What has been your philosophy in the expansion exercise since the 1970s?
It has always been our endeavour to create larger value for society and increase our economic contribution. Therefore, the whole idea has been that we should participate in newer segments. So, the philosophy is to identify market opportunities, areas where there is good headroom to grow and where our institutional capabilities can be leveraged. Secondly, we have always forayed into segments with the commitment that we will invest to become leaders. When I say leadership, it is not just the size or merely the financial metrics, but, very clearly, quality which is at the core of our DNA.
The other facet that we have always embraced, much before the “ESG” [environmental, social and governance] concept became a currency, is the “stakeholder”. We have never believed in the narrow definition of “shareholder”. It has always been “stakeholder” for many decades. Having synergistic and collaborative partnerships with all stakeholders has helped us to grow and create unique sources of advantage as well as enable sustained value creation. We have also nurtured an organisational culture that is built on the foundation of perseverance, entrepreneurial mindset and a strong will to challenge the status quo. The focus has been on making the right strategic choices. We have leveraged good things of the past to build the present.
It has been a journey of continuous challenges as we moved along, with changes in regulations, circumstances and even opportunities ... We have also not hesitated to make an exit where things have not worked out. A recent example is our lifestyle retailing business. It was not a strategic fit, so we exited.
Esta historia es de la edición August 2023 de Outlook Business.
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