Innholdsfortegnelse for 30 March 2025 i Business Today

When US President Donald Trump addressed a gathering of the global corporate elite at Davos this January, he declared that America was back and open for business. “Under the Trump administration, there will be no better place on Earth to create jobs, build factories, or grow a company than right here in the good old USA,” he proclaimed. Since then, the world has witnessed a blitzkrieg of executive orders including on tariffs that are upending the established order in pursuit of what Trump calls the Golden Age of America. Global markets have convulsed and confidence in economic growth has waned, with the Organisation for Economic Co-operation and Development (OECD) lowering its projections for global growth to 3.1% this year from 3.3% earlier due to “trade barriers” and “uncertainty.” For India,…

In an exclusive interview to Krishna Gopalan, Aditya Birla Group Chairman KUMAR MANGALAM BIRLA shares what made him enter two new sectors—paints and jewellery—and why India, along with the US, will remain central to the group’s future initiatives. Edited excerpts: Over the past three-five years, how have you approached the decision-making process for entering new businesses? What parameters have gained greater importance in this context? A business group with a legacy as enduring as ours thrives by embracing a growth mindset—continuously and thoughtfully expanding into new sectors with a clear focus on scale, long-term value, and strategic alignment with emerging opportunities. Our approach is rooted in market leadership—being among the top three players—and ability to create impact. Every step we take is driven by the aspirations of a resurgent India,…

THE LARGE OFFICE room in Pune is without a trace of ostentation. Anu Aga, 82, who insists on being addressed by her first name, does not revel in the achievements of Thermax or her contribution to the company. In fact, she is at peace doing the simplest of things. “I am not very aware of social media, something my grandchildren are a little embarrassed about. I have other interests. It’s a question of how much my brain can absorb,” she says with a smile. Aga’s journey at Thermax started in the HR department in what turned out to be a base for more learning. There’s a bit of a story—with many twists—on how she took charge of Thermax. Aga’s husband, Rohinton, in his 40s, had a massive heart attack and…

THERE is a sense of newness at Zomato. The corporate entity has a new name, Eternal, and a new structure. In FY24, it turned profitable and, since than, has been able to sustain that. This helped the company—which leads in the food delivery and quick commerce segments—prove the strength of its business model and get more investor interest. This is a sea change from the time it announced the acquisition of Blinkit, a quick commerce player, in June 2022 for $569 million (then ₹4,447 crore). The stock market gave a thumbs down to the deal. The Zomato stock fell by a third from its listing price. Despite that, the management bet on the compelling growth opportunity and went ahead with the purchase. Today, Blinkit is generating massive excitement as Zomato…

UPON MEETING BILLIONAIRE businessman and Mankind Pharma Chairman Ramesh Juneja at his office in Okhla, New Delhi, one gets a sense that there is something different about him. Despite his success, he remains warm like that day’s winter sunlight, unassuming and grounded. “Money can make you rich, but it cannot make you big,” he says, reflecting his belief that true success is about impact rather than just financial gains. Juneja, 69, maintains the simplicity of his early entrepreneurial days. He is the force behind Mankind Pharma, a company built on affordability and accessibility in healthcare—principles that continue to define its growth. BUILT ON AFFORDABILITY His motivation to make medicines more affordable came from personal experiences. Recalling the early days, he shares a story that shaped his pricing strategy. “In the…

DILIP SHANGHVI is not one for flamboyant statements or headline-grabbing moves. Yet, over the decades, the soft-spoken Chairman & Managing Director of Sun Pharma has turned the company from a small maker of generics into a global pharmaceutical giant with a revenue of $5.8 billion. While Sun Pharma built its name in generics, it is now betting on specialty drugs, also called innovative drugs, a segment that already accounts for a fifth of its turnover. These are high-value, patent-protected medicines that treat complex conditions, unlike generics, which are mass-market, off-patent medicines. These often require extensive research and clinical trials, making them more expensive but also more effective. But the journey will be tough. The once lucrative US generics market has become volatile with threat of reciprocal tariffs by the Trump…

“IT WAS THE best of times; it was the worst of times.” For Abhyuday Jindal, Managing Director of Jindal Stainless Ltd. (JSL), the iconic lines from Charles Dickens’ A Tale of Two Cities sum up the period when he joined the company 10 years ago. The metal industry was going through a downturn. “But, if I may say so, it was one of the best experiences, because if you come when everything is very good, there’s not much you can get involved in,” Jindal, 35, recalls. Joining during the period of turmoil allowed him to get his hands dirty, jump right in to work out the problems plaguing the company and the sector, and listen to customers, suppliers and employees on the company’s challenges and strengths. Over the past 10…

Japanese conglomerate Hitachi has been doing business in India for nearly a century, making it the company’s oldest foreign presence. From pioneering contributions in railway locomotives and telephone exchanges to powering critical infrastructure like the Bhakra Nangal dam, Hitachi has been an integral part of India’s growth story. Over the decades, this collaboration has expanded across key sectors, including manufacturing, infrastructure, and the digital economy. As the company approaches its 100-year milestone in India, Bharat Kaushal, MD, Hitachi India, and Sanjeev Krishan, Chairperson of PwC in India, sat down with Siddharth Zarabi, Editor of Business Today, to discuss Hitachi’s business, the state of manufacturing and the India growth story. Edited excerpts: SZ: How do you describe the state of manufacturing in India, particularly after the policy push over the past…

