இனிய பொங்கல் நல்வாழ்த்துக்கள் !!!

இனிய பொங்கல் நல்வாழ்த்துக்கள் !!!

How a forced split of RPG Enterprises actually worked for Goenka brothers

ET Bureau Jan 13, 2014 10:49 am IST

MUMBAI: In August 2010, the late Rama Prasad Goenka interrupted his son Harshvardhan Goenka's holiday at a small village in Switzerland to seek his opinion on dividing up family businesses. The patriarch wanted to carve out his empire — then Rs 13,313 crore in sales and Rs 9,150 crore in market cap — between Harsh and younger brother Sanjiv.

Both brothers, who had informally been managing different companies from Mumbai and Kolkata, were against a formal split of RPG Enterprises. Their father, among earliest in India Inc to use acquisitions as a growth strategy, had built the empire-buying tyre, carbon black and engineering companies. And the sons wanted to keep it undivided. But the patriarch — he passed away in April 2013 — had seen the ugly spat between the Ambani brothers and made up his mind that a pro-active division of businesses between his two sons was wise.

"It (the split) is something that my father desired; neither my brother Sanjiv nor I wanted it to happen. It was literally thrust upon us...He has been telling us over the last two years, but we have been resisting it. But a day came when he made it a fait accompli..." Harsh Goenka said in a Bloomberg interview later. Both Goenkas declined to participate in this story.


In the ensuing division, Harsh got Ceat, KEC International, Zenstar and RPG Life Science. Sanjiv inherited CESC, Spencer's, Phillips Carbon and Saregama.

For a family partition of a 35-year-old business empire, this was a relatively simple affair. "Each company had its own individuality with chief operating officer and operational managers, so it was easy to align to two groups after the split," says Dr Sandeep K Krishnan, a former HR official in the undivided united RPG group. He is now an associate director at human resources and leadership consultancy People Business.

The division of businesses was finalised in August 2010. Three and a half years later, how have each of the brothers fared? And has the split been good for public shareholders in both companies?

Since the split, the market capitalisation of Harsh's empire increased 12% to Rs 4,478 crore. In comparison, the BSE Sensex gained 17% during the same period. The market cap of companies, led by Sanjiv, increased 13% to Rs 5,790 crore in the same period. This excludes Firstsource Solutions, a BPO firm Sanjiv acquired in October 2012. Firstsourcehas a market cap of Rs 1,620 crore.

Such a division of businesses among the second generation of a family is not always required, but when done well, can aid growth, experts say. "Any business family need not split to grow, but it (such a division) can be a fundamental message to stakeholders," says Kavil Ramachandran, professor at ISB. In the hindsight, the split brought sharper focus to individual companies and an early succession to each group.

Both brothers have rolled out many changes. Both have seen parts of their respective businesses do well. Both also have two concerns. First, a few individual businesses in both camps are struggling. Second, in terms of shareholder returns, companies now run by both brothers have underperformed the BSE Sensex. Harsh Goenka flagship Ceat almost doubled its sales in three years. Its net profit, after taking a beating in 2011, bounced back. The company reported Rs 5,052.21 crore revenues in fiscal ended March 2013, up from Rs 2,850 crore in 2010. Its net profit, which tanked to Rs 27.44 crore in 2011, rose to Rs 120 crore. However, although sales at KEC International doubled, profits plunged to more than half from 2010 as debt doubled.

Sanjiv, who operates out of Kolkata, boosted flagship CESC by almost doubling its sales and tripling its profits in three years. He also purchased a controlling 50% stake in Firstsource Solutions and restructured retail chain Spencer's by shutting down loss-making stores and increasing its revenue from every square feet. But Phillips Carbon slipped into the red with a Rs 22-crore loss in fiscal March-ended 2013.

The sharper focus has helped, but both brothers could have shown more enterprise, experts say. "They have been able to achieve more because of shaper focus and freedom to make speedier decisions," says Anil Sainani, executive coach of Empowering Solutions. "The aggression RPG (the father) showed is not seen in his sons," says Arun Kejriwal, founder Kejriwal Research and Investment Services. But among the two, the younger is probably a little ahead. "Sanjiv is more aggressive and Spencer's offered him an opportunity to prove his mettle independently," says Krishnan of People Business, who also teaches at IIM Indore.

But it's still earlydays as companies that both brothers run show more potential. Kejriwal says the dark horse in Harsh's stable could be Ceat as raw material prices have fallen. Among Sanjiv's businesses, Philips Carbon could bounce back; one has to wait for a few quarters before passing a verdict on Firstsource, he adds.

கொஞ்சம் சினிமா ...கொஞ்சம் பாப்கார்ன் : ஜில்லா'

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  'ஜில்லா' படத்தில் விஜய், மோகன்லால்
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  'ஜில்லா' படத்தில் விஜய்

     தி இந்து  ஜனவரி 10 2014

விஜய் - மோகன்லால் என இரண்டு பெரிய ஸ்டார்களை வைத்து சரியான காட்சிகளை அமைத்த விதத்தில் ’ஜில்லா’ வந்திருக்கு நல்லா!

