biscuit-making company
with an initial investment
of Rs 295 in 1892. However,
it was in 1918 that the
Britannia Biscuit Company
Ltd was formed. The
company, which specialises
in the food industry and is a
major FMCG player in India,
changed hands multiple
times before textile tycoon
Nusli Wadia took over the
reins. Over the years, it
added several products to
its bouquet that resonated
well with the Indian
con`sumers.
World War II-era billboard of Britannia Biscuits in Calcutta

/ August 2023 87
 COVER STORY

SUSTAINABILITY
Milestones TARGETS GOING STRONG

60% 15%
Targeted share of growth in consolidated
Company
renewable energy in sales of Britannia in FY23,
incorporated as
the energy mix used at reaching Rs 15,985 crore by
1913 a public limited
March 31
company under Britannia plants by 2024
the Indian
Companies Act
40% 30%
˚˥ˢ˪˧˛˜ˡˢˣ˘˥˔˧˜ˡ˚ˣ˥ˢЃ˧
Targeted reduction in FY23 as compared to the
Britannia in water consumption previous year, reaching
Biscuit by 2024 Rs 2,605 crore
1918 Company Ltd
formed
15 lakh kg 46%
of plastic trays in ˚˥ˢ˪˧˛˜ˡˡ˘˧ˣ˥ˢЃ˧˜ˡʹˌʥʦ
packaging to be as compared to previous
Britannia eliminated by the year, reaching Rs 3,033 crore

1924 becomes a end of 2023

subsidiary of Peek
Freans UK

Key People
Britannia Biscuit
Company’s
1979 name changed
CURRENT LEADERSHIP
to Britannia
Industries Ltd

Nusli Wadia takes

control of Britannia
1993 from then
chairman Rajan
Pillai

Britannia enters
joint venture with
2017 Chipita, a Greek NUSLI WADIA
company, to produce
and sell ready-to-eat
Chairman
croissants in India
Nusli Wadia is the chairman VARUN BERRY
of Wadia Group which has
Enters a JV with MD and Vice Chairman
France’s Bel and presence in FMCG, real
Britannia Dairy estate and textile sectors. The Berry joined Britannia in
2022 Private Ltd to group has well-known brands January 2013 as an executive
manufacture and
sell cheese products like Britannia, Go Air and director. Prior to that,
in India and a few Bombay Dyeing. Apart from he worked with premier
other places listed companies, the group companies like Hindustan
also owns Gladrags magazine Unilever and PepsiCo. Under
and Bombay Realty, a real him, Britannia signed two joint
estate company. ventures with foreign brands.

88 August 2023 /
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 COVER STORY

12 Tata Power Est. 1915

Another century-old entity in the Tata Group’s basket, Tata

Power’s market capitalisation is around Rs 709.2 billion. It is
India’s largest integrated power plant, with conventional and
renewable energy-generating capacity. The company forayed
into renewable energy with Tata Power Renewable Energy
Limited in 2007, tapping into wind and solar energy. It aims to
be carbon-neutral by 2050, with its focus over the last decade
on expanding green energy generation capacity.

10,183 MW 10,068 crore Key People

Installed capacity for EBITDA in rupees in FY23,
conventional energy 23% higher than in FY22
generation
JAMSETJI
NUSSERWANJI TATA
14,110 MW 1839–1904 Founder
3,927 MW Power generation
Installed capacity for capacity of Tata Power
renewable energy along with its subsidiaries CURRENT LEADERSHIP
generation and joint entities
PRAVEEN SINHA
56,033 crore 37% CEO & MD
Total revenue in rupees in Share of power generated
FY23, a 32% y-o-y growth from clean energy sources NATARAJAN
CHANDRASEKARAN
Non-Independent,
Source: Tata Power Integrated Annual Report 2022-23 Non-Executive Director, Chairman

Milestones
Company’s first thermal power
station with a capacity of 62.5 MW
commissioned at Trombay, followed
by three more in 1960, 1965 and 1997
Tata Hydro-Electric Co. Ltd, Andhra
Valley Power Supply Co. Ltd and
Tata Power Co. Ltd merged into
Tata Power Company Ltd

1915 1956 1984 2000 2003

First hydroelectric power generating
system with installed capacity of
40 MW commissioned at Khopoli.
It is followed by ones with 40 MW
capacity in Bhivpuri in 1922 and
90 MW capacity in Bhira in 1927
India’s first 500 MW generating
unit with multi-fuel burning
capability commissioned
at Trombay
Tata Power enters joint venture
with Power Grid Corporation of
India Ltd to develop a 1,200 km
long transmission line to bring
electricity from Bhutan to Delhi

90 August 2023 /
 INDIA'S TOP CENTURIONS

Photo: Tata Power

Tata Power signs

agreement to
provide solar
power to Tata
Steel Limited in
2021 Jharkhand; partners
with SIDBI to
provide affordable
and collateral-free
finance for rooftop
solar projects
for MSMEs

Sustain Labs Paris

(SLP) recognises
Tata Power as
2020 one of India’s
Walwan Dam is a gravity dam on the Indrayani river near Lonavla, near Pune. Most Sustainable
The dam was built by Tata Power and opened in 1916 Companies

