At Business Today’s recent Most Powerful Women event, a distinguished panel of Indian business leaders convened to discuss the intricate balance of preserving a company’s legacy while pursuing aggressive growth and mitigating inherent risks. Rishma Kaur, Chairman of Berger Paints India; Shalini Bhupal, Managing Director and CEO of Taj GVK Hotels & Resorts; and Avantika Saraogi, Executive Director at Balrampur Chini Mills, offered diverse perspectives on steering established enterprises through periods of change and uncertainty.
Reinventing for the Future While Honoring the Past
The ‘Tradition Meets Tomorrow’ session highlighted how leaders are adapting their businesses to evolving market dynamics. Avantika Saraogi shared her journey of diversifying Balrampur Chini Mills, traditionally a sugar and ethanol producer, into the nascent bioplastics sector. This strategic pivot required four years of internal advocacy to overcome skepticism regarding government policies, sugarcane price volatility, and economic viability. Saraogi emphasized that a strong legacy provides the foundation and confidence necessary for such transformative changes.
In contrast, Rishma Kaur, a fifth-generation leader in the paint industry, identified ample growth opportunities within her existing sector. She noted that paint applications have expanded significantly beyond traditional walls to include automobiles, motorcycles, and appliances. Kaur’s strategy focuses on deepening market penetration and innovation within their core competency rather than venturing into unrelated fields, believing there is substantial room for continued expansion.
For Shalini Bhupal, reinvention in the hospitality sector centers on an unwavering commitment to customer understanding and trust. Adapting to guest expectations without compromising credibility is paramount. Bhupal also recounted the strategic decision to acquire Taj’s stake in Taj GVK Hotels & Resorts, leveraging years of partnership experience as a springboard for future growth, all while prioritizing financial prudence.
Navigating Resistance and Unforeseen Challenges
A common thread among the panelists was the challenge of inspiring organizational buy-in for new initiatives. Rishma Kaur described encountering resistance to novel ideas, which she attributed not to sexism, but to a natural apprehension towards uncharted territory. Overcoming this involved iterative testing and comprehensive team involvement, fostering a culture where opposition is viewed as an opportunity for critical evaluation.
The leaders also grappled with external pressures, from geopolitical tensions to supply-chain disruptions. Avantika Saraogi detailed how the West Asia crisis impacted Balrampur Chini Mills’ bioplastics project, necessitating costly rerouting of equipment and contending with rising steel prices. Yet, she noted that such crises can also spur innovation, driving a greater focus on domestic raw materials and sustainable alternatives.
Shalini Bhupal underscored the critical importance of financial discipline, particularly in the volatile hospitality sector. Reflecting on the COVID-19 pandemic, she highlighted difficult but necessary decisions, such as staff furloughs, that ensured the company’s survival. Bhupal advised against excessive borrowing, advocating for prudent expansion and vigilant financial oversight to prepare for unexpected disruptions. Her preference, she stated, is for a balance of growth opportunities with a strong, managed balance sheet.
Building Resilience Through Evolution
Ultimately, the discussion converged on the idea that legacy businesses must continually evolve. Whether through pioneering new materials, meticulously adapting to customer needs, or strategically managing expansion, these women leaders demonstrated that established strengths can be amplified by an openness to new ideas and a proactive approach to risk. Crises, Kaur added, can also provide valuable periods for internal consolidation and strengthening systems that might otherwise be overlooked.