BW Businessworld 30 AUG - 13 SEPT 2021

INSIDE: ENGINEERING COLLEGES SPECIAL

www.businessworld.in SUBSCRIBER’S COPY NOT FOR RESALE I RNI NO. 39847/81 I 30 AUGUST - 13 SEPTEMBER 2021

RISE,
AGAIN

The $15.6 billion Mahindra
Group has embarked on a
strategy under newly appointed
MD&CEOANISH SHAH’S
leadership that while ruthless in
demand and discipline is focused
on bringing the 75-year-old
tractor-to-tech corporate back
on its growth track

Rs 150



www.businessworld.in SUBSCRIBER’S COPY NOT FOR RESALE I RNI NO. 39847/81 I 30 AUGUST - 13 SEPTEMBER 2021

INDIA’S
TOP
ENGINEERING
COLLEGES

A comprehensive study
of the leading technical
education institutions and

their core strengths

SURVEY CONDUCTED
BY BW EDUCATION



EDITOR-IN-CHIEF’S NOTE

MAHINDRA’S PIVOT ON SLIPPERY PATCH

ANNURAG BATRA BACK IN 2019 and before the lockdown gripped us, I had the pleasure
of interacting with Mahindra Group Chairman Anand Mahindra and
 [email protected] discussing the muted growth of the Indian economy and the challenges of
the uncertain world as evident then. Every bit the charismatic personality
he is known to be, Mr Mahindra has the rare calibre of being able to not
only make a conversation most engaging but also draw attention to issues
that may appear large and distant but impact us as a country in the most
granular way. His philosophy of People + Planet = Profits, articulated aptly
in the single word ‘Rise’, inspire many.

Mahindra & Mahindra (M&M) was then witnessing an uncharacteristic
phase of low-performance. Its stock, traditionally known to deliver
generous returns to investors, was going through rough weather. To my
mind even then, there was no doubt that the company would bounce back.
I, like my peers and the rest of industry, were keen to observe how M&M
would achieve that turnaround. More than anything else, this exercise was
guaranteed to have a lesson in it worth learning.

Since then the Mahindra Group has reorganized, re-energized and
reimagined several aspects of its operations, topped by a leadership
transition by appointing Anish Shah as its MD and CEO. Obviously its
turnaround journey has begun. If its earnings numbers are anything to
go by, the group’s new strategies are already paying dividend. The year
2021 hence, will become another milestone for this corporate house. This
transition heralds a new chapter in the Mahindra Group’s seven-and-
a-half-decade-long journey – which incidentally, is the same as that of
independent India. This journey sounds exciting in every way.

Our cover feature deep dives into the Mahindra Group’s operations and
involves detailed conversations with its key leaders, led by Dr Shah himself.
We were able to break down the back-to-growth strategy, divulging why
the reorganised Mahindra Group is different from its earlier avatar and
what its stakeholders can now expect from it. In my conversation with
Anish Shah, he says it would have been good to be in the VUCA world as we
once knew it. I found myself agreeing wholeheartedly with this dynamic
new corporate leader and now look forward to witnessing how Mahindra’s
preparations for its next big leap shape up.

In this issue, we also have a comprehensive study executed by the BW
Education team on the engineering colleges and universities in India.
This is among our special endeavours, reflecting the importance we place
on India’s education sector, which nurtures future growth drivers of the
country. We have attempted to be transparent about the rankings of the
leaders among engineering institutes, highlighting those who are really
pushing the envelope. We hope you enjoy the insights this edition offers.

5 | BW BUSINESSWORLD | 30 August - 13 September 2021





VOL. 40, ISSUE 23 30 AUGUST-13 SEPTEMBER 2021

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www.businessworld.in SUBSCRIBER’S COPY NOT FOR RESALE I RNI NO. 39847/81 I 16-30 AUGUST 2021 YOUR COMMENTS

7 FCOFUHFTICIUEERRFES
From custodians of
financial stratagems to
leading future readiness,

CFOs take the central
role in a company’s

transformation

(Top clockwise) Rs 150 NEED FOR VOCATIONAL PUSH
Nitin Parekh, Cadila Healthcare,
Rajib Mukhopadhyay, Indofil, This refers to the editorial “The Middle Classes
M P Vijay Kumar, Sify Technologies, Have Become Hollowed Out” (BW, August 16).
Mandeep Mehta, Max Life The author has rightfully compared the Indian
Insurance, Anuraag Srivastava, education system with that of its geopolitical rival
Sterlite Power, Rikhil Shah, SBI China to demonstrate how successful the latter is
General Insurance ,Vinit Teredesai, and what we can learn. Although there is a lot to
Mindtree, Mahendra Kumar K, Tube learn from our neighbour, one must particularly
Investments of India, Hersimran take note of the large scale vocational training
Kaur, BharatPe, Deena Jacob, Open that China provides that ultimately powers their
Financial Technologies, Samir innovation and manufacturing expertise. Every
Ashta, CLP India, Rajeev Gupta, L&T year, China enrols nearly 96 lakh students in
Technology Services, Vivek Anand, vocational education as compared to 40 lakh in
DLF, Subodh Gupta, Bharat Heavy India.
Electricals, Rohit Razdan, Clear
Although India has fewer students in the overall
TALKBACK BLIPP education system compared to China and the US, it
THIS PAGE has more students at the undergraduate and post-
Submissions to BW |Businessworld TO GIVE US graduate levels than the two. This is because the
should include the writer’s name and YOUR FEEDBACK stress here is on getting an education certificate as a
address and be sent by email to the INSTANTLY means to get some sort of credibility, all this despite
editor at [email protected] a high unemployment rate. This suggests a gap in
or by mail to 74-75, Scindia House, understanding of what education can enable.
Connaught Place, New Delhi-110001
RASHID REHMAN, EMAIL

GAME ON

This refers to the piece titled ‘‘The Collaborative
Decade Of Gaming” (BW, August 16). The gaming
industry is at a stage where stakeholders are looking
at various opportunities and avenues to make the
most out of this growing domain: from partnering
with overseas firms and hiring college students
to build games from their dorms to collaborating
with central and state-level governments to further
their pursuit, and so on. Only time will tell how
these efforts will eventually turn out, and how other
industries like fintech, ecommerce (required for the
success of gaming), and even the overall economy
are going to respond to the gaming sector.

T. GOVIND NATH, EMAIL

10 | BW BUSINESSWORLD | 30 August - 13 September 2021



CONTENTS

VOLUME 40, ISSUE 23 30 AUGUST - 13 SEPTEMBER 2021

Photograph by Neha Mighbawkar 38 In Conversation 44

16 Jottings Sneha Oberoi, CFO & Vice President- Driving Change Within
Admin, Suzuki Motorcycles India about
Big push to improving regional connectiv- staying digitally ahead and taking The 75-year-old Mahindra Group,
ity? Spurt in farm output; Components people along with the speed of change under its first professional CEO
crunch hits automakers; Big relief for Anish Shah, sets out on a journey
vehicle owners, and more 74 Green Shoots of change within that lays down
strategies and goalposts for each
16 Columns The pandemic has severely dented of its businesses with the aim of
India’s real GDP but there are some generating value for investors and
Vikas Singh (p. 18); Ashutosh Garg (p. green shoots that are reinforcing faster customers
20); Amit Kapoor (p. 22); Jayaram recovery
Easwaran (p. 24); Nitish Mukherjee (p. 52 In Conversation
26); Ajai Dayal (p. 28); Jose Antonio (p. 76 In Conversation
36) Anish Shah, MD & CEO, Mahindra &
Sanjay Sethi, Chairman, Jawaharlal Mahindra about the challenges that
40 Affordable Healthcare Nehru Port Trust (JNPT) about the leaders face today, the need to plan for
functioning of ports in India, JNPT’s new anything, some of his early experiences
How Venkateshwar Group has made its initiatives, and its sustainable business and the things that will take priority in his
mission to provide top-class medical and practices in the next normal mandate ahead
health services at reasonable rates in one
city at a time

Cover design by DINESH S. BANDUNI; Cover photograph by NEHA MIGHBAWKAR

12 | BW BUSINESSWORLD | 30 August - 13 September 2021



CONTENTS

VOLUME 40, ISSUE 23 30 AUGUST - 13 SEPTEMBER 2021

76 Top

Engineering
Colleges

Engineering institutes

that braved the

challenges posed by

the pandemic and

marched forward

Photograph by Shutterstock

58 Wheels Of Change 80 Interview 90 Rankings

How the farm and auto divisions of Prof. Shanthi Pavan, Director, IIT Madras on 116 BW Dialogue
M&M have adopted a bold and focused the pursuit of excellence at the insititution
strategy to shape its future play Rohit R. Chowdhry, a certified life,
84 Interview executive and career transition
62 In Conversation coach, on the importance of
Prof. T.G. Sitharam, Director, IIT Guwahati identifying one’s purpose in life at an
CP Gurnani, MD & CEO, Tech Mahindra on the need to have the right educational early stage
on how the company’s focus on and research ambience for students to
new-age technologies have enabled excel 118 BW Dialogue
consistent and significant growth and
more 88 Interview Nitin Seth, CEO, Incedo Inc and
author of ‘Winning in the Digital Age’
68 In Conversation Prof. Ajit Kumar Chaturvedi, Director, IIT on how the digital world impacts
Roorkee on the centrality of science in businesses, people and throws new
Kavinder Singh, Managing Director & education and more challenges all the time
CEO, Mahindra Holidays & Resorts
India on how the company managed 124 Last 120 BW Dialogue
to hold its own despite the pandemic’s
harsh hit on hospitality. the company’s Word Anoop Kumar Mittal, MD, AIDA
roadmap, and more Management & former NBCC (India)
Education CMD about the role the infrastruc-
70 Growth Gem entrepreneur ture and construction sector will play
Ghanshyam Tiwari in rebuilding India in the post-pan-
Mahindra Logistics is among the about his goal of demic phase
group’s ‘growth gems’ that are encouraging every
expected to become billion-dollar girl student in India
businesses in 3-5 years to complete high
school and much
72 In Conversation more

Arvind Subramanian, MD & CEO, TOTALNO.OFPAGES126
Mahindra Lifespace Developers on (INCLUDINGCOVER)
how a focused strategy in the face of
adversity has now created momentum
for the company that is pushing it
forward

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14 | BW BUSINESSWORLD | 30 August - 13 September 2021



JOTTINGS

Big Push
to Improving

Regional
Connectivity?