மதுரை ஏரியா தாதா சிவன் (மோகன்லால்). அவரது கார் டிரைவர் போலீஸ் அதிகாரியால் கொல்லப்பட, அவரது மகன் சக்தி(விஜய்)யை எடுத்து வளர்க்கிறார். சக்திக்கு போலீஸ் அதிகாரிகள் என்றாலே ஆகாது. போலீஸுடன் ஏற்பட்ட தகராறில் தனக்கு போலீஸில் செல்வாக்குள்ள ஆள் வேண்டும் என்று சக்தியை போலீஸ் ஆக்குகிறார். அதற்குபிறகு ஏற்பட்ட வெடி விபத்தில் சிவன் - சக்தி இருவருக்கும் இடையே மோதல் ஏற்படுகிறது. இறுதியில் என்ன ஆனது ஜெயித்தது யார் என்பதை 3 மணி நேர படமாக கூறியிருக்கிறார்கள்.

விஜய், மோகன்லால் என இரண்டு பெரிய ஸ்டார்களை வைத்துக் கொண்டு, இருவரது ரசிகர்களையும் திருப்திப்படுத்தும் விதத்தில் காட்சிகள் அமைத்தில் ஸ்கோர் செய்கிறார் இயக்குநர் நேசன். மதுரை தாதாவாக நரை தாடியுடன் மோகன்லால், நடிப்பில் பின்னியிருக்கிறார். மோகன்லாலை இமிடேட் செய்வது, அவரின் எதிரிகளை பந்தாடுவதில் ஆரம்பித்து, போலீஸாக ஆனவுடன் மோகன்லாலை திருத்த நினைப்பது என நடிப்பில் ஸ்கோர் பண்ணியிருக்கிறார் விஜய். இடைவேளை சமயத்தில் விஜய் - மோகன்லால் பேசும் வசனக் காட்சிகள், படத்தை தூக்கி நிறுத்துகின்றன.

விஜய்யுடன் நடனமாட ஒரு பெண் வேண்டுமே என நாயகியாக காஜல் அகர்வாலை சேர்த்திருக்கிறார்கள். பாடலுக்கு மட்டும் இருந்தால் பத்தாது என்று சில காட்சிகளில் வந்து செல்கிறார். மற்றபடி 'ஜில்லா'வில் காஜல் ஸ்கோர் செய்ய ஸ்கோப் இல்லை. விஜய், மோகன்லால் இருவரையும் தொடர்ந்து அடுத்து இடத்தில் சூரி. போலீஸ் கான்ஸ்டபிளாக இவர் பேசும் வசனக் காட்சிகள் சிரிப்பு சரவெடி. இப்படத்தின் மூலம் இனி முக்கிய நாயகர்களின் படங்களில் சூரிக்கு ஒரு ரோல் ரிசர்வ்ட்.

பாடல்கள் மட்டுமல்லாது படத்தின் பின்னணி இசையிலும் ஈர்க்கிறார் இசையமைப்பாளர் இமான். போலீஸ் உடை போட்டுக் கொண்டு விஜய் நடந்து வரும் காட்சிகளில் இவரின் பின்னணி இசை ஓஹோ. கணேஷ் ராஜவேலுவின் ஒளிப்பதிவில் நிறைய இடத்தில் வரும் CHOPPER ஷாட்ஸ் பிரமிக்க வைக்கின்றன.

படத்தின் குறை என்றால் படத்தின் நீளம். 3 மணி நேரம் ஒடிக்கூடிய படமாக இருக்கிறது 'ஜில்லா'. மிகவும் நீளமான படம் என்பதால் எப்படா முடியும் என்ற கேள்வி எழுகிறது. அதுமட்டுமன்றி இடைவேளைக்கு முன்பு இருந்த சுவாரசியம், பின்பு இல்லை. வில்லன் இவன் தான் என்று தெரிந்தும் க்ளைமாக்ஸில் நீளும் காட்சிகள்... முடியல. இடைவேளைக்குப் பின் பரபரப்பாக போய்க் கொண்டிருக்கும் திரைக்கதையில் பாடல்கள் ஸ்பீட் பிரேக்கர்களாக இருக்கின்றன.

விஜய், மோகன்லாலுக்கு சரியா விதத்தில் காட்சிகளை அமைத்த சுவாரசியத்தை படத்தின் நீளத்திலும் காட்டியிருந்தால் இன்னும் ஜொலித்திருக்கும் 'ஜில்லா'

Gobal Economy, moving forward but on different engines

C.R.L. Narasimhan :TH :13 Jan 2014

Is the air of optimism that seems to permeate the global economic outlook justified? Leading commentators around the world are more optimistic at the start of the New Year than they have ever been since the global recession of 2008. Even conceding that a certain amount of cheer and expressions of glad tidings are common on every new year’s eve, the year 2014 seems exceptional — in the opinion of many experts, things look much better than they did in the recent past.

