The Takeover Titan: Rama Prasad Goenka's Empire-Building Saga

Copyright © HT Digital Streams Limit all rights reserved. For Rama Prasad Goenka, the honor piled up: a Rajya Sabha nomination, Trusteships with Jawaharlal Nehru Memorial Fund, Indira Gandhi Memorial Trust, and Rajiv Gandhi Foundation, and leadership roles chaired by Ficci and Iit Kharagpur. The summary of Rama Prasad Goenka’s legacy is not only in the companies he acquired, but in the audacity and grace with which he played the game. In an era when corporate poachers still cut their teeth, Rama Prasad Goenka rewrote the rules of Indian affairs with a flair for takeovers that earned him the title of India’s ‘Takeover King’. Through a whirlwind of mergers and acquisitions in the 1970s and ’80s, he has forged a billion-dollar-conglomerate, RPG businesses, almost entirely through daring inorganic growth, leaving an indelible mark on the industrial landscape of India. He was born in a lineage of business. His father, Keshav Prasad Goenka, expanded the family business through smart acquisitions such as those of Duncan Brothers and Octavius ​​Steel, two British trading houses and was awarded the Padma Bhushan in 1969 for his contributions to the Indian industry. His grandfather was Badridas Goenka, the first Indian appointed chairman of the Imperial Bank of India (now the State Bank of India). Also read: How CR Bhansali’s NBFC -blind spots originally exploited from Rajasthan in the 1990s, the Goenka family settled in Kolkata long enough to view themselves honorable Bengalyst. The young Rama Prasad secured his mother’s degree in economics at the prestigious Prescription College and demanded the city as its own. Began his career in 1951 as assistant in Duncan Brothers, he would have a chance to take off his personal market after his father Keshav Prasad Goenka divided the family business in 1979. Rama, the oldest, inherited Philips carbon black, Asian cables, Agarpara -jute and Murphy India -an operation with a combination of £ 75. If the extent of his achievements was staggering, it was the skill with which he did the business that had respected respect. Takeover King’s Empire in 1981 he obtained Ceat Tires of India (later renamed Ceat Ltd), a subsidiary of the Ceat of Italy. In the next few years he bought the power engineering firm Kec International, Searle India (now RPG Life Sciences) and Tire-Maker Dunlop in partnership with Manu Chhabria. His appetite has not yet satisfied, he picked up a minority interest in Bayer that was later sold. At this time, he also co-promoted Haldia Petrochemicals with the West Bengal Industrial Development Corporation. Gramophone Company of India Ltd, (now Saregama India), Fujitsu ICIM, now Zensar Technologies, followed before the acquisition of CES of 1989, along with Harrisons Malayalam and Spencer & Co in 1992, its growing rich and fortune. By that time, RPG business was a billion-dollar concept. If the extent of his achievements was staggering, it was the skill with which he did the business that had respected respect. Not for him, the barbarians at the gate approach. It is indeed the one who came away that brought out the person’s personality, even if it caused him subsequent heart strings. That elusive price was the textile giant, Bombay coloring, which was practically served on a silver tray in a turn of the lot. In 1971, Neville Wadia, who craves a quiet life in Switzerland, decided to liquidate his Indian businessman. The crown jewel, Bombay Dyeing, despite some financial turmoil, was suddenly on the point. Goenka, still early in his career, smelled the opportunity and was the first to jump. A selling agreement was quickly signed – Bombay Dyeing was his for a volatile moment. But then the turn came into the plot. Neville’s 26-year-old son Nusli Wadia, who refused to live as a ‘second-class citizen in some European country’, did not want to sell his father their legacy. Neville Wadia stood up with the ominous determination of his son, and had no choice but to drive back. He approached Goenka to undo the sale. Any tough negotiator would have refused or at least withdraw a heavy price. Not Goenka who was anything of a romantic. While Gita tells Piramal in a piece for Open Magazine, he told Neville: “If you offer me a drink, I am willing to cancel the agreement.” The enlightened Wadia rushed to get the best bottle of royal salute. Goenka did say later that he was an ‘idiot’, as there was ‘no room for emotions in the business world.’ Just like that, with the crackling of glasses, a multi-million-rupee agreement evaporated and Bombay coloring remained with the Wadias. Goenka left forever with the regret of what could have been. But Rama Babu, as he was always called, had other fish to fry than to live on this one setback. Also read: Jayanti Dharma Teja: The enigmatic genius whose shipping is built on deception more than a businessman outside the boardroom, he was a Kolkata icon. He was usually dressed in bright side kurtas and pleated Bengali Dhotis, and was a warm host who was delighted to share his chef’s creations and was an enthusiastic patron of the city’s Durga Puja festivals. His annual Yagna in his Alipore home reflects his deep Hindu faith, while his eclectic lecture betrayed a restless, curious thoughts. Honors stacked: A Rajya Sabha nomination, Trustes Tips with Jawaharlal Nehru Memorial Fund, Indira Gandhi Memorial Trust, and Rajiv Gandhi Foundation, and leadership roles chaired by Ficci and Iit Kharagpur. He was a lifelong loyalist of Congress and was just as comfortable with Nehru’s ideals as with balance sheets. Rama Prasad Goenka’s legacy is not only in the companies he acquired, but in the audacity and grace with which he played the game. It was a Titan who won with a smile and a handshake and chased the next agreement forever. Also read: Alagappa Chettiar’s legacy of fortune and philanthropy catches all the corporate news and updates on live mint. Download the Mint News app to get daily market updates and live business news. More Topics #The Enterprising Indian: Stories of India Inc #rpg Group Mint Specials