Tata Power installs

world’s largest
INVESTMENTS INSIDE & OUTSIDE INDIA solar rooftop
system with 820.8
kWp at Brabourne
Tata Power has a presence in Central and South Asia and 2018 Stadium owned
Africa. It has a hydro plant in Zambia, representative office by the Cricket
in South Africa, Mauritius and Singapore, a thermal plant and Club of India in
coal mines in Indonesia and waste heat recovery plant/blast Mumbai
furnace gas in Singapore. The company’s subsidiaries include
Bhira Investments Limited, Bhivpuri Investments Limited, Far
Tata Power’s
Eastern Natural Resources LLC, Khopoli Investments Limited,
Strategic
PT Sumber Energi Andolan Tbk, Tata Power International Pte.
Engineering
Limited and Trust Energy Resources Pte. Limited.
Divison (Tata
Power SED) wins
the pilot project
2017 order from the
Ministry of Home
Affairs for supply
of Comprehensive
Integrated Border
Management
Tata Power buys 30% stake in Indonesian Tata Power exits System to Border
coal mines PT Kaltim, Prima Coal (KPC) from Indonesian coal Security Force
and PT Arutmin Indonesia and trading mine PT Arutmin
companies owned by PT Bumi Resources Indonesia
2015

2006 2012 2014

–07 Tata Power
commissions
the first cross-
border hydro
Tata Power acquires 26% power project
stake at PT Baramulti at Dagachhu
Suksessarana Tbk (BSSR) in Bhutan
in Indonesia

/ August 2023 91
 COVER STORY

13 Berger Paints India Est. 1923

Berger Paints India began its journey in the country in

1923 as Hadfield’s (India) Ltd set up by George Hadfield.
It changed hands several times—British Paints, Celanese
Corporation USA, Berger, Jenson & Nicholson UK, Hoechst
AG and United Breweries—before finally landing with
brothers K.S. Dhingra and G.S. Dhingra and their associates
in the UK Paints Group. Currently, the Dhingra brothers hold
almost 73% stake in the company. It is a listed company
with market capitalisation of around Rs 652.36 billion. It has
25 manufacturing plants in India, besides plants in Nepal,
Poland and Russia. It is also the only supplier to nuclear
power plants for protective coatings.

Key People

GEORGE HADFIELD K.S. DHINGRA and G.S. DHINGRA

1923–1947 India Founder Current Owners

Hadfield, an Englishman, set up
Hadfield’s (India) Ltd in 1923 with
the first factory on two acres of land
in Howrah, West Bengal. He used
to manufacture paints, varnishes
and distempers. The company was
acquired by British Paints in 1947,
following which its name was changed
to British Paints (India) Ltd.
The family of brothers Kuldeep Singh Dhingra and
Gurcharan Singh Dhingra has been involved in paints
business for five generations, having restricted itself to
just this business. The brothers acquired Berger Paints
in 1991 from United Breweries chairman Vijay Mallya.
They do not hold any executive position in the company
and reportedly do not get involved in its operations.
Under them, Berger became India’s second largest paints
company in the country.

CURRENT LEADERSHIP

ABHIJIT ROY
Managing Director and CEO

Roy joined Berger in 1996 as a product manager.

Before that, he was with Asian Paints and L’oreal.
He worked in the capacity of general manager and
vice president before being elevated as the MD
and CEO of Berger Paints India in 2012.

92 August 2023 /
 INDIA'S TOP CENTURIONS

Milestones
British Paints Celanese Corporation, USA, whose
acquires subsidiary CELEURO NV, Holland, had
Hadfield’s (India) acquired British Paints India, sells its India
Ltd; company
1947 1969 operations to Berger, Jenson & Nicholson,
renamed British UK, making British Paints (India) a part of
Paints India the global Berger group

West German company Hoechst AG

acquires Berger, Jenson & Nicholson.
1760 1923 1970 In 1976, the foreign holding in the
company is reduced below 40% after
the sale of a portion of the share to
Vittal Mallya’s United Breweries

Lewis Berger lays George

the foundation Hadfield sets K.S. Dhingra and
of Berger Paints up Hadfield’s G.S. Dhingra acquire
when he arrives (India) Ltd with 1983 1991 the share of United
in London to a small paint Breweries in Berger
sell Prussian company in Paints India
blue colour Howrah,
manufacture West Bengal
by him British Paints India renamed
as Berger Paints India Ltd.

GOING STRONG

15%
CAGR of revenue between 2018–19
and 2022–23, as per the company
annual report

Rs 860 crore
Berger Paints India’s profit after
tax in FY23

29
Paint manufacturing facilities
across the world
Subir Bose, former MD of Berger Paints, inspecting a plant

20.6%
Consolidated turnover growth SUBSIDIARIES & JVs

2nd SBL STP Ltd.