U NION CIVIL AVIATION MINISTER Jyotiraditya M. to fast-track the expansion of Hissar and Ambala airports.
Scindia is pushing regional air-connectivity in a big The Chief Minister of Uttarakhand has been tasked to
way. He has shot off letters to the chief ministers of
over half-dozen State governments and heads of speed up the expansion of Dehradun airport. Additionally,
Union Territories (UTs) urging them to personally it has to quickly develop eight heliports. Heads of Union
intervene and expedite pending sanctioned work so that the Territories have been requested to explore the viability of
first flights can take off soon. international flights (from Port Blair, Srinagar) and expedite
all expansion work on airports.
The power behind Scindia’s push is the Prime Minister’s
keenness to see more towns on the air-connectivity map Are these projects aimed at actual connectivity or aimed
of India. Scindia wants the chief ministers to fast-track all at votes? Only time could tell! —Ashish Sinha
issues, be they additional land for airports, heliports, or any
other civil work.

Manipur is tasked to develop five Heliports. Tripura
needs to acquire additional land parcels at three locations.
Meghalaya has to fast-track additional land parcel at Tura
airport while the Haryana Chief Minister has been requested

AGRICULTURE’S SLICE OF THE GVA PIE GROWING STEADILY

FOR YEARS AGRONOMISTS and farmers’lobbies have because agricultural output had been growing at a snail’s pace.
lamented over agriculture’s dwindling contribution to India’s Well, through the pandemic both the statistical metrics got
gross value added (GVA) and gross domestic product (GDP). corrected. While manufacturing industries and services like
The small slice that farm production contributed to the GVA hospitality and tourism were incapacitated by the spread of
pie was partly because the share of the manufacturing and Covid-19 and the lockdowns announced to curb it, a healthy
services industries had been bourgeoning annually, and partly monsoon gave a fillip to farm production.

So, the share of agriculture in India’s GVA, which had inched
up from 17.6 per cent during the 2018-19 financial year to 18.4
per cent in FY 2019-2020, sprinted up to 20.2 per cent during
the otherwise bleak year gone by. The output of agriculture,
forestry and fishing meanwhile, shot up by 5.6 per cent.

The Union government’s fourth advance estimates of crop
production during FY 2020-2021 show bumper harvests of
rice, wheat, maize, gram and oilseeds and a record foodgrain
production of 308.65 million tonne. If fruits and vegetables
seem dearer to you, blame it on the increased cost of
transporting them, for the production from farms, fisheries and
forestry is reported to be higher still this year.

— Madhumita Chakraborty

16 | BW BUSINESSWORLD | 30 August - 13 September 2021 PhotographbyPIB, Shutterstock

FITNESS A SUDDEN SPEEDBREAKER planning to cash in on the
ON THAT FAST LANE strong rebound sales of
SERVICES the past three months

FALL SICK through the festive season

AS PROSPECTS of an ahead, have now hit a speed
ominous third wave hovers
in the horizon and even breaker with rising prices
fitness enthusiasts prefer
to stay home, gymnasiums of commodities and a short
seem to be on the verge of
collapsing. While smaller supply of semiconductors.
gyms are shutting down,
larger chains are saddled India’s largest car-maker
with mammoth losses.
Maruti Suzuki India’s August
Many prominent gym
owners and franchisees are sales of 68,184 mini-mid
either downscaling their
outlets or are resorting size passenger vehicles, fell
to large-scale layoffs or
furloughs for employees. A short of the 82,888 units it
Redseer Consulting report
has pegged the country’s had sold in August last year.

Total passenger vehicle

sales of the company stood

at 105,775 units in August

JUST AS SALES OF BOTH commercial and compared to 115,325 in the same month last

private vehicles were exploding, a supply year. In early August, Suzuki Motor Gujarat,

crunch of components plays spoilsport which supplies cars exclusively to Maruti

for automotive manufacturers. In the first Suzuki, had to scale down production to

quarter of FY 2021-2022, commercial single shift at some manufacturing lines

vehicle sales jumped 234.4 per cent over because of the component shortage.

that of the first three months of FY2020- Mahindra & Mahindra has declared a

2021. Private vehicle sales skyrocketed 20-25 per cent dip in production volumes

by 110.6 per cent during the spell. In July in September because of the shortage of

passenger vehicle sales crossed the pre- semiconductors. Tata Motors’ deliveries

pandemic levels of 2019, while those of too have dipped after a massive surge in

two-wheelers were a few thousand units sales. Two-wheeler sales of Honda and

below that of the 2019 level. Bajaj Auto show a similar trend.

Automotive manufacturers who were — Siddharth Shankar

fitness industry (comprising BIG RELIEF FOR VEHICLE OWNERS
equipment, sportswear,
fitness services, and THE INTRODUCTION of the Bharat
recreational sports) at $12 Series (BH-series), a new category
billion in 2018. Reports of vehicle registration, has come as a
from FICCI, E&Y, Redseer major relief for those in transferable
Consulting, Global Wellness jobs. Transfers entail the challenge of
Institute and IHRSA and transferring registration of vehicles
Fitternity estimate six from the parent state (where the
million active users of vehicle is first bought and registered)
fitness services who spend to another state where the
$350 to $400 annually. employees go on posting. The Motor
According to Fitternity, a Vehicles Act, 1988 mandated the
web aggregator for fitness transfer of vehicle registration within
outlets, there are around 12 months, failing which attracted
24,000 gyms and studios penalty (challan) and/or impounding of vehicles (in some states). The re-registration is
around India – all of whom a tedious and time-consuming process. But not anymore. This Road Transport ministry
now find themselves in an led BH-series will be available on voluntary basis to employees in transferable jobs of
existential crisis. companies that have their offices in four or more States or Union territories. Registration
Mark Format will be “YY BH #### XX” where YY = Year of first registration; BH=Code for
— Avishek Banerjee Bharat Series; ####=0000 to 9999 (randomized) and XX=Alphabets (AA to ZZ). Some
very good news indeed for peripatetic professionals! —Ashish Sinha

Photographs by Shutterstock 17 | BW BUSINESSWORLD | 30 August - 13 September 2021

COLUMN By Vikas Singh

Infrastructure
Is a Decadal

Growth Driver;
Catalyzes

‘Ease Of Living’

M OST POLICYMAKERS see inadequate infrastructure as cause of ize by creating a robust framework that
underdevelopment. It is actually the effect. Roads, bridges, transit, supports and enables symbiotic public-
water, power, rail network, spectrum and a host of other infrastruc- private partnership.
ture assets are the essential building blocks of the economy. They
enable trade, power businesses, stabilize the economy. Infrastructure Similarly, the government must act and
enhances productivity, stimulates demand, creates jobs, and spurs in- behave like an equal partner. Enabling
vestment. It triggers growth, boosts the economy, pedalling the virtuous growth cycle. administrative and fair and just legal
framework is the spine of an economy.
A Powerful Multiplier; Enhance Social Mobility, Stimulate Growth Trust, shared goals, and risk-reward are
A Crux study highlights that every rupee invested in a well-designed, robust infrastruc- at the heart of every partnership.
ture sector raises economic activity by three. Similarly a 25 per cent sustained increase
in futuristic and interconnected infrastructure spending accelerates real growth of 10 However, a public-private partnership
per cent in five years; and a four multiplier. is unequal, beset with mutual mistrust.
Partnerships have fallen apart; several
Benefits accrue for decades. India’s infrastructure needs Rs 100 lakh crore, 40 per have failed because the government is
cent in ‘developed’ urban India alone. The largest ten cities, also the economic hubs, are indifferent, acts and behaves like the big
home to a tenth of its people, delivering over half a nation’s GDP. Sustained infrastruc- brother; it lacks the partnership ethos.
ture investment will boost growth in these cities. Better infrastructure will improve Goals are invariably misaligned, intents
health and well-being; enhance ‘ease of living’. It will catalyze potential, and equally be nonlinear, resulting in rumpled execu-
a magnet that attracts investment to these cities. tion. Lack of capacity of the project own-
ers (bureaucracy) hasn’t helped.
However, discussions regarding infrastructure spending invariably meanders, is
never comprehensive. Lack of resources and ‘alternatives’ like welfare schemes etc. Alienates The ‘Big & Best’
dominate the debate. This attitude alienates the ‘big & best’ of
the private sector from the infrastructure
Citizens Are Condemned To Suffer Poor Infrastructure ecosystem, perpetuating the distrust,
There is now a ray of hope. The Prime Minister’s vision to invest in infrastructure has depreciating the impact. The economy
every sector excited. Benefits of public investment are more broadly shared than the suffers, businesses pay the price. Citizens
benefits of private-sector investment. However he needs to go beyond, and deliver. endure.
Both attract and incentivize partners In the aftermath of the pandemic, the industry
lacks the confidence, even the ability to invest in long gestation infrastructure projects. A Crux insight focussing on 100 large
Admittedly, the government may not have the resources or the capacity to carry the projects highlights how our archaic in-
burden of creating the infrastructure, and will tire out. frastructure framework shaves about a
tenth from the GDP growth rate; inef-
It must raise resources, (finance is cheap) and lead the investment cycle; and ‘pick and fective implementation subtracts even
lift’ private partners along the way. The government must, both attract and incentiv- more value.

18 | BW BUSINESSWORLD | 30 August - 13 September 2021

EVERY RUPEE INVESTED IN A
WELL-DESIGNED, ROBUST
INFRASTRUCTURE SECTOR
RAISES ECONOMIC ACTIVITY
BY THREE. SIMILARLY A 25 PER
CENT SUSTAINED INCREASE IN
FUTURISTIC AND
INTERCONNECTED
INFRASTRUCTURE SPENDING
ACCELERATES REAL GROWTH
OF 10 PER CENT IN FIVE YEARS

