ABOUT FIVE TO six years ago, Sailesh C. Mehta, Chairman & Managing Director of Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL), sat down with his strategic team with a simple yet loaded question. "What should we do over the next decade with our businesses?" he asked. The reason, in Mehta's view, was simple. There was too much talk about price, but it was important to make the shift to value.
In a simple conference room at his Pune office, the 62-year-old, who is a winner in the Natural Resources (Chemicals and Metals & Mining) category of the BTPwC India's Best CEOs ranking this year, elaborates on the thought process. "I saw the invaluable knowledge we possessed in areas like fertilisers, industrial chemicals, and mining chemicals picked up over 40 years. It was very clear that we needed to build on it," says Mehta.
In many ways, it was time to take a hard look at the businesses and get them ready for the inevitable disruptions of the future. A more complacent manager might not have seen the need, given the leadership position the company enjoyed, but things had to be turned around to seize newer opportunities.
The businesses sit well with the India growth story. Mehta cites the case of power, where coal is needed, and you cannot do anything without mining chemicals. "There was an obvious tailwind, and the mid-income segment was growing. That meant a large demand for fruits and vegetables," he explains.
This story is from the March 17, 2024 edition of Business Today India.
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This story is from the March 17, 2024 edition of Business Today India.
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