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Rama Prasad Goenka: ‘Bhadralok’ who took risks

http://entrepreneurindia.in/people/specials/rama-prasad-goenka-bhadralok-who-took-risks/19759/

Iconic industrialist Rama Prasad Goenka, who passed away in April, went on to become India's 'Takeover Tycoon'
He may have retired from corporate life in the early ’90s. But Rama Prasad Goenka’s appearance, increasingly rare due to failing health, at any business meet would ensure a full house. Almost always attired in that typical Bengali dhuti-punjabi, he was the one to turn to when Bengal’s despairing industrialists needed advice. Committed to Bengal till the end—his family, like BK Birla’s and BM Khaitan’s, did not leave Calcutta when industrialists exited in hordes during the stormy ’70s—he would always extol the values of doing business in the east. Goenka passed away on April 14, 2013 after a prolonged illness. He was 83 years old.
Better known as RP Goenka or simply Rama babu, he was born in Calcutta in 1930. The Goenkas’ tryst with Bengal goes back a long way, having arrived in 1820 from Dundlod village in Rajasthan. They were already an established business family with interests in banking, jute, tea and textiles. In 1933, his grandfather, Sir Badridas Goenka became the first Indian to be appointed chairman of the Imperial Bank of India, now State Bank of India.
The spirit of entrepreneurship was passed on from generation to generation and with the British exiting India, RPG’s father Keshav Prasad Goenka picked up several businesses in the auto, tyres and electric cables space. When he decided to divide his several businesses among his three sons, RP Goenka set up RPG Enterprises in 1979 with Phillips Carbon Black, Asian Cables, Agarpara Jute and Murphy India. The combined turnover: Rs. 100 crore.
In the ’80s, RP Goenka set about acquiring one company after another across sectors—Ceat in 1981, KEC in 1982, Searle India (now RPG Life Sciences) in 1983, Dunlop in 1984, Gramophone Company of India (now Saregama India) in 1986, and three key ones in 1989—CESC, Spencer’s and Harrisons Malayalam, earning the title ‘Takeover Tycoon’. RP Goenka too followed his father’s example and split the businesses between sons Harsh and Sanjiv in 2010. At that time, Sanjiv Goenka, who announced his new entity, the RP-Sanjiv Goenka Group, said his father had been keenly involved in the separation of the businesses. At the time of the split, the turnover of RPG Enterprises was Rs. 16,000 crore. “The journey, from time to time, took various shapes and forms and has come to this position today,” said Sanjiv Goenka.
For RP Goenka, what may have rankled throughout his corporate life was an aborted takeover of Bombay Dyeing in the ’70s and the inability to get into businesses like petrochemicals. The story goes, not apocryphal, that Nusli Wadia’s father Neville Wadia secretly agreed to sell the textile giant to RP Goenka. But when Nusli Wadia, in his 20s, got to know of it, he was furious and roped in friends like JRD Tata to thwart the move successfully. Even the Dunlop acquisition with Manu Chhabria didn’t go as planned and RPG had to exit Dunlop. Politically, RP Goenka was close to the Congress, and stood by Indira Gandhi even during the Emergency. When RPG decided to move in on power utility CESC, the Jyoti Basu led-Left Front was in power in Bengal and the state government didn’t welcome the planned foray initially. But RP Goenka did take over CESC and made a success of it. The Leftists and RP Goenka, arguably one of the best friends of Bengal’s industry, finally warmed up to each other.
BK Birla says Rama babu was ‘exceptionally intelligent’; FICCI Chairman Naina Lal Kidwai says the past president will continue to inspire FICCI and Indian industry with “his work across diverse fields of management, academics, technology and philanthropic initiatives.” A voracious reader, RP Goenka, who studied history at Presidency College, would often order books in Bengali. Friends remember him buying works of art from an early age, a habit both his sons have picked up. With RP Goenka passing on, India may have lost a ‘prominent son’ says BK Birla. But Bengal has lost her quintessential bhadralok.

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