There are several other key challenges. The nature, character and behaviour of big Infrastructure supplements rural
government invariably dominates economic forces. The ecosystem is swayed by ‘links economy, rebalances growth. The for-
and connections’, resulting in resources misallocation. This is detrimental to develop- ward-backward linkages, enhance eq-
mental ethos. It chokes projects, imposes huge costs, and hurts the economy’s productive uity and opportunity, and elevate rural
sector. The model is broken. The Prime Minister’s vision may inspire action. It always living conditions. Not only is infrastruc-
does. But as in most cases, that alone is never enough. Not sufficient. India will need a ture a long-term multiplier, it equally is a
cadre of ‘designers and doers’ to impact the outcome. remedy and a stimulus for a slowing or a
disrupted economy. Infrastructure pro-
Our infrastructure policy must constitute a broad set of principles that address the motes economic growth (forward link-
concept holistically. Adopt a robust yet innovative implementation framework, sup- ages), growth in turn makes demands on
ported by investment in digital supervision, focussed and holistic monitoring. It must infrastructure. The two-way relationship
revamp its procurement processes, adopt transparent expenditure milieu. Similarly, the is self-sustaining.
government needs to strengthen its institutions and create entities that can hire the best
talent. It must, in addition augment capacity, upgrading capabilities of its implementa- Always A ‘Work In Progress’
tion agencies. Policymakers must optimize investments, focus on community-oriented The Prime Minister’s leadership has mis-
projects, augment cross-sector outcomes, and prioritize projects that have the largest sioned a clear and ambitious programme
impact, high potential for growth. Equally focus on completing on-going projects for and handed over the baton to the bureau-
‘quick’ wins and triggered stimulus. Incomplete projects are a drag; completed assets cracy, which should deploy a systematic
can be utilized, monetized. and holistic approach. Policymakers must
embrace symbiotic partnerships and pass
Must Recognise; And Equally Appreciate. Not Impose the baton to technocrats and the project
Infrastructure development is complex, with several inter-connected sub-systems. management team. They must imbibe
Governance is technical, specialized, largely applied and should be the responsibility rigour in execution, innovation in pro-
of a cadre of domain experts who coherently understand and holistically deliver. gramme management for impact and
optimization.
The government must obtain timely procurement, ensure holistic pre-project ap-
provals and assure a sustainable and transparent revenue stream. The private sector The Prime Minister’s vision of infra-
on its part has responsibilities too. It should bring in new technologies, implementation structure creation is truly transforma-
expertise and capabilities to commit finances, ensure quality. tional; and bringing it to the forefront
of the development ecosystem is equally
It is easy to lose sight of smaller (but more tactical) projects like social infrastructure, defining. It will influence our lives and
cross-sectoral rural focused projects that accelerate and enable broader, sustainable elevate ‘ease of living’.
benefits, and drive social mobility. The government must strategically bundle such
smaller schemes and incentivize private partnerships to efficient delivery. Similarly The author is an economist and columnist
policymakers must be equally wary of indifference and temptation to upgrades and The views expressed are personal
‘shovel ready’ projects to ‘tick the box’.

Photograph courtesy: Himanshu Kumar 19 | BW BUSINESSWORLD | 30 August - 13 September 2021

COLUMN Ashutosh Garg

W E TEND TO EXAGGERATE our own strengths and qualities in the powerful parent or associate of the
our own minds and start believing who we wish to be or think entitled person.
we should be!
However, deep down inside, we know exactly where we A strong sense of a misplaced or unreal
stand. No matter what we wish to be, very few people would be entitlement can damage your personal
able to lie to themselves for any length of time. Most of us have brand irretrievably.
a general perception of who we really are.
Of course, there are many ways for you to change and en- l Exceptionalism
hance the perception about yourself. Your perceived brand must match your brand, in Exceptional brands offer huge value to
the eyes of the people you interact with and more importantly, in your own eyes. When the consumer.
you build your personal brand, you are laying the groundwork for how you want to be
perceived by others. But the reaction of people is very dif-
ferent if a person starts to exhibit signs
of exceptionalism. This philosophy may

Brand You –
Perception vs

Reality

People who change their stand fre- personal brands. This is no different apply to a product brand but cannot ap-
quently or believe in flowing with the from the brand of the organization that ply to Brand You. The day you start to be-
tide, irrespective of their personal con- we work for. lieve that you are exceptional is the day
victions, cannot be seen to be stable you start your downward spiral.
brands. They are people where their per- Six “E”S of Perception Vs Reality
ception of themselves is very far removed l Entitlement Your personal brand needs to under-
from their own reality. No one likes a person who has airs or who stand humility. You need to re-earn at-
tries to exhibit a status that he does not tention, re-earn loyalty and reconnect
Understanding ourselves is important have. When people with a high sense of with your community constantly as if
to lay the foundation for building our entitlement interact with the common every day is the first day.
brand. It is the platform from where you person, their superiority comes through
can think of launching yourself. There- clearly and rebuffs people instantly. They l Extraordinary
fore, this platform has to be strong, stable also have unreasonable expectations An extraordinary personal brand com-
and built on our self-truths. Any weak- from people around them. Such people municates a set of messages, attitudes
ness in this platform will create a weak tend to be intolerant of other people’s fail- and behaviours that come together
foundation and hence a weak brand. ures while ignoring their own. synergistically to help you enjoy better
opportunities, make more money, com-
The difference between perception People suffer entitlement in a person mand more influence, and help more
and reality needs to be understood and only as long as they fear reprisals from people.
internalized when we think of our own

20 | BW BUSINESSWORLD | 30 August - 13 September 2021

THE DIFFERENCE
BETWEEN PERCEPTION
AND REALITY NEEDS TO BE
UNDERSTOOD AND
INTERNALIZED WHEN WE
THINK OF OUR OWN
PERSONAL BRANDS. THIS
IS NO DIFFERENT FROM
THE BRAND OF THE
ORGANIZATION THAT WE
WORK FOR

What’s more, it helps establish you as a wonder why you have not been invited to taking a consistent beating each time you
role model and leader in your field, which someone’s party while everyone else you display unethical behaviour.
elevates you to a new level. know has been called.
No amount of screaming and pro-
Extraordinary people are looked up When you make a statement “I do not claiming one’s innocence will help. In
to by the community they live and work like this person” or “I cannot get along matters like these, the families suffer the
in and if they do not get subsumed with with the person” try and think through most. Each time a family member takes
a sense of entitlement, they can become your reasons for these comments and the a positive step forward in his or her own
key influencers in their community or in answer will be obvious. lives their name will get linked to their
their circle of influence. now, not so illustrious father!
The experience you have had with your
l Expectation friends or your friends have had with you Once your ethics becomes question-
Managing our expectations is the key to is the key differentiator. Remember that able, your brand suffers irretrievably and
many things in life, especially our own experience is mutual. it is unlikely that it would every recover.
personal happiness. Most misunder-
standings and conflicts happen because l Ethics Can you tell yourself every morning,
of unmet expectations. Ethics is at the core of any personal when you look at yourself in the mirror
brand. Ethics is a simple black and white after a shower, “I did no wrong yesterday
It is therefore, important to first un- subject. There is no grey nor is there any and I did not knowingly harm anyone
derstand and then manage our expec- shade of white or black. Either you are yesterday?”
tations. The age-old phrase of “under ethical or you are unethical. And the only
promise and over deliver” applies to judge in this matter is yourself. Even be- You are accountable only to yourself
Brand You as well. fore someone else points out what is ethi- when it comes to ethics and you need to
cal, we know inside ourselves whether set very high standards for yourself.
l Experience we have done or how we have behaved is
Just like you opt to make a “repeat pur- right or wrong. If someone does not like the way you
chase” of a brand based on your experi- handle something, hear them out, but
ence of the brand, so also, people will So if you are seen as a person who does you don’t have to implement their ide-
choose to interact with you over the long not hesitate to twist the truth or someone as.
term based on their personal experience who is always late for meetings or some-
of you. Then think of the times when you one who changes sides very easily, you You cannot please everyone.
can be certain that your brand value is
The author is an executive coach, an angel
investor and Founder Chairman of Guardian
Pharmacies. He has authored six best-selling

books, including The Brand Called You

Photograph by Envato Elements 21 | BW BUSINESSWORLD | 30 August - 13 September 2021

ARTHASHASTRA By Amit Kapoor
S ABKA PRAYAS, mean-
ing collective effort, government, but rather, they exercise ing the channels of participation and
may seem like another a more deliberative and participative eliminating barriers in the way. Gov-
alliterative addition to form of democracy that pushes govern- ernment support is required in but not
Prime Minister Nar- ments and key decision-making insti- limited to these two distinct areas:
endra Modi’s motto of tutions to direct their efforts towards empowering citizens and empower-
equitable growth and development ing local governments.

‘Sabka Saath, Sabka and protect each individual’s rights Government must empower citizens

Vikas, Sabka Vish- guaranteed by the Constitution. The by expanding the provision of social

was’, but it carries much more weight 73rd Constitutional Amendment Act goods to those who are at a disadvan-

than a mere slogan. It opens the dis- and 74th Constitutional Amendment taged socio-economic location, and

cussion on the role of citizens in gov- Act, recognize local governments as hence,areneithercapableofaccessing

ernance within a democracy – “gov- the third tier of governance and open suchbasicentitlementslikehealthand

ernance” and “democracy” being the avenues for citizen participation . education, nor empowered enough to

operative words here. The local governments at the rural demand for the same. The purpose is

Firstly, what exactly is governance? and urban level are the closest tier of to provide them a good quality of life

Itentailscooperationandnegotiations government to the citizens, and this so that they have the freedom to make

between the government, the formal proximity allows citizens to push for informed decisions about their life,

and informal institutions, public, civil greater transparency and account- which would also include their par-

Democratic
Governance &
Sabka Prayas

society and the markets. Efforts and ability in their operations, take a more ticipation in governance.
exercise of power by each entity exert active role in decision-making, convey The local governments are riddled
pressure on and shape policy decisions. the developmental challenges at the
In other words, government is only a grassroots and demand corrective ac- with challenges of ineffective decen-
part of governance. tion. In this way, citizens can usher in tralization, which then affects citizen
progress in their own neighbourhoods participation. Research shows that the
An active role of the public or citizens and districts through their engage- uneven distribution of power between
in governance is indicative of a robust ment in governance at the local level. local and state governments result in
democracy, and challenges the primi- At the same time, they also carry out lack of autonomy and financial de-
tive definitions of both governance the duty of voicing the needs of the less pendence on the State and the Centre.
and democracy. Citizen participation empowered to participate in gover- Hence, it is in the hands of the govern-
in governance is a reminder that de- nance, so that they are not left behind. ment to overhaul the powers and func-
mocracy is much more than the exer- In other words, their democratic power tions of the local governments.
cise of electoral rights. It reinforces also asks of them to steer development
the role of citizens as equal partners towards being more inclusive. Today, Sabka Prayas is essential to
in development, galvanizes the wheels India, not only to improve governance
of a democratic system, and leads to However, to ensure proactive citi- but also to realise the idea of a more
greater accountability and transpar- zen participation, the government participative democracy so that the
ency within the system. too has the responsibility of facilitat- citizens do not limit their role to exer-
cising electoral rights.
Citizen participation does not mean
that citizens fill the gaps left by the The author is Chair, Institute for Competitiveness and visiting scholar, Stanford University

22 | BW BUSINESSWORLD | 30 August - 13 September 2021

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ANECDOTES By Jayaram Easwaran

Needless to mention, employees,
down the line, in that company were
equally supportive of one another.