Largest paint company in India, BNPAC
fourth largest in Asia and seventh Berger Rocks BJN Nepal
largest in the world
Bolix S.A.
Berger Hesse Berger Becker

/ August 2023 93
 COVER STORY

14 The Birlas Est. 1919

Mohandas Gandhi at the Laxminarayan Temple in Delhi in 1938 with

the Birla family. Jugalkishor, Rameshwar Das and Ghanshyam Das
are in black caps and Baldev Das is in turban

SHIV NARAYAN
The Yash Birla Group started facing rough weather in 2010s when its companies started losing revenue. A BIRLA
low point for the group came in 2019 when UCO Bank declared Yashovardhan Birla a wilful defaulter. This
branch of the family had faced a shock earlier when Gajanan Birla fell out with the family when he deserted
LMW½VWX[MJIERHVIQEVVMIH,S[IZIVLMWWSR%WLSO[EWEGGSQQSHEXIHPEXIV

Current Status BALDEO

DAS BIRLA
Bombay Hospital Birla Lifestyle
Birla Power Solutions Birla Electricals

YASHOVARDHAN ASHOK GAJANAN JUGAL

BIRLA BIRLA BIRLA KISHORE
BIRLA
¯
Yash Birla Group
M.P. Birla Group
RAJENDRA SINGH PRIYAMVADA
LODHA BIRLA MADHAV PRASAD
BIRLA
Birla Corporation -RHMER7QIPXMRK
6I½RMRK 7SYXL4SMRX7GLSSP/SPOEXE
Birla Cables Company M. P. Birla Institute of
Hindustan Gum & Chemicals Reliance Cement Company Fundamental Research
RAMESHWAR
Current Status DAS BIRLA
¯
Birla Corporation was the prime jewel in the M.P. Birla group till a legal dispute broke out between the Birlas and
Rajendra S. LodhaEGPSWIEWWSGMEXISJXLIJEQMP]EJXIV14&MVPE´W[MJIPriyamvada’s[MPP[EWVIZIEPIHMR[LMGL
XLIS[RIVWLMTSJ&MVPE'SVTSVEXMSR[EWFIUYIEXLIHXS0SHLE,IWIVZIHEWMXWGLEMVQERXMPPLMWHIEXLMR
passing the baton to his son Harsh Lodha
GHANSHYAM
DAS BIRLA
C.K. Birla Group
AVANI AVANTI C.K. BIRLA G.P. BIRLA
BIRLA BIRLA
Orient Paper Mills
Hindustan Motors B.M. Birla Heart Research
NBC Bearing 'IRXVI/SPOEXE
Ruby General Insurance
&MVPE-RWXMXYXISJ8IGLRSPSK] '/&MVPE,SWTMXEP+YVYKVEQ
Birlasoft 1IWVE.LEVOLERH

Current Status
8LI'/&MVPEKVSYTLEWQER]WYGGIWWJYPGSQTERMIWYRHIVMXWFERRIVERHLEWMRXIVIWXMRXIGLRSPSK]
LSQIETTPMERGIWFYMPHMRKQEXIVMEPLIEPXLGEVIERHIHYGEXMSRWIGXSVW-XGPEMQWXSFIE$2.8 billion BRIJ
MOHAN
GSRKPSQIVEXI[MXL±SZIVIQTPS]IIW©?ERHAQERYJEGXYVMRKJEGMPMXMIW²&MVPEWSJXTSWXIHER
BIRLA
MQTVIWWMZIVIZIRYIKVS[XLSJ MR*=EXRs 4,794.8 croreERH4%8SJ6WGVSVI
¯

94 August 2023 /
 INDIA'S TOP CENTURIONS

The business legacy of the Birlas carries the twists and turns of a
soap opera. It has figures of national importance, court dramas and
corporate glamour in it. Though the origin of the business history
of the family can be traced to Shiv Narayan Birla and his son Baldeo
Das Birla, the star of the family was Baldeo Das’ son Ghanshyam
Das Birla. The journey of the Birlas as a corporate family started in
1919, when Ghanshyam Das established Birla Jute Manufacturing
Co. In the next few decades, the family ventured into automobile,
cement, chemicals and steel sectors till Baldeo Das’ children started
creating their own territories.

Aditya Birla Group

Key People
BESANT ADITYA KUMAR
KUMAR BIRLA BIRLA MANGALAM BIRLA
Indo Gulf Corporation Birla Global Finance
Grasim Industries Aditya Birla Capital Limited
Mangalam Cement Aditya Birla Fashion and Retail
Hindalco Industries Vodafone Idea

Current Status
The Aditya Birla group stays true to the business acumen of the earlier Birla
KIRIVEXMSRWTSWXMRKVIZIRYIKVS[XL]IEVEJXIV]IEV-R*=MXTSWXIHXLIGSRWSPMHEXIH
revenue of Rs 29,999 croreMRMXWKVSYTGSQTERMIW[LMGLMWE KVS[XLSZIV
XLITVIZMSYW]IEVERHXLI4%8SJRs 2,057 crore

S.K. Birla Group

LAKSHMI SUDARSHAN SIDHARTH G.D. Birla at his home in 1946
NIWAS BIRLA KUMAR BIRLA BIRLA