Subjectivity rules

A few points are relevant here. The positive view of the world economy is mostly confined to the U.S. and other developed countries but, emerging market countries are not doing too badly either. But in a significant change, it is the advanced countries and not the emerging market economies that are in the forefront of global recovery. Earlier, the developed economies were trailing the emerging market economies in what the IMF likes to call, a multi-paced recovery of the world economy.

In popular discussions such as this, most experts tend to equate the advanced economies with the U.S. and to a lesser extent the European Union (EU) and Japan. Discussions on emerging market economies are invariably confined to China.

India out of sight

At this juncture, India seems to have dropped out of sight. Slowing economic growth amidst well-entrenched inflation is surely responsible. While the attainment of a gross domestic product (GDP) growth of just above 5 per cent for the current year 2013-14 would appear to be creditable, not so long ago India could boast of much higher growth rates. Being included in BRICS and other groupings would suggest that India’s potential was recognised. That was then. One might have to wait until after the elections and many concrete examples of robust reforms and governance to “re-rate” India as it were.

It may be argued that a 5 per cent annual growth rate, while being sub-optimal for India, compares favourably with the growth rates of many other countries, both developed and developing. Yet, the perception of India is rooted in the belief that it lags behind in economic reforms, and, more relevantly, in terms of various social indices such as health, education and sanitation. A very different illustration of subjectivity is in the ways the opinions on the Europe have changed. Not long ago, the crisis-hit countries were forced to adopt a socially disruptive austerity package. If Europe has bounced back (in the experts’ opinions), it is simply because they have not broken up and are staying together.

U.S. the growth engine

A very important speech on the current global economy was delivered by the outgoing chairman of the U.S. Federal Reserve, Ben Bernanke. At a recent policy speech in the U.S., which most people think will be his last before he leaves office later this month, he said there were grounds for “cautious optimism” for both advanced and emerging economies around the world. The U.S. is clearly driving the global economy with a better-than-expected growth rate in the last quarter. Its stock markets are buoyant. The S&P index is at a record high, after rising 30 per cent in 2013, the biggest annual gain in almost two decades. Higher consumption by U.S. households will drive demand for these products from across the world.

Yet, Mr. Bernanke, in whose tenure the Fed embarked on a massive and unprecedented quantitative easing (QE) to spur economic revival in the U.S., feels that the U.S. economy needs to traverse some more ground. For instance, unemployment still remains at 7 per cent. However, the threats from the effects of the financial crisis, the woes of the housing market, low productivity growth, the eurozone crisis and the fiscal dysfunction in the U.S. seem to be receding. Improved economic circumstances have induced the Fed to reduce or taper the asset purchase programme.

According to Mr. Bernanke, reforms in the U.K. and Japan are still in their early stages, but all indications point to better growth prospects. Emerging market economies too have grown more quickly in the second-half of 2013, after slowing down in the first-half. The Fed Chairman’s ‘signing-off’ speech is generally upbeat on the world economy, which is, however, moving on different engines

The Spirit of J R D Tata : “Cleanliness is the Hallmark of perfect standards and the best quality inspector is the conscience”

Quotes :


“Cleanliness is the Hallmark of perfect standards and the best quality inspector is the conscience”

The Life and Times of  J  R  D  Tata  :

Under his chairmanship, the assets of the Tata Group grew from US$100 million to over US$5 billion. 

He started with 14 enterprises under his leadership and half a century later on July 26, 1988, when he left, Tata & Sons was a conglomerate of 95 enterprises which they either started or in which they had controlling interest.

He was the trustee of the Sir Dorabji Tata Trust from its inception in 1932 for over half a century. Under his guidance, this Trust established Asia's first cancer hospital, the Tata Memorial Center for Cancer, Research and Treatment, in Bombay in 1941. 

It also founded the Tata Institute of Social Sciences (TISS, 1936), the Tata Institute of Fundamental Research (TIFR, 1945), and the National Center for Performing Arts.


In 1945, he founded Tata Motors. In 1948, JRD Tata launched Air India International as India's first international airline. In 1953, the Indian Government appointed JRD Tata as Chairman of Air India and a director on the Board of Indian Airlines - a position he retained for 25 years.

 For his crowning achievements in aviation, he was bestowed with the title of Honorary Air Commodore of India.

Books n J R D Tata :




Author         : R M Lala
Publishers : IBH Publishers Bombay 1981

Go Ahead : " There are people that Go Ahead,that see problems Before the Rest,that Take Decisions Before the Rest "

Go Ahead  :
 " There are people that Go Ahead,
that see problems Before the Rest,
that Take Decisions Before the Rest "