Employee WHERE THEY ARE NOT
Engagement - The The second story is set in the early
2000’s and is about Rohit who joined
Litmus Test as Strategy Head in a well-known In-
formation Technology company, which
C EO’S AND HUMAN RESOURCES Heads, obsessed with achieving consistently ranked amongst the top
a high rank in employee engagement surveys, need to understand ten in employee engagement surveys.
and ensure that their senior folks freely collaborate and support one
another, in an otherwise competitive environment. Within two months of his joining,
That is the true litmus test and only if that happens, would em- Rohit, and the other function heads
ployees down the line feel passionate about their jobs, stay commit- and the CEO, were scheduled to travel
ted to the organization and put discretionary effort into work. to the corporate office in the US to at-
tend the quarterly board meeting.
To understand this better let us look at two anecdotes.
He spoke to the CEO to know more
WHERE EMPLOYEES ARE EQUALLY SUPPORTIVE about what usually transpired in these
The first anecdote is set in the early 1990s and is about Atul who joined a large auto board meetings and if he needed to be
manufacturer as Head of Corporate Marketing. Three months after joining, he was ready with any presentations. The CEO
scheduled to travel to Japan to meet with the collaborators. asked him to check with the other func-
tion heads and look at their presenta-
Some of the other function heads, on learning that this was Atul’s first trip to Ja- tions.
pan, offered to guide him and share their experiences on their visits to Japan. They
cautioned Atul about there being very few English signage’s in Tokyo and went on Accordingly Rohit spoke with the
to give him a detailed layout of Narita Airport, right from disembarking to passport others over lunch and received the
control to baggage pick-up and where to catch the limousine bus to the hotel. same response from all of them – that
the board meetings were more about
And they also shared their insights on Japanese culture, business etiquette and questions being asked by the Chairman
the kind of well-packed gifts he needed to carry to Japan. and other Directors and it was the CEO
who made the presentations, if any.

During the board meeting, Rohit was
surprised to see that every other func-
tion head had come prepared with a
slick power point presentation lasting
ten minutes.

Rohit apologetically shrugged his
shoulders when the CEO nodded to-
wards him indicating that it was his
turn to make a presentation.

TOO MANY SILOS
Fortunately the CEO covered for him
telling the Chairman that since Rohit
had been there only for two months,
he had asked him not to work on any
presentation.

It is obvious that in such organiza-
tions, too many silos evolve over a pe-
riod of time.

The writer is a consultant and an Independent
Board Director at Jindal Stainless Ltd and author

of the best selling book - Inside the C- Suite

24 | BW BUSINESSWORLD | 30 August - 13 September 2021



DARK ROAST DOUBLE SHOT By Nitish Mukherjee

I just in that room. The Head of Marketing was really eloquent
about our strategic thinking and mentioned specifically how our
TURNED TO LOOK out of the window creative work had personally touched her. It was finally the turn
of a multi-storeyed building in the heart of the CEO to speak and hopefully bless the combined wisdom.
of the business district in Mumbai. Rain
was coming down in sheets incessantly There was silence in the room, as the CEO sat looking hard at
for the last many hours, as if to pound his nails in deep contemplation. In what seemed an eternity he
the city into submission. The video in looked up straight at me and said in a soft tone, “If I ever required
our credential’s presentation would run advice on how to solve a problem, I would call you guys in the
for another minute or so before I went blink of an eye. Your creative work and your case studies are so
through the concluding remarks. In that impactful that I have no doubt that your clients get exceptional
brief private moment as I saw my wa- value from you. But we as a brand have never had a problem.
In this market we are blessed with huge opportunities and we
just have to make the most of it. That requires a very different
approach and that is probably not what your team is attuned to
doing. You are great at what you do but that is not what we should
be doing.” The rain outside seemed to have reached a still higher
crescendo and clouds darkened as gusty winds decided where

Traversing
Beyond
Problem
Solving

vering reflection in the pane, I couldn’t the rain must finally fall.
subdue the warmth of a smile as it lit up The rain was like a silent waterfall outside the glass expanse
my face and wiped away the tiredness of
the early morning flight and long wait for in the lobby of the hotel. The second cup of Dark Roast Double
this day. I knew the presentation had con- Shot had quietened the storm within and focussed me on to
nected well with the audience and we had the invaluable learnings that had accompanied the lashings of
definitely made a very positive impact. the western monsoon. The thought that problem-solving and
opportunity-optimizing are entirely different ways of growing
We were in the office of the largest and businesses stayed with me. Over the years, I have realized its
most respected brand of cosmetics in the wisdom and powerful influence. Each has its exemplary value but
country. We were keen to get their busi- they are completely distinct approaches; to be employed as the
ness. It was a full house with the entire situation demands. They need different mindsets and skills.
marketing team there along with the
CEO. As the presentation ended and Problem-solving is much feted and many models exist in
the client comments started rolling in, it psychology and business that define it in great depth. Princi-
seemed the sun was shining for us, if only pally, they all follow the same five step process of problem iden-
tification, problem definition, exploring solutions, monitoring

26 | BW BUSINESSWORLD | 30 August - 13 September 2021

progress and problem resolution. Data

analytics and research can play a very

important role in the early stages and

creativity comes in to play when you start

brainstorming to look for solutions. It is

basically a plan of action to find a solution.

In a way it is a hunter’s delight.

Opportunity-optimizing on the other

hand is more of a discoverer’s paradise.

It can often be uncharted territory. It is

less about certainty and more about pos-

sibility. While data and research can help

in many ways, much of it may be outside

business and consumers, in the larger

context of change and the environment

in which you exist or operate. It follows

intuition and validates it.

While there may be some tools that can other stakeholders. An opportunity on the other hand has to be

be used across both ways of thinking, it is visualized and imagined; albeit with logic and rationale to sup-

the differences that magnify the distance port it. But it does not exist, it has to be envisioned.

between the two. Let us look at three ways

which bring home their incongruity and Solving vs Creating

separation from each other. When you solve a problem, you may do it by trial and error, algo-

rithmic step by step approach or a heuristic approach of working

Identification vs Prediction backwards from a focussed end result (Tversky and Kahneman

Problem-solving is about identifying the 1974). At its best, it is a process driven approach. In the case of

problem and its genesis. The sharper the unlocking opportunities though, creativity and intuition are

definition of the problem the easier it the guiding light. You create the possibility by imagining it and

then setting in motion a set of actions that bring it to

The thought that problem-solving and fruition.
The competencies required to practice either

opportunity-optimizing are entirely method, are very different from each other; so are
different ways of growing businesses the occasions when they can deliver the goods. As an
illustration while the problem-solving approach is

stayed with me. Over the years, I have great for established brands with significant market
realized its wisdom and powerful influence shares or very structured markets, the opportunity-
optimizing route may deliver better results in catego-

ries that are new and emerging with low penetration

or innovative products and services.

would be to eliminate or circumnavigate Businesses that want to maximize their potential need re-

it. Opportunity-optimization on the other sources that can deliver on both fronts because these differing

hand is about connecting the dots that are styles actually complement each other to deliver a more robust

seemingly unrelated and which when put whole brain thinking approach. However, most tend to choose

together predict latent possibilities. one kind over the other. In today’s world of intense competition

this is another critical need which makes a strong case for diver-

Existing vs Envisaged sity within the resource pool and leadership.

It is the difference between what is in You can DM me on LinkedIn or write in to darkroastdouble-

there vs what is out there. The problem [email protected]

exists somewhere within the domain of

your business and its activities or your The author is a board member, advisor, coach & mentor
interface between the business and its The views expressed are personal

Photograph by Shutterstock 27 | BW BUSINESSWORLD | 30 August - 13 September 2021

COLUMN The New
Ecommerce
Rules & Brick
& Mortar
Retail

Ajai Kumar Dayal I N A WORLD WHERE online business is becoming the norm, it is surprising
how our government seems to have decided to make life more difficult for
international ecommerce giants. You may even be tempted to think that
there is a move to eventually push them out of the country.
Having returned to a small village on the outskirts of Dehradun after
many years, I cannot but marvel at the ubiquity of ecommerce in the lives of
ordinary people. It is not just the easy availability of goods at the doorstep,
but also how common consumers have learnt of and have started using products
which perhaps a few years ago they would not have known existed.
Of course, the big two ecommerce sites dominate the space, but let’s understand
why they do so. They have brought to the country, practices honed across geogra-
phies around the globe, and while we may in many ways be different from other
countries in so many others especially human and consumer behaviour, we can be
very similar to our peers.
But besides by how they treat the customer – with equal respect – they have
perfected the skill of making the product available within really reasonable time
frames.

How Ecommerce Sites Help Build Customer Awareness

At a Retail Summit that I had attended in Mumbai some years ago, a speaker I
think from Croma, excitedly informed the audience that they had just launched
their ecommerce site and one of their first orders was for a Play Station from a very
small town deep in Bihar! He got a big applause because it underlined the fact that
there were people across the country who wanted products, but had no local access
to them. They could now be reached.

Interestingly, the benefit of global sites also rubs off on other websites offering
similar or even different products. A friend recounted his search for a brush cutter
for his garden. He had no clue where to find a shop to go to and get it.

He did not know where to call as he did not even know what the product was
called. After searching online, he came across a farm and industrial equipment
webstore from Kolkata which had brush cutters at good prices, but the descrip-
tions and images were just not helpful for a novice like him to make a selection.

28 | BW BUSINESSWORLD | 30 August - 13 September 2021

So he looked on the Global sites and in 2020) and the number of sellers that they have working through them, (which
they served up a whole bunch of what is is in the hundreds of thousands) does not need to be repeated. But can someone
called A+ product content in eEComm tell me how someone sitting in some far corner of the country making antivibra-
parlance, on ‘brush cutters’. Armed tion pads for washing machines or a trader selling brass and iron door handles in
with the knowledge, he went back to Jaipur can even dream of being able to sell his products across the country? This
the earlier site and bought one from is happening on the sites today.
there. A loss for the international site?
Yes. But a win for ecommerce. Even if for a minute we accept the criticism that setting up companies to con-
solidate disparate products and selling them on the sites created monopolies, don’t
What About Ecommerce? forget why these companies exist. This was a direct response to the no multibrand
retail diversion which the UPA II government had created, supported by most Op-
The data on the business of the two ma- position parties, to allow foreign retail companies into India, and so junglee.com
jor sites (combined around $10 billion (now amazon.com) was born in 2012.

Look at the range these so-called front companies offer. Everything from home
hardware to copy paper to make up brushes, to three million other products which
they get from a host of suppliers across the country. I suspect that if this unneces-
sary multi-brand restriction was lifted (hard to find a justification for its existence),
the raison d’ etre for these companies would evaporate and this debate would soon
disappear.