Digjam Birla Eastern G.D. BIRLA

Mysore Cements Xpro India ¯ Founder

Ghanshyam Das was a towering

Current Status personality in the Birla family.
He was a pioneering industrialist,
8LIKVSYTMWRS[LIEHIHF]7/&MVPE´WWSR7MHLEVXL&MVPEERHTSWXWWXIEH]VIZIRYI politician and social activist. With
XLVSYKLKVSYTGSQTERMIWMRXI\XMPIWTSP]QIVERHGIQIRXWIGXSVW
the Birla Jute Manufacturing
Co., he sowed seeds for a modern
K.K. Birla Group industrial house and aligned
himself to the Indian national
NANDINI NOPANY
movement and became one of the
K.K. BIRLA JYOTSNA PODDAR
SHOBHANA BHARTIA first industrialists in the country
to do so. He entered the Bengal
HT Media Magadh Sugar & Energy
Legislative Assembly at 27. He
Chambal Fertilizers and Chemicals //&MVPE*SYRHEXMSR set up the Indian Chamber of
Commerce in 1925 with an intent
Current Status to create a voice for the Indian
8LI//&MVPEKVSYTGIEWIHXSFIEYRM½IHIRXMX]EJXIVLMWHIEXLMR-RLMWPMJIXMQI// industrialist among the British
&MVPELEHHMZMHIHLMWFYWMRIWWEQSRKLMWXLVIIHEYKLXIVW[LMGLXLI]GSRXMRYIXSQEREKI[MXL presence. Later he co-founded the
their families. The sugar and textiles businesses went to NopanyXLIJIVXMPM^IVWFYWMRIWW[IRX Federation of Indian Chambers of
to Poddar and the media business was given to Bhartia
Commerce and Industry.

/ August 2023 95
 COVER STORY

15 J.K. Organisation Est. 1921

The origin of the group can be traced back to a cotton mill,

Juggilal Kamlapat Cotton Spinning & Weaving Mills, that was
started in 1921 by Lala Kamlapat Singhania. In the following
years, several other enterprises were launched under the J.K.
banner. The organisation has grown to become a multinational
conglomerate with varied businesses. It is an association of
40 companies in sectors like cement, paper, tyre, etc. Today,
its annual turnover has exceeded $4 billion. It has over 10,000
distributors and an employee base of over 40,000 people. The
company has overseas manufacturing operations in Mexico,
Indonesia, Romania, Belgium, Portugal and UAE.

Key People
Milestones
CURRENT LEADERSHIP
J.K. Cotton mill
incorporated as a
private company.
It closed down in
1989 following union
issues but was 1924
reopened in 2009,
after the efforts of
Yadupati Singhania,
great grandson of
Kamlapat Singhania
LALA KAMLAPAT
SINGHANIA J.K. Paper
1884–1937 Founder commences
operations with
BHARAT HARI manufacturing
Lala Kamlapat Singhania
belonged to a Marwari bania
SINGHANIA of straw boards. It 1938
President, J.K. Organisation claims to produce
family in Kanpur, which paper without
was into business since 1775. harming natural
While his family had been He is the son of Lakshmipat forest trees
into trading, he decided to Singhania, who was the
get into manufacturing and youngest son of Kamlapat
J.K. Tyre established.
started his own cotton mill. Singhania. He is also the
It is said to be
The initials in the name of current chairman of J.K. the first Indian
the organisation are derived Lakshmi Cement, J.K. Agri manufacturer of
from the names of Kamlapat and Genetics Ltd radial tyres in the
country. It has 9
1951
and his father Juggilal
plants in India
Singhania. and 3 in Mexico,
and exports to 100
countries

96 August 2023 /
 INDIA'S TOP CENTURIONS

Then prime minister Jawaharlal Nehru on

a tour of Aluminium Corporation of India
factory with Lakshmipat Singhania. The
Singhania family acquired the plant 16

Central Bank
of India Est. 1912

Central Bank of India was

established as the first
commercial bank to be wholly
owned and managed by an
Indian. The bank was founded
by Sorabji Pochkhanawala, a
Parsi banker from Mumbai
who was influenced by the
swadeshi movement. The
bank was nationalised in
1969. It is currently present
in 28 states and seven Union
Territories of India.

Photo: J.K. Organisation

J.K. Organisation
acquires Fenner
(India) after
being a strategic
2004 investor of Fenner
Cockill Ltd
since 1987. It is
rebranded as J.K.
Fenner (India) Ltd
in 2013

J.K. Cement
begins operations
with grey
cement unit
in Nimbahera,
Rajasthan.
Currently, the
company has
two international
1975 subsidiaries, J.K.
Cement Works
Fujairah FZC and
J.K. White Cement
(Africa) Ltd
From the first report of the board of directors of Central Bank of India, 1912

/ August 2023 97
 COVER STORY

Key People GOING STRONG

65.21%
Branches of Central Bank
that are in rural and
semi-urban centres

3.59 lakh crore

Total deposits in rupees
as of March 31, 2023,
SORABJI PHEROZESHAH MEHTA registering a growth of
POCHKHANAWALA 1845–1915 First Chairman 4.85% against FY22
1881–1937 Founder
Mehta was invited by Sorabji
Pochkhanawala began his career Pochkhanawala to became the 8.44%
at the Chartered Bank in London. chairman of the proposed Central Gross NPA as on March 31,
Deeply affected by the British Bank of India in 1911. He was the 2023, down from 14.84%
dominating Indian banking, first Parsi barrister called to the on March 31, 2022
he decided to open a bank that Bar from London’s Inn. Later, he
would be controlled entirely returned to India and started his 1,582 crore
by Indians. law practice here. Net profit of the bank in
rupees in FY23, up from
Rs 1,045 crore in FY22
CURRENT LEADERSHIP
Source: Central Bank of India
MATAM VENKATA RAO Annual Report 2022–23
Managing Director and CEO

