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The workaholic Chairman of the Wadia
Group, which comprises of the Indian
Textile major Bombay Dyeing and
Britannia Industries, recently came into the news
by terminating the existing joint ventures with
the French food giant, Groupe Danone, in India. It
is another feather in the cap of one of India's
most respected business houses. One may recall
that the fight with Danone was just one among many battles in which Wadia has been involved in
his entire career. In fact, corporate battles are a way
of life for Wadia. Apart from a bruising battle
with the American cookie giant, Nabisco, and his
once close friend, the late Rajan Pillai, the other
person who could have vouched for this fierce
fighting spirit was Kolkata-based jute baron, Arun
Bajoria, who threatened a hostile bid for Bombay
Dyeing, though later he had to sell his stake, saying it
was merely a portfolio investment.
His turf battle with Dhirubhai Ambani has become part of corporate folklore. It was a
battle that involved not just the two of them but
also many politicians and media groups. But the biggest battle he fought was with his own
father, Neville Wadia. In 1971, the Sr. Wadia
announced his decision to sell Bombay Dyeing to the
Kolkata-based Industrialist, RP Goenka and settle
abroad to live like a lord in Switzerland with the
money. But Nusli, then 26-years-old, ignored his
father's advice and with help from his mother Dina
Wadia and great mentors like JRD Tata, garnered 11%
of the company shares by persuading the employees to pool their savings and buy shares to prevent
the sale. The ploy worked for Wadia and, thus, Sr. Wadia was forced to abandon the sale and retire
a few years later, to be succeeded as Chairman by his son.
Groupe Danone and the Wadia Group recently ended their 13-year-old relationship in
Britannia Industries by terminating their existing
joint ventures in India. They also resolved their
dispute over the intellectual property of Tiger biscuits.
As part of the agreement, Danone sold its 50%
interest in ABI Holdings Limited (held through
Britannia Brands Limited) to Wadia Group. ABI
Holdings Limited holds an effective 50.96% interest
in Britannia Industries Limited, the leading
bakery company in India. While expressing his satisfaction with the
acquisition, Wadia said, that over the last nine decades Britannia has created
a rich heritage of brands and a strong corporate reputation which has seen several
ownership changes. He hopes the competent team of professionals in the company would lead
and manage the company and will continue to
explore profitable growth opportunities in food - both
in India and overseas. |