There is no doubt we should have a level playing field for all ecommerce op-
erators, but it would take years for any new sites to come to anything near the
global players in size, diversity and efficiency in every area. And what is to say

that eventually the larger local opera-
tors will not start creating monopolies
and taking control of the supply chain
themselves? Is this not happening in
the case of large brick and mortar re-
tailer chains even now?

But the Traders Are
Unhappy!

Of course they will be. We have had
some poor years with people avoiding
the markets. Those who were progres-
sive had tied up with the ecommerce
portals or started their own eShops,
and would be thanking their stars that
they still continued to get some online
sales. Contrary to common thought,
while you can set up an online portal
in half an hour, creating an actual on-
line business and running it efficiently
is a different matter. For one, it is not
cheap, which is why you have angel and venture capitalists hovering around.
But more importantly, how many proposals have come from trade or retail rep-
resentatives suggesting how to actually improve the business of their members.
While they are needed, simple solutions like free parking, staggered timings and
tax cuts have been done to death.
Added to that, most traders have not tried to upgrade or improve themselves
or their operations. Even in what you would call high-end department stores, the
experience is far from satisfactory. We still have a guy sitting at the exit struggling
to compare the bill with the goods! My nephew recounted recently how in this
swanky sports store the two cashiers took five minutes together, to calculate that
they had to return Rs 400 to him as he had overpaid (!). In today’s retail, reducing
friction that dilutes the experience, is paramount. And if friction exists or grows, it

Photographs by Shutterstock 29 | BW BUSINESSWORLD | 30 August - 13 September 2021

COLUMN

pushes customers to find other options, including ecommerce. BUT CAN SOMEONE
The point is, most of our offline markets are no longer fit for purpose. Reaching TELL ME HOW
SOMEONE SITTING
there through the traffic is a nightmare. After struggling for parking, you may end IN SOME FAR
up walking 10-15 minutes to reach your destination (unless you become a public CORNER OF THE
nuisance and park right on the road – the preferred option for many – and reduce COUNTRY MAKING
the traffic movement to half ). ANTIVIBRATION
PADS FOR
The shops are not zoned, so if you go to the main markets in most cities you have WASHING
to visit the already crowded city centre. This arrangement barely worked 20 years MACHINES OR A
ago, but with the explosion of the cities into all directions and their markets remain- TRADER SELLING
ing the same, it is like putting a litre of water in a rubber bottle which is made for BRASS AND IRON
250 ml. It is just waiting to burst. DOOR HANDLES IN
JAIPUR CAN EVEN
The real solution would be to create alternate marketplaces – and I am not DREAM OF BEING
talking malls here – complete with facilities including proper access and egress, ABLE TO SELL HIS
parking, cheap and close storage of goods for the traders, and other amenities like PRODUCTS ACROSS
toilets, banks, food joints etc. spread across different parts of the city where there is THE COUNTRY?
adequate space. So there could be a hardware market, a furniture market, a lighting THIS IS HAPPENING
market, a furnishings market, an auto parts market etc. The idea is not unique, a ON THE SITES
small example is the Lighting Market behind Delhi’s Khan Market that reduced
the load on the old market at Chandni Chowk. The author has over 30 years’ experience
in managing and consulting on big
It may not be an easy sell for trade bodies to overcome the inertia of people who
have been used to doing business in a particular way for the last 50 years. But if brands, retail, and ecommerce. He has
they want to remain relevant in the years ahead, it cannot be through blocking been a commentator and columnist in
more efficient alternatives.
many publications.
If there are areas where ecommerce portals are going against the law of the land, The views expressed are personal
hold them liable. But do not damage the ecommerce ecosystem (which incidentally,
is reported to comprise a mere four per cent of total retail trade) saying that it is
being done to help small and medium traders.

More time and energy needs to be spent to come up with practical, positive and
holistic solutions, rather than displaying unrequired bravado with world class bench-
mark setting companies. It’s great to have a ‘we can do it better’ attitude and in many
cases we have done it. But also don’t forget George Fernandes’ famous – 77.

Photograph by Bivash Banerjee 30 | BW BUSINESSWORLD | 30 August - 13 September 2021



MARKETING AND ADVERTISING

IMPROMPTU BRANDBUZZ categories are important
to us and all brands will

have a distinct role to
play in consumers’ lives.
Hydration is a grow-
ing category in India.
To cater to the growing
demand for hydrating
drinks, Coca-Cola added

Lime & Lemonyseveralbeverages.
In the specific case of
Limca, over the years, it
has evolved from being
a traditional ‘sparkling’
drink to ‘the ultimate
50At rejuvenatorandrefresh-
er’. Lime-lemon based
As it marks its 50th anniversary, Limca has evolved from the replenishment is the core
traditional ‘lime and lemony’ drink to a beverage that provides benefit of master brand
Limca, designed specially

full-body rejuvenation and energy, says Arnab Roy, Vice Presi- to provide rejuvenation
dent, Marketing, Coca-Cola India and South West Asia in a con- to consumers sweating it
versation with BW Businessworld’s Soumya Sehgal. Excerpts: out on their day-to-day
activities in real life.

The company is wit-

nessing good growth

Please expand on rejuvenation and energy. The brand will stand across all categories. In

Limca’s journey and Limca’s new brand as the ‘great rejuvenator’ the Asia Pacific market,

brand positioning positioning is an ode to that inspires Indians and in which India falls,

through the past 50 the ‘doers’ in life and their keeps them going despite Coca-Cola’s unit case vol-

years in India. How relentless spirit of moving all odds. It will refresh ume grew 16 per cent led

is the current market ahead and looking for- consumers in everyday by sparkling flavours and

demand looking like ward no matter how dif- moments when they are the hydration category.

for the brand? ficult the circumstances. hit by tiredness and are As we move ahead, we

Limca, which is Coca- Limca, as a brand, looking to physically will continue to focus on

Cola India’s homegrown resonates the spirit and recharge and replenish capturing moments of

beverage brand, has imagery of ordinary, with a rejuvenating drink consumption by expand-

been the ultimate thirst everyday people of India to keep them moving. ing the portfolio so that

quencher and is widely (earthy, self-made) and our brands and prod-

acclaimed for its unpar- has a long, deep-rooted How has the demand ucts become the most

alleled ability to instil a Indian connection, cater- for the hydration cat- preferred choice for the

feeling of freshness in the ing to regional markets egory drinks changed consumer.

minds and bodies of its including Delhi, Punjab, in India?

consumers. This year, as Haryana and parts of Our ‘Beverages for Life’ What are some of the

we celebrate 50 years of Andhra Pradesh and strategy recognises changes you have

the brand since its foun- Telangana. This year, the consumer diversity and made to your market-

dation in 1971, Limca has brand is seen to become believes in giving con- ing and communi-

evolved from a traditional more intrinsic and func- sumers more beverage cations strategies,

‘lime and lemony’ drink tional with the overarch- choices and packages especially in light of

to a refreshing beverage ing aim of reaching a they want, for the oc- the current situation?

that provides full-body wider set of consumers. casions they want. All Coca-Cola remains

32 | BW BUSINESSWORLD | 30 August - 13 September 2021

grounded in its purpose
to craft meaningful
brands and offer its con-
sumers a choice of drinks
that refresh body and
spirit. At the same time,
the organisation is also
clear on the vision for the
next stage of growth — to
emerge stronger, guided
by the purpose to ‘refresh
the world, make a differ-
ence’.

At Coca-Cola, we want
to bring consumers the
brands and choices of
drinks they love. Our
communication also
has always been around
recognising real mo-
ments from consumer
lives and narrating their
stories across all our
brands. Keeping up with
the requirements in
the new normal, Limca
too has evolved to offer
heightened hydration to
the ‘doers’ of the country.
We believe brands and
their advertising need to
be highly empathetic in
such challenging periods.
Credible, authentic com-
munication will help win
hearts at the end of the
day and hopefully drive a
base of loyal consumers.

Tell us a bit about the

Limca Book of Records

that completes 30

years in India.
Since the inception of the
Limca Book of Records
30 years ago, the book
has stood as a testimony
to the stellar achieve-
ments by people in various
fields such as science and
technology, adventure,

33 | BW BUSINESSWORLD | 30 August - 13 September 2021

MARKETING AND ADVERTISING

IMPROMPTU BRANDBUZZ

human endeavour, struc- celebrates the astound- Union Territories’. want to do something
tures, education, defence, ing achievements of A few highlights from different and be remem-
government, business, India’s green warriors bered for their distinctive
cinema, the natural world, — who looked beyond this edition of the book deeds. Being the first of
literature, and the arts. themselves to focus on are the Vande Bharat its kind in the country,
We are thrilled to wit- the environment and our mission that became the this book has been an
ness the achievements of planet, in a new environ- world’s largest repa- instant hit with people
Indians from all walks ment and sustainability triation exercise, while from all generations.
of life and all parts of the section. They steered Noccarc Robotics, a
country. This year’s edi- sustainability campaigns, startup by Nikhil Kurele The book has been
tion also honours the un- focused on waste man- and Harshit Rathore well-received over the
defeated spirit of Covid-19 agement, and undertook developed low-cost por- years and the proof can
frontline warriors who recycling and other table ventilators; Bharat be seen in the ever-
have courageously led the environment-friendly Biotech in collaboration increasing number of
battle against Covid-19, missions. Besides ‘En- with the Indian Council record-holders and
with a spotlight on their vironment and Sustain- for Medical Research record-breakers that
selfless acts of kindness ability’ and ‘Combating developed Covaxin while approach the book each
along with showcasing Covid-19’, the book also Serum Institute of India day. Just like with this
the extraordinary talent contains sections on manufactured Cov- special edition where we
and achievers across the ‘100 Years of India at ishield, both approved have added new sections,
country. the Olympics’, ‘Thrilling vaccines that join the gal- we hope to explore newer
30s’ and ‘Our States and lery of accomplishments avenues and scout for the
This edition also on display in the Limca ‘real heroes’ of India in
Book of Records. the future as well. In the
Credible, authentic coming years, the Limca
communication will help win Any thoughts on the Book of Records will
hearts at the end of the day develop its social me-
and hopefully drive a base of way forward for LBR… dia platform to amplify
Over 30 years, the LBR stories of grit & determi-
loyal consumers has identified people who nation, and bring alive
have the spirit to excel the spirit of perseverance
and follow their goals through popular youth-
with single-minded pas- centric platforms.
sion. It emphasises the
unique achievements of  Soumya@business
our citizens and is a salute world.in
to all those people who

34 | BW BUSINESSWORLD | 30 August - 13 September 2021



Sports Talk Recovering the
Human Touch
GUEST COLUMN in Sports

E XPERTS SAY THAT THE COVID-19 pandemic has accelerated
social and economic processes of change that were slowly hap-
pening, but are now in full force, especially everything related
to online communications. Today, it is normal to meet some-
one through videoconference, but it wasn’t so widespread just
18 months ago. In the professional sports industry, everything

that has happened since March 2020 has proven that broadcast,

sponsorship and digital business are bringing in more money

than stadium revenue today, that’s what allowed us to keep the

ball rolling even in front of empty stands. On the other hand, the

TV experience and the interaction with our fans through social media proved how

odd, not to say sad, it is to have sports without fans living the game in the stands.