Milestones
An exclusive
women’s
Central Bank of India
department
started to cater
1924 1969 nationalised along
with 13 other banks
to the bank’s
women clientele
Government
infuses Rs 4,800
crore capital in
The
the Central Bank
merchant
1921 1923 1976 banking
2021 through non-
interest bearing
cell is
recapitalisation
established
bonds

Introduction Central Bank of

to the home India acquires The bank’s housing
savings safe Tata Industrial subsidiary, Cent
deposit scheme Bank, which was 1980 1989 Bank Home
to build saving established in Finance Ltd,
habits among 1917 launched with
people headquarters in
Bhopal, Madhya
Central Bank launches its credit card, Pradesh
Central Card; is among the first to do so

98 August 2023 /

17 The
Bangalore Press
Key People
M. VISVESVARAYA
1861–1962 Founder
The iconic civil engineer
established The Bangalore Press
in 1916 in Mysore, where he served
the royal Wadeyar family as
prime minister. His more popular
contribution to India are many
engineering projects he undertook
during the British times. He
created advanced irrigation
projects, including dams, in the
Deccan area. He was awarded
Bharat Ratna in 1955.
(Top) 100th edition of popular calendar of
The Bangalore Press and a postal stamp
commemorating Visvesvaraya
INDIA'S TOP CENTURIONS
Est. 1916
The origin of Bangalore
Press lay in the desire
of Nalwadi Krishnaraja
Wodeyar, the Maharaja of
Milestones Mysore to have wedding
cards printed in his kingdom
in 1912. Sir, Mohshagundam
M. Visvesvarya becomes advisor Visvesvaraya advised him
for The Bangalore Printing and to set up a printing press.
Publishing Co. after his retirement
The Maharaja’s desire
as the prime minister of Mysore
was fulfilled by 1916, with
Bangalore Press becoming
the official publisher of
The Bangalore the Wodeyar Royal family.
1919 Press publishes Today, the press is known for
its first calendar publishing calendars that
in English in
have the distinction of never
green and
getting the Indian festivals
white design. It
is priced at two and religious events wrong in
anna over a century.
1921
The press launches table calendar format. Two
years later, in 1990, it adds a Hindu almanac,
Mallige Panchanga Darshini, to the product line
1960 1988 2020
Calendar gets new red Publishes the 100th edition of the
and black design which calendar. Releases a special cover
has continued till date and commemorative silver coin to
celebrate its centenary
/ August 2023 99
 Participants at the
launch of Outlook
ESGBharat Survey 2023
Photo Credit: Vikram Sharma & Suresh Pandey
BOTH CHALLENGES
AND OPPORTUNITIES
ABOUND:
The speakers at the survey release deliberate on how the ESG agenda is moving up
the corporate agenda, the challenges it faces and the way forward
Naina Gautam
I
n a first of its kind by a media house,
the recently released Outlook
ESGBharat Survey 2023 highlighted
how the ESG needle is moving in
terms of discourse, preparedness and
response in India.
The survey findings threw light on the
business leaders’ pulse, assessed readiness
for ESG reporting and disclosure, evaluated
sectoral perspectives, identified imperatives
and drivers, delved into the impact of global
and national standards and frameworks,
and offered insights for building a
sustainable future.
A majority of senior corporate leaders (80
per cent) perceive environment as the most
important aspect of ESG for their business
value chain. Half of them (50 per cent)
recognise that managing a robust and
ESGBHARAT
SURVEY 2023
sustainable supply chain is among the top
challenges. Over 95 per cent place
compliance with statutory requirements as
the most important driver for value
generation through ESG. Less than 8 per
cent said that unprecedented challenges
posed by COVID-19 had minimal impact on
the progress of their company’s ESG efforts.
These are the findings of the Outlook
ESGBharat Survey 2023 conducted by the
Outlook Group with BDO India, a
professional services firm, as the knowledge
partner. Toluna, a market research company,
was the technology partner for data
collection. The survey took six sectors into
account: financial and services; energy and
industries; fast-moving consumer goods;
healthcare; infrastructure; information and
communications technology.
Summing up the insights from the
