Journey from a Textile Mill to a Conglomerate

Ajay Piramal, Chairman Piramal Group struck a positive note on doing business in India while narrating the journey of a textile business into a powerful conglomerate. He spoke about why despite the end of the license raj in India conglomerates continue to dominate businesses in India and other Emerging Markets. In his view, family businesses have a positive impact on the health of the corporate world and the economy. Promoters and founders are likely to take a long term view, reinvest back into the business as opposed to a short term outlook and large pay outs. They also bring a sense of stability unlike ‘professional corporations’ where Boardroom changes are customary with changes at the top.
Piramal Group’s values inspired by Hindu philosophy and thought are what make Ajay take successes and challenges with a sense of detachment which is necessary for maintaining harmony and balance in this turbulent business environment.

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