This is the biggest challenge ahead: to recover the human touch of sports, to make

sure that fans are back to venues with even more excitement than before. With

this, though, arises an important question. Fans indeed consume more sports than

Jose Antonio Cachaza ever before through broadcast, digital and social media, although in different ways

FOR SPORTS than before; not to forget the increasing relevance of e-sports, fantasy leagues, etc.
BUSINESS
However, do they want to experience it live, to support their heroes in the stadium?
MANAGERS, IT IS
IMPORTANT TO This can apply to football, cricket, or any other sport. The recent Euro 2020 proved

UNDERSTAND THAT that fans seem to want to be back. But will they renew their season tickets or just
WE ARE DEALING
keep watching it from their warm safe homes?
WITH PEOPLE THAT
LOVE AND LIVE FOR Watching sports at the stadium has always been much more than attending a
THE GAME, NOT ONLY
WITH CONSUMERS, show or a play. It’s not like going to the theatre, fans want to be part of the game,
DIGITAL CONTACTS,
supporting their team, booing rivals and referees. They don’t want to be passive,
OR DATABASE
REGISTRIES they crave to be the protagonists as well. But the truth is that for the last year and

The author is Managing Director – a half, that’s been lost, you couldn’t even watch the games at the pub. Maybe some
India, LaLiga
fans will choose the experience at home, but as the world, including sports, is slowly

starting to go back to normal, there is hope that the emotions that sports bring out

in fans are still there.

For sports business managers, it is important to understand that we are deal-

ing with people that love and live for the game, not only with consumers, digital

contacts, or database registries.

So what are the challenges ahead? Bring back fans to the stadia, ensuring they

have an even better matchday experience. Second, digital and social media is

becoming the primary touchpoint with the fans and it’s not just communication

anymore, it’s a two-way connection with them. Real-time dialogue with fans has

become more important than ever before. Anticipate the ongoing changes in

broadcast. Lastly, focus on international growth.

At the end it’s all about the fans. Today, the fan is not only the little boy who goes

to see Atlético de Madrid play at Metropolitano Stadium grabbing his grandfather’s

hand, it’s also the young lady in Hyderabad who will watch the same match on MTV,

sitting in India, wearing her Luis Suarez jersey, while discussing plays on social

media with fellow fans from all over the world.

36 | BW BUSINESSWORLD | 30 August - 13 September 2021



IN CONVERSATION

“BALANCING
FINANCIAL,
HUMANVIEW
OFCRISIS”

AStheautomobileindustrydrivesbackto
normalcyfromaperiodoflockdownsand
lowdemandonthebackofvaccination,
resurgingdomesticinterestandrobust
exports,thelessonsfromthepandemic
havebeenrevelatory,dynamicandinsomecases,
irreversible.Offeringamanufacturingsector
perspective,SuzukiMotorcycles’SnehaOberoi,
spokewithBWBusinessworld’sJananiJanarthanan
aboutstayingdigitallyaheadandtakingpeoplealong
withthespeedofchange.InherdualroleasCFOand
VPAdminatSuzukiMotorcyclesIndia(SMIPL),she
relatesherlearningsfromthefinancefunctionand
alsotheHRandIT,givingauniquefiscal,humanand
technology-firstperspective.Excerpts:

As companies recover and grow, covery plans in advance and you have
what is your top learning from the to be sure that they are in line with the
pandemic? business requirements.
The pandemic has changed various
things including the way of working, What are the changes specific to the
coordination and collaboration with the manufacturing sector?
stakeholders. Now, you have to deter- For a manufacturing company, the pan-
mine exactly where and how the crisis demic has provided a different kind of
has stretched and broken your existing challenge. On one side production can’t
models — and where the risks and op- stop and on the other departments can’t
portunities lie as a result. come to office fully. While one can’t re-
sist change, however, one can remain
The factors coming into the risk reg- updated. Information flow should be in-
ister changed dramatically and it has tact between the risk management team
become very important to make the re-

38 | BW BUSINESSWORLD | 30 August - 13 September 2021

and the key persons of the organisation “CFOs of the As to future investments, what are
who influence decision-making. manufacturing your immediate priorities?
industry have to Investments to support process compli-
Close monitoring of the supply chain play a vital role ance in a digital manner is something
is also important to ensure that the do- that we are looking at closely. Data pro-
mestic and international supply chains in recupera- tection and cybersecurity is top priority.
remain intact and as efficient as possi- tion, they have As companies virtualise their workforce
ble. The industry has become more in- to identify the and create more external access points
novative and started using digital tools cost-cutting ar- for their systems, they potentially be-
to reach out to consumers. Now, we eas and reduce come more vulnerable to cyber risks,
know that this change in buying habits the overhead as including data theft, ransomware, and
will stay and online sales will also show other attacks. Vigilance and investment
an increase in coming years. a strategy” in cybersecurity will continue to increase
in importance.
Given the speed of change over the
past few quarters, what should be the Your comment on the steady EV trend
pillars of a sound financial strategy? and Suzuki’s plans for the same.
In today’s world, leaders of every indus- There are some developments in this
try are strong enough to ride the tide, area, but I am not in a position to com-
adapt and come out stronger. Finance ment on this question as of now.
leaders have tasted a few phases of the
pandemic and they already know how to What are the new list of skills for the
maintain balance sheet resilience. emerging CFOs?
During the year of the pandemic, several
I feel that the important points to be processes have been reviewed, opportu-
taken care of when you are planning to nities on the level of digitalisation and
come through the crisis is realigning RPA hav been investigated and the use
your cost structure and sharpening your of the current working tools has been
productivity, facilitating digital trans- revalidated. CFOs of the manufacturing
formation to create a digital enterprise, industry have to play a vital role in recu-
carving out new revenue streams, pre- peration, they have to identify the cost-
paring the workforce for the new world cutting areas and reduce the overhead
and lastly, strengthening liquidity. as a strategy. They have to support the
sales by analysing compliances for the
How have your digital transformation new revenue models explored with the
plans helped you maintain an edge aim of increased customer engagement
over competition? through digital channels.
Supply chain and liquidity for the deal-
ers was the biggest challenge for us so CFOs will also be expected to make
we have introduced a digital payment informed technology investment deci-
platform so that transporters, vendors sions to ensure the interconnectedness
and suppliers’ complete invoices can be of all aspects of manufacturing opera-
raised digitally and dealers can make tions and making strategic decisions. To
payments on time with minimum hu- my mind, CFOs of today not only need to
man intervention. be masters of their domain, but they also
need to be able to appreciate human sen-
Even in the customer-facing process- sitivities at the workplace and balance
es, SMIPL was the first two-wheeler them out with the needs of a disrupted
company to invest in and launch the on- business situation. The need to take your
line customer sales and service engage- people along is more important than
ment programme called ‘Suzuki at your ever before.
Doorstep’. Over the next few months,
many more manufacturers deployed [email protected]
similar initiatives in line with the need
of the times.

39 | BW BUSINESSWORLD | 30 August - 13 September 2021

IN DEPTH HEALTHCARE

MAKING
HEALTHCARE
AFFORDABLE

The necessity of coming up with superlative
medical and health facilities in South West Delhi

was discerned by the founding members of
Venkateshwar Group By Avishek Banerjee

N O MATTER WHICH CITY you
are residing in, proximity to a
world-class hospital that deliv-
ers top-notch medical and health
services at reasonable prices will
always be paramount. The ne-
cessity of coming up with such
superlative medical and health
facilities in a bustling sub-city
like Dwarka was discerned by the
founding members of Venkateshwar Group.
Regarded as one of the best multi-speciality hospitals in
West Delhi, it is equipped with 325 beds, 100 critical care
beds, 34 specialties and 10 modular operation theatres.
“With the help of its dedicated team of specialists and
medical staff coupled with world-class medical ameni-
ties and modern equipment, we strive to be leaders in the
healthcare field in Delhi and NCR. Since inception, the
thought of our management was that we want to be an in-
stitution for the middle class. We believed that such kinds
of facilities are required in Dwarka. We were the first in-
stitution to set up this super speciality in Dwarka. It is for
the masses that we have set up this institution for. Going
forward, we will be catering to people who are at the bottom
of the pyramid,” said Kamal Solanki, CEO, Venkateshwar
Hospital, and a second-generation entrepreneur.

40 | BW BUSINESSWORLD | 30 August - 13 September 2021

Homegrown Healthcare
It is to be mentioned that the Ven-
kateshwar Hospital is a first-of-its-
kind healthcare institution in the
country which is furnished by Para-
mount Japan in terms of furniture and
equipment. The homegrown firm has
also collaborated with leading medi-
cal insurance providers and has made
provisions to provide cashless treat-
ment for insured patients.

When asked what gives Venkatesh-
war Hospital an edge over other
healthcare majors which are also es-
tablishing their facilities in Dwarka,
Solanki added, “Over here, state of the
art technology and dedicated medical
practitioners have been brought to-
gether under one roof for giving ethi-
cal medical care and ensuring value for
money offerings.”

The hospital offers a complete range
of medical services in all departments
comprising Cardiology, Gynaecology,
Orthopaedics, Gastro, Neurology, On-
cology, Internal Medicine, Bariatric
and Weight Loss, Physiotherapy, Pain
Management, Plastic and Reconstruc-
tive Surgery. The 24*7 services provid-
ed are Emergency services, Imaging
Services, Pharmacy Services, Labora-
tory Services, In-Patients Services and
Blood Bank Services.

As the whole world grapples with
coronavirus, Venkateshwar Hospital
has come up to serve at the frontline to
fight the virus and eradicate it wholly.
It has created additional facilities to
accommodate the novel coronavirus
suspects. Isolation wards with ad-
equate medical facilities have been
formed so that there is no room for
treatment delays in this time of emer-
gency. Sufficient medical facilities
are available for the patients who are
tested positive and the establishment
is fully prepared to create more isola-
tion wards if needed.