findings at a roundtable meeting held in
New Delhi, Dipankar Ghosh, Partner &
Leader, Sustainability & ESG, BDO India,
noted that there are challenges, but
opportunities from building a sustainable
future are immense. “There is a growing
awareness and preparedness for ESG
initiatives. Value generation through ESG is
undisputable. Access to knowledge and
capability is not uniform or equitable.
Multiplicity of standards and frameworks is
confusing for businesses.”
Andrea Wojnar, Resident Representative,
UNFPA India and Country Director, Bhutan,
in her special address said that gender
equality must be elevated to a business
performance imperative. She added,
“Gender equality is one of the greatest
investments you can make when it comes
to profitability. It makes good business
sense. Pillars of ESG are completely
entwined with rights of girls and women.”
Dipankar Ghosh,
Partner & Leader,
Sustainability & ESG,
BDO India
Raman Kalra,
Senior Partner,
Sustainability
Consulting Leader,
IBM Consulting,
India / South Asia
Arvind Bodhankar, Executive Director,
(6* &KLHI5LVN2IĆFHU'DOPLD%KDUDW
She also shared that UNFPA and
partners have already come together
globally under the auspices of the
‘Coalition for Reproductive Justice in
Business’ to advance gender equality and
women’s empowerment through sexual
and reproductive health rights (SRHR) in
corporate policy and practice. The
coalition is working to bring together key
stakeholders to advance SRHR on the
private sector agenda, promote
integration of SRHR and gender equality in
businesses, develop metrics and
standards, and collect data.
Sundeep Kumar Nayak, Director General,
National Productivity Council, and vice chair
of the Asian Productivity Organization,
pointed out: “Even micro, small and
medium enterprises (MSMEs) would have
to become Business Responsibility and
Sustainability Reporting (BRSR) complaint
sooner than later, if they are part of the
supply chain of the bigger companies,
which are mandated today to adopt ESG.”
Andrea Wojnar, Resident Representative, UNFPA
India and Country Director, Bhutan
Sundeep Kumar Nayak,
Director General, National Productivity Council
The survey depicts that even though the
industry wants to adopt ESG
implementation, it faces challenges in
doing so. More than half (56 per cent) of the
leaders in the FMCG sector and 64 per cent
of the leaders in the ICT sector see no
substantial competitive advantage from a
good ESG performance in the marketplace.
Less than half (46 per cent) of the surveyed
leaders believe that reluctance by suppliers
and vendors to support ESG practices is a
key challenge for them. Less than half (45
per cent) of the leaders believe that
demand from clients or customers for ESG
performance is not perceptible. Less than
half (45 per cent) of the leaders believe that
lack of proper adoption of global norms
and standards in India makes it difficult for
them to push for ESG compliances in their
businesses. Again less than half (44 per
cent) of the leaders believe that multiple
disclosure frameworks due to diverse
stakeholder requirements pose a challenge
in implementation.
Ritu Gargya, Head of Sustainability &
Marketing, Ganga Kinare by Himalayan Hotels
Atul Bhatia,
Director, Strategic
Transformation,
Kyndryl India
Manas Sarkar, GM- HR and
Sustainability, UFlex
The Outlook ESGBharat Survey 2023
concludes that the importance of different
aspects of ESG varies across sectors. The E
component is more visible and measurable
traditionally but S and G are also rooting for
equal footing with the changing discourse.
With new guidelines both nationally and
internationally unfolding, the stage is set for
ESG to be adopted to keep the businesses
in competitive advantage.
Other speakers at the roundtable
included Arvind Bodhankar, Executive
Director, ESG & Chief Risk Officer, Dalmia
Bharat; Atul Bhatia, Director, Strategic
Transformation, Kyndryl India; Raman Kalra,
Senior Partner, Sustainability Consulting
Leader, IBM Consulting, India/South Asia;
Manas Sarkar, GM- HR and Sustainability,
UFlex; Harsha Vardhan Sharma, Assistant
General Manager, Jindal Stainless; Ritu
Gargya, Head of Sustainability & Marketing,
Ganga Kinare by Himalayan Hotels; Dr.
Harsh Thukral, Senior Deputy Director, NPC,
amongst others.
C’EST W C’EST LA VIE