Epsilon brings a next-generation platform for SMS/MMS, mobile, email and more What was the problem you were grappling with? There were several moments in my career when I chose to step away from a smooth path to pursue something different. One such instance was my transition from an organisation’s leader to an individual contributor (IC) architect to lead a high-stakes technology modernisation project. Whom did you approach for advice and why? My manager and mentor supported me through the transition. As an engineer at heart, I’ve always been inspired by technical disruptions and the visionaries behind them. My mentor, a distinguished architect at the organisation, was someone I deeply respected. So, I sought his advice—along with my manager’s. What was the advice you received? We discussed how a career is…

“WE DON’T THINK A SLOWDOWN IS GOING TO AFFECT US” The jury for the 13th edition of BT India’s Best CEOs awards conferred the RESILIENT CEO AWARD on Deepinder Goyal, Founder & CEO of Eternal, in recognition of his work in ensuring growth/profitability and leading the company into the BSE Sensex in 2024—the first new-age company (start-up) to find a place in the index. Goyal discusses the company’s growth and expansion plans with Siddharth Zarabi, Editor of Business Today. Edited excerpts: How important was it for Zomato to become profitable? What does that mean for profitability across business verticals? Turning profitable is important for every business. The food business turned profitable at the right time, as did Blinkit. We don’t really plan on profitability and just want to do the…

NOT ALL BUSINESS leaders believe in sacrificing work-life balance to build successful companies. For Motilal Oswal, Managing Director and CEO of Motilal Oswal Financial Services (MOFSL), success isn’t measured by hours spent at the office. “A 70–90-hour workweek is not sustainable in the long run,” he says. Oswal—this year’s winner of the Wealth Makers award for the BT-PwC India’s Best CEOs—champions a more holistic approach to professional growth. Under his leadership, MOFSL became the first in the industry to introduce a switch-off policy, encouraging employees to disconnect after work hours and recharge. “Long-term success is about maintaining balance and preventing burnout,” he says. His belief in balance is rooted in his journey of building a company from the ground up. The 62-year-old cofounder moved from Rajasthan to Mumbai in 1981…

MANISH SATYANARAYAN NUWAL laughs when you ask if playing with fire is fun. His Nagpurheadquartered Solar Industries has been in the business of making explosives for more than two decades. ink the to But that was not how it all started. From humble origins in a small town in Rajasthan dabbling in various ventures, including manufacturing, his father, Satyanarayan Nuwal zeroed in on explosives in the early 1980s, first as a trader. In 1996, he moved into manufacturing bulk and packaged explosives, detonators, detonating chords and initiating systems. The company catered to a host of industries, including mining, infrastructure and construction, through plants housed in India and overseas. Manish joined the company in mid-nineties. In 2010, Solar Industries moved into the defence sector for its next phase of growth. Initially,…

PHYSICSWALLAH (PW), the edtech unicorn founded by Alakh Pandey, is gearing up to go public this year. In a sector that has been gripped by scepticism, Pandey has steered PW to a valuation of $3.7 billion, surpassing rivals like Unacademy ($3.4 billion) and Vedantu ($912 million), according to Tracxn. Yet, for Pandey, the journey is not just about the numbers. “I am a teacher first,” he says, preferring the role over that of Co-founder and CEO. Unlike many founders, Pandey dismisses the idea of aggressive acquisitions, instead framing his company’s expansion as a series of partnerships. PW has strategically integrated platforms like Kerala-based Xylem Learning and Jodhpur-based Utkarsh Classes. “This is a teacher’s world, and it runs on emotions,” he tells BT. “I do not use the term ‘acquisition.’” PW…

DEEP IN THE RED AT LEAST 11 COMPANIES IN NIFTY 500 HAVE TANKED MORE THAN 60% FROM 52-WEEK HIGHS THE WORST HIT MEDIA AND ENERGY INDICES HAVE TANKED MORE THAN 30% FROM THEIR 52-WEEK HIGHS SOURCE ACE EQUITY ₹ 85 LAKH CRORE DIP IN MARKET CAPITALISATION OF BSE LISTED FIRMS SINCE SEPTEMBER 27, 2024, WHEN THE BENCHMARK EQUITY INDEX BSE SENSEX HIT RECORD HIGH ₹ 3.6 LAKH CRORE THE AMOUNT INVESTED BY DOMESTIC INSTITUTIONAL INVESTORS IN INDIAN EQUITY MARKETS SINCE OCTOBER 2024 THE BEAR GRIP BROADER MARKETS, WHICH WERE OUTPERFORMING NIFTY50, HAVE CRACKED 20% FROM RESPECTIVE 52-WEEK HIGHS GRAPH NORMALISED TO THE BASE OF 100; SOURCE ACE EQUITY FIIs PRESS EXIT BUTTON GLOBAL INVESTORS HAVE SOLD SHARES WORTH MORE THAN ₹2 LAKH CRORE SINCE OCTOBER 2024 AGAINST IN-FLOW OF NEARLY…