41 | BW BUSINESSWORLD | 30 August - 13 September 2021

IN DEPTH HEALTHCARE

Covid Warfront not be working in this case. What needs to be done is what
On learnings from Covid, Solanki stated, “We were never the institution needs to adapt to. We need to increase the
prepared for an outbreak of this magnitude. At that point in number of beds by 15-20 per cent if the need arises.”
time, there were no nurses or doctors available in the city be-
cause of the care that was given at home. The right thing any On Covid testing in the future, Solanki maintained, “We got
institution would do is train its staff. So it was about manag- around 300 odd beds and the testing capability is 240 (per
ing your resources and how to manage those many patients day). So, any Covid patient coming into our hospital would be
at that point of time was a critical part for any institution. occupying our bed here for 10 days. Ergo, the number of admis-
It has to be broken down with the kind of severity that the sions will not be exceeding 60-70 admissions a day.”
patient has and what kind of doctor does the patient need.
We need to have the right kind of ICU experts to look after He also said that the hospital carries out the CBNAAT
those patients. While pulmonary experts may be visiting Covid-19 test, which is an alternate cartridge-based nucleic
the ICU twice or thrice but all the ICU experts are looking acid amplification test (CBNAAT) and is reportedly quicker
after the patient 24/7. So having the right team, dividing than the RTPCR test and the machines for the test are also
the patients into various kinds of zones and areas and what easily available across the country.
kind of facilities you would be needing is the critical part
of the management of this disease.” Medium-term Goals

The hospital has ensured that the doctors and medical The ultimate Meanwhile, Venkatesh-
staff are strictly abiding by the directions laid down by the war Group has earmarked
Indian Council of Medical Research (ICMR) for diagnos-
ing and treating Covid-19 patients. It is being objective of this Rs 150 crore for building
touted as one of the best coronavirus test- healthcare centre an oncology centre adja-
ing centres in India owing to its prompt cent to its existing prem-
service delivery. It has also procured a
sufficient number of N95 masks and oth- is to be better ises in Dwarka. Once
er essential equipment. It has also taken patient care. established, the 150-bed
stern measures so that no one, other than hospital would be the
the doctors and nurses, can enter the iso-
lation wards. Also, we want to be largest dialysis facility in
a very ethical West Delhi and would be
Preparing For Wave Three equipped with 35 such
When queried about its preparations
for the third wave, Solanki revealed, and good purpose machines.
“We will be putting in more oxygen institution “Once this new facility
tanks. Having more oxygen lines to
as many beds as possible is key to it. is built, then we will be
So, there will be a supply for two to
three days (of oxygen) at the hospi- able to think beyond this
tal. While OPDs will be done online,
distributing the patients and giving hospital’s premises. We are on course to have
them the right kind of treatment
would be predetermined. “Howev- satellite clinics in Rohtak, Janak Puri, Vikas
er, he maintained, “Running an ICU
and a normal ward is a very dynam- Puri, Uzbekistan, Kenya and Africa.”
ic process because you never know
what kind of patient mix are you When asked to spell out his vision for the
getting (in the third wave) and which
patient from ward would be needing company, Solanki affirmed, “It is because of
an ICU. So basically, having a pre-fixed
infrastructure for a particular day will the untiring efforts of the dedicated stalwarts

of this healthcare facility such as the doctors,

nurses and the support staff that it has been

able to grow and make new advancements

every day. The ultimate objective of this

healthcare centre stands to be better patient

care. Also, we want to be a very ethical and good

institution. The idea of the promoter is to be

able to cater to the masses. Whoever is living

in Dwarka should have access to a good healthcare

system. We want to have more international patients

coming in. But the focus will remain on domestic

patients.”

[email protected]; @avishekb001

42 | BW BUSINESSWORLD | 30 August - 13 September 2021

VALUE BASED MULTIDISCIPLINARY WORLD CLASS
TECHNICAL EDUCATION IN KONGU ENGINEERING COLLEGE

Kongu Engineering College (KEC) is a premier The Industry Institute Partnership
Autonomous Institution, approved by the AICTE and Cell (IIPC), established with a
affiliated to Anna University Chennai. KEC has been grant-in-aid from AICTE, has executed
ranked quite high since 2016 by the NIRF of the Ministry industrial consultancy and testing work
of Education. The College has an excellent academic to the tune of Rs 4.7 Crore. KEC has
record and is accredited by NAAC with ‘A’ Grade. Nine of several Centers of Excellence, in
the BE/BTech programs offered by the College are advanced fields like “Robotics and
accredited by NBA. The college has a sprawling green Automation” established in association
campus of 167 acres with a built-up area of 23 lakh sq.ft. with Fanuc India Private Limited,
with state-of-art infrastructural facilities. “Smart Energy” in association with
Schneider Electric Infrastructure
About 8500 students are studying in 17 UG, 15 PG Limited, “Energy Studies” in association
and 16 PhD/MS (Research) programs offered by the with Fluke Corporation, USA, “Data
College. Around 530 well experienced faculty members Sciences” in association with NVidia
including 255 PhDs ensure value based quality education. Corp, USA VLSI Design in association
Facilities at KEC include A/C Central Library, A/C Kongu Tessolve Semiconductor P.Ltd,
Convention Centre with a seating capacity of 4500,15 A/C Bangalore.
seminar halls, an Indoor Sports Auditorium with a
multi-station gym, 7 Boys hostels (3000 capacity) and 3 The Placement and Training Cell
Girls hostels (1700 capacity). arranges for campus recruitment with 200+ top
companies. 1020 students have been placed in 2020-21
Special focus is laid on R&D activities and Product (placement will continue for another 2 months) with
Development which are carried out at the 16 research nearly 650 students going for internship with stipend.
centers of the institution. The faculty members have The Technology Business Incubator TBI@KEC was
published 2625 papers in Scopus Indexed Journals, 861 established in the year 2003 with a grant-in-aid of Rs.16
papers in WoS core indexed Journals and 135 books. The Crores from DST and MSME. TBI@KEC received the
College received research grants worth Rs 30.52 Crore National Award from the President of India in May 2013
from various funding agencies like AICTE, UGC, DST, for the Best TBI in India from DST, GoI.
CSIR, DIT and MNRE.
Some of the recent awards / recognitions won by the
college are "Most Clean Campus Award in India and
Southern Region” from AICTE (2017), 5thCleanest
Higher Educational Institution in the Country award by
Swachh Campus Ranking of MHRD (2019), Certificate of
Appreciation for significant contribution in “One Student
One Tree”, “Jal Sakthi Abhiyan” and “Clean and Smart
Campus Award” (2019) for the Best Practices followed in
the Institution from AICTE.

COVER STORY CORPORATE / M&M

PRIDE AND
PURPOSE

At 75, the $15.6 billion Mahindra Group
has embarked on a strategy that

whilebeing ruthlessinitsdemandand
discipline is in sync with a future where
purpose, made in India and value take

precedence

By NOOR FATHIMA WARSIA

T HE WORLD WAS FACING AN unprecedented crisis in the last 18 months but
for the Mahindra Group, the alarm bells had gone off much earlier. After
being the top-performing stock in Nifty for 17 years, from 2002-2018, the
company saw a phase of decline. “Our stock price came down 70 per cent
between August 2018 to March 2020; that is a journey we don’t want to see
again,” recalls Anish Shah, the MD & CEO of Mahindra & Mahindra, often
described as the first professional MD & CEO to oversee all Mahindra busi-
nesses comprising 150 companies across 22 sectors, with a presence in over
100 countries.
Reflecting on this low phase that pushed the 75-year old giant to revisit
its business strategy, Shah says, “We have learned our lesson. With the
actions we took, our stock price tripled, and went higher and beyond (from
Rs 250 to Rs 900 in 2021).” The 52-year-old Mahindra big boss is driving
a wave of change at the company, a transition that began a while ago and
was articulated in the company’s 75th annual general meeting by
Chairman Anand Mahindra.

44 | BW BUSINESSWORLD | 30 August - 13 September 2021

Bringingitsglobal
solutionstoamarket
whereithasbeen
presentinneoamarket
whereithasbeen
presentinnearlythree
decades,AESistaking
itsIndiagameupanotch

By Janani Janarthanan

Big moves: The$15.6
billion Mahindra Group
is atrulydiversified
conglomerate with
businesses across
aerospace, defence,
farm, technology, auto
& hospitality and real
estate sectors

An oversimplified summary is that Mahindra has
divided its businesses into three groups, each of which has
a specific playbook of tightening operations and establish-
ing clear paths of economic returns, which, in turn, decides
capital allocation. The respective strategies and goalposts
are different but the larger objective is generating value for
investors and consumers. In a nutshell, 2021 not only
marks Mahindra’s 75th anniversary but arguably an
evolved Mahindra.

“There are changes but much will continue as well,”
Shah observes, reflecting on the new plan. He elaborates,
“Our values, our focus on associates, customers and
investors in terms of rewarding will all continue. What
will be different is that in many ways, we will be much
bolder in our approach.”

He acknowledges that there was a short patch when

45 | BW BUSINESSWORLD | 30 August - 13 September 2021

CORPORATE / M&M

Mahindra 1947 1945
Group’s key The company brings On October 2, 'Mahindra &
milestones Mohammed' is set up and
over the in the Willy's Jeep officially commences steel
years trading
1956
COVER STORY Mahindra goes public; listed 1948
on Bombay Stock Exchange Mahindra & Mohammed
A75-YRJOURNEY renamed to Mahindra &
1962 Mahindra
Mahindra Ugine Steel
(MUSCO) is incorporated; a 1961
JV to manufacture alloy steel Mahindra’s farm
mechanisation; launches
1986 tractor to support India's
Mahindra enters the IT green revolution
space through a JV with
1983
British Telecom Mahindra becomes largest
selling tractor brand in India;
1994 leadership continues for three
Mahindra USA, a wholly owned decades

subsidiary is established to 1991
represent the tractor business in the Mahindra starts a non-banking rural financing
company Maxi Motors Financial Services Ltd., to
region. Mahindra forays into real bridge the gap between rural and urban of a
estate business, now known as liberalised India. Later, the company became
Mahindra & Mahindra Financial Services.
Mahindra Lifespace Developers Ltd. 1996
2002 Project Nanhi Kali is launched under K.C. Mahindra Education
Trust, with the objective of providing primary education to
Mahindra launches Scorpio underprivileged girl children. Mahindra Holidays & Resorts India
Mahindra sets up India's first World pioneers timeshare holidays, offering fun-filled and affordable
vacations to aspiring middle class Indian families
City in Chennai M20ah0in5dra sets up Mahindra International, its truck & bus
business through a JV with Navistar International and
International Truck & Engine Corporation (ITEC), USA

2007 2008 2009
Mahindra acquires Mahindra introduces the Mahindra Partners, the PE
Punjab Tractors Ltd. Aftermarket business to & Corporate Venture
professionalise the car service Capital arm of the
and pre-owned car industry Mahindra Group is born
with a USD 1bn+ fund

46 | BW BUSINESSWORLD | 30 August - 13 September 2021

Mahindra lacked in rewarding investors and that all the expertise in farm machinery, that we are bringing to India.

changes are geared towards correcting this. There is new vigour on the auto side as well,” Shah says.