LA BOOK EXTRACT

VIE CRISIS IN THE

COURTROOM
The Supreme Court’s jurisdiction extends to a population
of over 1.4 billion. Does the court make access for the
disadvantaged a priority? To what extent is it responsible
for the adage ‘justice delayed is justice denied’? Are some
˟˔˪ˬ˘˥˦ˠˢ˥˘˜ˡЄ˨˘ˡ˧˜˔˟˧˛˔ˡ˧˛˘ˢ˧˛˘˥˦ʲʴ˨˧˛ˢ˥˦Aparna
Chandra, Sital Kalantry and William H.J. Hubbard discuss
these and several other topics concerning the country’s
highest court in their book Court on Trial

W
COURT ON TRIAL:
A DATA-DRIVEN ACCOUNT OF
THE SUPREME COURT OF INDIA
AUTHORS: APARNA CHANDRA,
SITAL KALANTRY,
WILLIAM H.J. HUBBARD
PUBLISHER: PENGUIN
RANDOM HOUSE
PAGES: 208 | PRICE: RS 599
e begin with the
fact that the judges
of the Supreme
Court face a
crushing case load.
As we described
in Chapter 1, the Court’s pursuit
of being a ‘people’s court’ has led
it to invite a massive flow of SLPs
that it must sift through. The Court
receives over 60,000 petitions per
year. It devotes two days per week—
Monday and Friday—to hearings on
whether to admit or dismiss these
petitions. And because it holds at
least one hearing per petition, and
sometimes more, before admitting
or dismissing the petition, this
means that on any given Monday
or Friday, the Court holds around
1000 hearings.
The judges of the Supreme Court
must somehow sort through this
mountain of cases. To do this,
it divides itself into benches of
two judges to hear each petition,
allowing it to hold many hearings
in tandem throughout the day.
And it holds incredibly compressed
hearings. As we’ve noted, most
hearings on SLPs last one minute
and thirty-three seconds or less.
In other words, in a typical case,
the judges hear the law, facts and
arguments relevant to the case for
less than 100 seconds before they
make their decision.
Yet, as our data shows, the initial
hearing for an SLP is the most
crucial hearing for a case seeking
relief in the Supreme Court. A
petition that makes it past this first
step is nearly guaranteed a full
hearing by the Court and a chance
at winning the case in a final
judgment. How can judges make
such a momentous decision after
a hearing that lasts less than
two minutes?
The answer, of course, is that
two minutes is simply not enough
time to have an adequate hearing
of the relevant facts, legal issues,
case history and arguments by the
petitioner. Yet every Monday and
Friday, the Supreme Court makes
admissions decisions on hundreds of
cases on the basis of less than two

102 August 2023 /


minutes of hearing time. With so
little time per case, the Supreme
Court must make snap decisions,
and one piece of information that
it always has when making that
decision is the identity of the
lawyer making the argument.
Given these facts, it should be
no surprise that senior advocates
are so valuable to the Supreme
Court. They represent familiarity,
trust, experience and knowledge
in a setting where hard facts,
legal details and time are in short
supply. A senior advocate arguing
before two Supreme Court judges
at an admissions hearing is likely
going to have more experience in
the Supreme Court than both of
the judges combined. From day
one on the Supreme Court until
retirement day, a Supreme Court
judge will see the same senior
advocates again and again. Even
if the bias is unconscious, it would
only be natural for a judge to
defer to a familiar face who has
much more experience than
the judge has.
This deference is natural, but
it is also a problem. The senior
advocate has credibility due to
experience and expertise but
isn’t likely giving an objective
assessment of the worthiness of
the petition. The senior advocate
is an advocate, who is highly
paid to obtain a specific result
from the Court. Further, the
initial admissions hearing is not
a balanced hearing, where both
sides are heard. Usually, only
the counsel for the petitioner
is present.
Further, the power of the senior
advocate is not available to all.
With rates exceeding Rs 15 lakh
for the most prominent senior
advocates, this power is available
only to the very rich. To be sure,
many senior advocates offer their
services at reduced rates or even
free as a pro bono service to
clients who are less wealthy, but
this charity is exercised at the
discretion of the senior advocate.
In other words, the decision of
who gains access to the Supreme
Court is once again in the hands
of the senior advocate.
How Did the Supreme
Court Get Here?
This is not a good state of affairs.
As we have shown, there is little
evidence that the power of senior
advocates is about the valuable
skills they could provide—giving
the Court better legal rules and
better cases. Instead, it seems
that the Court’s preferential
treatment of senior advocates
is more about a bias towards
familiar, respected individuals,
regardless of the merits of the
petitions. How did we get to
this point? One explanation is
the Court’s enormous docket of
SLPs. The Court is desperate to
sort through them, so the judges
simply defer to senior advocates.
Thus, we see the ‘face value’
of senior advocates—simply
by showing up to the Supreme
Court, they give their clients an
advantage in getting admission to
further hearings.
Importantly, the crushing load
of petitions is partly due to the
Court’s own policies and how
lawyers have reacted to them. In
this section, we show how three
key groups have contributed to
the extreme number of petitions:
• The Supreme Court: Its failure
to set clear guidelines for
when an SLP will be admitted
invites more SLPs.
• Advocates on Record: Because
AORs are paid by the case,
they have incentives to file as
many petitions as possible.
• Senior Advocates: Their
ability to get SLPs admitted,
even when the case is weak,
means that parties with weak
cases find it worthwhile to
file SLPs. OB
BOOKMARKED
BOOKMARKED
Take a look at what’s
new in the business section
of Amazon’s bookshelf
Back to Bharat
Nagaraja Prakasam (July 2023)
The book, through case studies,
addresses the present dilemma
of Indian entrepreneurs and
consumers in terms of economic
development and environmental
threats as they look for sustainable
alternatives in the areas of
production and consumption.
World Upside Down
Sujan Chinoy (July 2023)
In his book, Chinoy attempts to
provide a seamless narrative of
emerging geopolitical challenges
with his assessment of India’s
outlook, responses and role in a
rapidly evolving world order.
Play to Transform
Avinash Jhangiani (July 2023)
The author draws from real-
life examples to show how play
can be used as a catalyst for
transformation and innovation.
He argues that in the post-
pandemic world, business leaders
need to be more empathetic and
agile than ever.
The Global Trade Paradigm
Arun Kumar (June 2023)
Global trade is key to peace and
prosperity in the world. The author
explores the ecosystem and
the stresses it faces, basing his
observations on his experience of
over four decades.
/ August 2023 103
C’EST W C’EST LA VIE

LA FOLLOWING THE
VIE CULTURE TRAIL
Amitabh Dube, country president of Novartis India, has travelled
extensively, but it is his stay in Vietnam that he most fondly
remembers, not just for its food, people and landscape but also
for the footprints of Indian culture in the southeast Asian country