IN THE THIRD WEEK of January, Kumar Mangalam Birla summarised the current global situation as uncertain, unpredictable, and unorthodox. “Importantly, we will be embracing an uncertain world, not wrestling with it,” he said in his annual note. As Chairman of the $65 billion Aditya Birla Group that has a presence across 41 countries, he must stay ahead of developments. The group has a global presence across sectors and holds the top slot globally in aluminium rolling and second in carbon black, cellulosic staple fibres and copper rods and third in cement (excluding China). Besides, it has become more diversified in the three decades that Birla has helmed it, even as he has strengthened existing businesses. In recognition of these efforts, Birla has been chosen as the Business Icon of the…

WHEN HE WAS in his early 20s, an age at which clarity of purpose is a rare quality among men and women fresh out of college, Harsh Mariwala had made up his mind about what he wanted to be: a businessman, and there was no way he would report to an outsider. Having graduated in commerce from Sydenham College in Mumbai, then known as Bombay, Mariwala steadfastly followed his ambition. He started his career in 1971 with Bombay Oil Industries Ltd., a commodities company controlled by his family, before he created Marico Ltd. in 1990. The timing for the start of Marico was opportune. The consumer goods maker was carved out of Bombay Oil just one year ahead of the launch of economic reforms that set the economy free from…

WHEN SUDARSHAN VENU took charge as Managing Director of TVS Motor in 2022, he had his job cut out: steering the company through the uncertain aftermath of Covid-19, and making sure it stayed at the top as India’s scooter and motorbike market readied for more intense competition. The industry was on the cusp of change sparked by the electrification of vehicles and their premiumisation—turning out products that promised enhanced features and higher quality to customers who wanted more and could afford to pay more. In the three subsequent years, the 36-year-old son of Chairman Emeritus Venu Srinivasan seems to have earned payback for the razor-sharp focus he has maintained on his job: the company’s return on equity (ROE), a measure of profitability, stands at 28.95% and its market capitalisation at…

CLIMATE CHANGE HAS significantly disrupted weather patterns, leading to harsher summers, shorter winters, and unpredictable monsoons. These shifts have directly impacted power consumption. The 105-year-old Tata Power recognised the evolving demand patterns early on. To meet peak power requirements, the company set out to transition from a conventional, coal-based power provider to a leader in green energy solutions. In 2020, Tata Power became the first Indian company to announce a goal of achieving carbon neutrality by 2050, later revising it to 2045. This meant a halt to new investments in greenfield coal-based power plants and a sharper focus on renewable energy. “In a distribution company, you need to be on your toes, whether rains arrive in June or July. Based on that you need to supply power 24/7. We need…

THE BIGGEST CHALLENGE for any legacy business is breaking free from its deeprooted mindset. Reinventing the way a company operates requires more than just strategy—it demands vision, risktaking, and an unwavering belief in transformation. Kishor Patil, 63, a chartered accountant-turned-entrepreneur, embodies this spirit. Having co-founded the IT services firm in 1990, he steered it to a successful IPO by 1999 and built it into a ₹4,300 crore market cap company by 2018. But instead of getting comfortable, Patil made a bold move—divesting 70% of his business to Birlasoft and sharpening his focus on automotive engineering and mobility solutions. Today, KPIT Technologies, also known just as KPIT, is a ₹33,082 crore enterprise, having grown multifold since 2019. It is one of the largest independent software and system integration partner to the…

GLOBAL MEGATRENDS SUCHas technology disruption, fracturing global trade, climate change and demographic dividend often have a domino impact on businesses, compelling them to take prompt action to remain resilient in the face of challenges. This year, PwC’s 28th Annual Global CEO Survey: India Perspective underscores this point. More and more CEOs are concerned about the economic viability of their businesses, compared to the previous year. In 2023, nearly 60% India CEOs were confident that their companies would be viable for more than 10 years on their current path. But in 2024, there was a five-percentage point dip. Due to technological disruptions and climate change, many India CEOs now feel the need to recalibrate their decision-making processes and press the intelligent reinvention reset button to survive and be viable in the…

HE STUNNING BOULDER Hills Golf and Country Club proved to be the perfect venue for Royal Ranthambore Business Today Golf’s Hyderabad edition on Saturday, February 22, with a packed field contesting the tournament and many attractive spot prizes on offer. The onset of Spring proved a worthy ally and golfers from the HITEC City made the most of the ideal weather conditions on the aptly named course that winds its way through some typically rocky terrain of the Deccan Plateau. Crisp thumps from the driver, the click of irons on the golf ball, and the occasional cheer or groan as a putt found its target or missed by millimetres would be heard around Boulder Hills as competitive spirits rose through the round. Great camaraderie, keen rivalry and plenty of fun was…