Giving a topline, Shah says, “We are looking to regain M&M’s standalone (farm equipment and automotive)

our number one position in SUVs and lead the world in Q1 FY22 results stood out in the auto OEM pack, driven by

electric vehicles. We are number one in tractors in terms of QoQ margin increase amid gross margin expansion.

volume globally, and we want to take this forward for farm “Automotive demand is seen picking up pace with local

machinery. All our businesses will create much more value lockdowns now largely behind us and the company’s order

for stakeholders and consumers. We are staying true to the book for key models like Thar (waiting period at 10

Mahindra purpose of Rise, while taking leadership in ESG months), XUV300, Bolero Pickup, and Scorpio being

(environment, social, governance).” healthy,” informs Rajesh Pandey, Head of Research, ICICI

Securities, adding, “The company’s commitment to new

Businesses Blueprint Revisited launches (23 new products by 2026) across the core SUV,

To achieve these objectives, one of the steps Mahindra has EV, as well as LCV category, is a big positive.”

undertaken is creating a new group blueprint that divides In its IT business, Tech Mahindra reported a robust

the group into three buckets — core businesses, growth Q1FY22 despite seasonally weak mobility revenues. The

gems and new businesses. The core businesses include company saw improving order book, client mining (added

Mahindra’s companies in farm and auto, technology and one client in $50 million and another in $20 million), and

finance sectors. Incidentally, this is the group that has done large deal traction. Experts say Tech Mahindra is expected

well for the company so far. Based on its recent financials, to be a key beneficiary of the revival of telco capex and 5G

market experts tracking the group say that courtesy of the as around 40 per cent of the revenue mix comes from com-

farm equipment and IT business, the group’s overall results munication.

are attractive. Mahindra Finance faced many challenges exacerbated

Shah states that all of Mahindra’s ‘core businesses’ are by the pandemic. Rural India is a strength for the company

strong in the areas they play in. “In farm, we aim to con- but according to Shah, its ability to manage through cycles

solidate our leadership to enter new markets, taking came in handy again. “Mahindra Finance has 1,400

advantage of our scale and cost position. In farm machin- branches across India and understands the rural consumer

ery, last year our tractor sales were at Rs 20,000 crore and better than anyone else. We have to do several things to

farm machinery at Rs 490 crore. Globally, farm machinery take this forward now. Much more use of digital and data

is twice tractor sales

— this is a huge Infarm,weaimtoconsolidateourleadership
runway for us. We

have made several toenternewmarkets,takingadvantageofour
acquisitions with scaleandcostposition

Mahindra unveils new brand Mahindra Classic Legends Mahindra launches the
position Mahindra Rise, to relaunches the iconic Jawa All-New THAR to rave reviews
communicate with one brand Motorcycles in India and wide acclaim
voice, one face & one 2018 2020
Mahindra core purpose
2011

2010 2013 2019
Mahindra Susten is established; With Satyam merger, Tech Mahindra unveils Pininfarina
today it is one of the largest Mahindra is India's 5th Battista, world's first all-electric
players in the alternate energy largest IT company hypercar
sector in India
Mahindra expands its Electric
Vehicle portfolio by acquiring
Bengaluru based start-up Reva
Electric Car Company

47 | BW BUSINESSWORLD | 30 August - 13 September 2021

CORPORATE / M&M

“ONEOFMYPRIORITIESISTODRIVE

SIMPLICITYINEVERYTHINGWEDO“

RUZBEH IRANI , President - Group HR & Comms

When we first articulated Rise, I recall Anand (Mahindra, Group
Chairman, Mahindra & Mahindra) had said, ‘Rise is converting sub-
text into headline’. At that time, we were examining what drove us
to work every day, what our purpose was and what were our shareholder

expectations before coming up with a happy marriage of the two. Rise is not

something we pulled off the wall but something that has been in our history;

we just made it front and centre.This made the job of adopting Rise easier

but it brought changes. Some values were enduring, and we continued

them. Then there were others that we needed to adopt.

One of the pillars of Rise is alternative thinking. In the last decade, we

COVER STORY have seen cutting edge innovations and not for the sake of it but in sustain-

able and relevant areas. We embedded Rise into our HR levers from

recruitment to defining behaviours for all Mahindra managers. These

behaviours are being collaborative, agile and bold. Collaboration is about

helping others succeed. Agility is speed to ensure customer delight. Bold is

about challenging status quo while remaining grounded and ensuring deliv-

ery of real outcomes. One of my priorities is to drive simplicity in everything

we do to achieve desired outcomes. (As told to Noor Warsia)

will come in. We will have multiple products because our for value creation for its shareholders with a consolidated
gross sell ratio is low. There is a set of actions outlined for return on equity (RoE) target set at 18 per cent.” The same
the business that will take it to the next level,” Shah informs. criteria will be applied for making investments both in the
standalone operations as well as group companies wherein
No Return, No Capital the listed entity i.e. M&M has set aside Rs 3,500 crore for
Shah’s leadership has taken a tough stance on fiscal disci- group investments over FY22-24.
pline, admitting that there was a point where the company
had deviated from it. In this next normal of the company, As the group took difficult actions, Shah informs that it
Mahindra is stricter in its capital allocation, wherein a also saw each of its companies look at it with the perspec-
company will get fresh capital only if it meets its financial tive of “going back to what it was”. Some of these actions
milestones. ended or stopped injecting capital in its joint ventures such
as SsangYong in Korea or Mahindra Renault.
“We are coming back on track. If you see our past, it is
not easy to be the best performing stock for over 17 years. “We took a hard look at ensuring we reward our inves-
You need something special and it cannot be done without tors and allocate capital the right way. SsangYong was
fiscal discipline. We had this in place but we saw a phase, struggling in profitability and it did not have the path to
where we deviated. This can happen, but now have course- returns that our investors demand. Hence, we could not
corrected, going back to our fundamentals,” declares Shah. invest more capital in it. Other investors may come in to
take the company forward; we will continue to partner
Market analysts appreciate these steps. “Company’s with SsangYong on multiple fronts. There have been other
clear focus on cash flow, return ratio, complete restructur- conversations, where we have had to either exit the part-
ing, revised capital allocation policy would improve overall nership or potential partnerships. These are difficult deci-
profitability and optimise capital towards an efficient busi- sions but essential for the business to be on the right path,”
ness structure,” notes Mitul Shah, Head of Research, Shah explains.
Reliance Securities.
The Next Billion-dollar Businesses
The revised capital allocation strategy has emphasised While its IT business was experiencing a golden period, the
capital efficient profitable growth. Explaining this, Pandey listed entities — Mahindra Logistics, Mahindra Lifespaces
of ICICI Securities argues, “Mahindra sees this as a means

48 | BW BUSINESSWORLD | 30 August - 13 September 2021



CORPORATE / M&M

We want to take leadership of a place where
people buy Indian products because they are
the best products you can buy

— were impacted during the second wave, and Mahindra forms, is the set of businesses where Mahindra taps into

Holidays & Resorts suffered some slowdown too. For Shah, India’s entrepreneurial spirit. “We have multiple examples

however, all these along with some of its other unlisted where we have set up a business, merged with a leader and

businesses that together form its growth gems bucket, then let that leader take that business forward,” Shah

have the potential to be billion-dollar market cap soon. informs.

“We will get some of them to IPO somewhere in the next First Cry was the starting point. Mahindra merged its

three-to-five-year mark. These are exciting companies that business Mom & Me with First Cry and the latter kept a 37

have scale, profitability and the ability to become much per cent stake. Investors including Softbank came in and

bigger and create value,” he says. the last valuation was at 1.7 billion dollars. Another case in

Logistics recently hit a market cap of 720 million dollars point was the merger of Porter and SmartShift. Car & Bike,

COVER STORY that was 2.7 times over the last time. Shah believes that a new business emerging from Mahindra First Choice

with logistics, now it is about core execution as the indus- Wheels that is focused on the used cars, is also an example

try will grow as India grows. Mahindra is eyeing acquisi- in this segment. “These are three different models but it all

tions for this business. In Lifespaces, comes down to two simple

Shah says the business did not capital- things—living our purpose and

ise on Mahindra’s strengths but with a as we do that, delight our cus-

new team and growth plan in place tomers and create value for

over the last year, it has shown suc- our investors,” Shah states.

cess in projects launched, build-

ing impetus. The market cap Proud To Be Indian

of this business has grown 3.7 In its priorities ahead,

times over the last year as returns take the lead for

well. Shah alluded to the Mahindra. “If we can

Mahindra Holidays’ “unique deliver the kind of returns

business model” to indicate that we did over 17 years till

that the focus on growth and Loaded with tech: 2018, that is a great start for
customer experience will take M&M’s recently us. We are going back to that,
it to the next level. which is focus on capital alloca-
launched XUV700 tion and giving back returns. The second
The more interesting action is expected

on the entities that Mahindra intends to aspect is to do much more from a purpose stand-

list soon. Mahindra Accelo, a business in auto recycling, point. While we have been a leader in this, we would like to

speciality steel, and some areas of EVs, is among these. lead it not only in India but globally,” Shah asserts.

“Accelo will likely be our fastest to IPO; it has been very Rise remains relevant in the future with the focus on

profitable and will generate significant value for our share- driving positive change and enabling communities to rise.

holders,” says Shah. Commenting on what positions Mahindra for its next big

The other frontrunners include Mahindra’s renewables leap, Shah says, “We are proud to be Indian and we make

business that has one of the largest renewables portfolios the best products. We have discussed this a lot in the last

in India, the supply chain business, the consulting busi- year. We want to take leadership of a place where people

ness in Silicon Valley and also its agribusiness portfolio. buy Indian products because they are the best products

There is also Classic Legends that resurrected the iconic you can buy. This is a very important message because we

brand Jawa with an electric bike. “These are a diverse set of need to meet that standard. And I believe our recent

businesses that are well placed, profitable and waiting to launches/ products are there already.”

be scaled up,” says Shah.

(With inputs from Ashish Sinha)

Entreprenuerial In Spirit [email protected]; @NFWarsia
The final set, which Mahindra defines as its new-age plat-

50 | BW BUSINESSWORLD | 30 August - 13 September 2021