Chitra Nair

104 August 2023 /

 PURSUIT OF HAPPINESS

e says he is not a hardcore

history enthusiast, but
that disclaimer appears
misleading when Amitabh
Dube, country president
of pharmaceuticals major
Novartis for India, starts talking about the
influence of Indian and Chinese culture on
the Vietnamese culture.
The southeast Asian country, where
Dube was stationed for two years for work,
is quite close to his heart—he is all praise
for its people, landscape, culture and food.
But what amazed him the most was the
presence of footprints of the Indian culture
in half of Vietnam. “I could find so much
about our culture there. For instance,
the Chola dynasty of south India has its
footprints right up till Vietnam,” he points
out enthusiastically.
As a leader, Dube is a strong proponent
of open and transparent communication
and believes in being authentic and being
available for everyone.
He loves socialising—a passion that stood
him in good stead when he was in Vietnam
as he ideated on business strategies. “There India, he does not mind repeat trips to
were language and cultural barriers Puducherry and Goa. Of course, there
in Vietnam. You cannot understand are many places where he has been to on
people when you are in meeting rooms. I business trips and wants to go back to on a
connected with them [colleagues] outside pleasure trip someday. “The half of Europe
office. That helped us in opening up to sits there … Japan, a few places in Latin
each other, building a culture in the America ... They have always been on our
organisation and having better efficiencies list of to-go places, but we are conquering
and outcomes,” he explains. them one at a time,” he remarks.
For his “me time”, he prefers to play Gardening is a hobby he is interested in
tennis or go for a walk with his wife. taking forward when he can devote more
Weekends are for watching Formula One. time. The next question—on his retirement
“If there is nothing else, I watch Netflix. plans—comes up promptly, and so does
I love it,” he quips, admitting to binge the response. “My wife and I are mulling
watching once in a while when he is on a Success is over what our retirement place should be.
holiday. In fact, he has already decided measured Once we finalise the place, we shall think of
that he will be watching the series The not on the retirement plans,” Dube laughs.
Diplomat once he is done with The parameters of What is it that keeps the busy corporate
Last Kingdom. what you have leader contented? The answer lies in his
Then there are weekends when Dube achieved in definition of success.
dons the chef’s cap, stirring up some terms of value “I have spent 29 years working. When
destressing moments along with Indian or volume, but I am alone, if the thoughts of these years
dishes while sipping from a glass of wine. in terms of bring a smile to me, that to me is success,”
Travelling is definitely on Dube’s list of the happiness says Dube, adding, “Success is measured
pleasure activities. “I enjoyed every bit of and smiles not on the parameters of what you have
my eight-day stay in Bali. In Vietnam, I you are able achieved in terms of value or volume, but in
love spending time in Danang and Phu to bring to terms of the happiness and the smiles you
Quoc island,” he says. For holidays in yourself are able to bring to yourself.”

/ August 2023 105

C’EST W MY FAVOURITE

LA ZUBIN SAXENA
VIE MANAGING DIRECTOR AND SENIOR AREA VICE PRESIDENT,
SOUTH ASIA, RADISSON HOTEL GROUP

FAVOURITE MOVIE
My all-time favourite is Guide (1965) for
its timeless essence. The Dev Anand and
Waheeda Rahman-starrer, based on a
novel by R.K. Narayan, revolves around
the life of a small-time tourist guide in a
charming Indian town and his profound
˝ˢ˨˥ˡ˘ˬˢ˙˦˘˟˙ʠ˗˜˦˖ˢ˩˘˥ˬʡˇ˛˘Ѓ˟ˠ˕˘˔˨˧˜˙˨˟˟ˬ
portrays the idea that genuine happiness
resides within oneself.

FAVOURITE BOOK
One of my long-standing favourite reads
is The Upside of Irrationality by Dan Ariely.
Currently, I am re-reading Freakonomics by
Steven Levitt and Stephen Dubner. These
unconventional books provide intriguing
insights into how seemingly logical notions
may not always hold true. Perhaps my
curiosity is piqued due to the interesting
times we are currently living in.

FAVOURITE SPORT
Golf. It demands patience and reminds
players of the importance of paying
attention to details. It teaches self-discipline,
as players must practise focus and control
in every shot. Golf is a unique blend of skill
and precision, which makes it an enjoyable
and humbling sport for me.

FAVOURITE CUISINE
I am an absolute admirer
ˢ˙˥˜˖˛Є˔˩ˢ˨˥˦˔ˡ˗˙˥˘˦˛˜ˡ˚˥˘˗˜˘ˡ˧˦ʡ
Italian cuisine, which is a combination
of both, is my favourite.

FAVOURITE HOLIDAY
DESTINATION
I love New York for its vibrant energy,
unique vibe and sense of independence.
It exudes a spirit of hope and possibility,
which is contagious. Moreover, the city
offers an endless array of activities
and experiences, ensuring that there is
always something exciting to do
and discover.

106 August 2023 /

 Contemporary office sofas

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 RNI NO. DELENG/2006/16808
Magazine Post No. DL (DS)-29/MP/2022-23-24