Take a 5-star ride with the Oberois

Biki Oberoi is clearly betting that with luxury trains, boats and more tie-ups on their agenda the group should be sailing onto calmer waters very soon.

Ajanta Pharma lightens its load

Mannalal Agarwal, the man who put Ajanta Pharma on the road to success when he shifted its focus from repackaging to marketing and developing of its pharmaceutical products, was one of the few tycoons in India who was prompt enough to realise the huge market potential present in the CIS nations. He quickly formed joint ventures (JVs) with several of them. However, now with internal problems arising in each country that he hasn’t been able to solve successfully, the tycoon has now decided to sell off his stake in them. So his stakes in Kyrgyz Ajanta in Kazakh Ajanta and Tajik Ajanta are now up for sale. This move seems to be influenced by his earlier bulk drug plant sell off to Orchid Chemicals, some years ago. While the tycoon’s attention was previously focused on making his leading brands Pinkoo, Trimol and Thirty Plus, into umbrella brands in the OTC sector, he will now be diverting his energies to the markets of South East Asia, West Asia as well as Africa and Brazil, as 65 per cent of Ajanta’s total turnover comes from these exports alone.

A 30 per cent growth in exports and in-house product development leading to a sales turnover growth of over Rs 200 crore within the next two years is something the tycoon is looking forward to, and something his critics think is impossible, considering his planes of selling of foreign stake. But there are those willing to bet that the tycoon will achieve it with ease, as Ajanta Pharma has long since been focusing on core formulations and exports as its main line of business.

Taking CESC’s mantle

Rama Prasad Goenka will shortly be hanging up his boots in one area and handing over the control of CESC to his younger son Sanjeev Goenka who is currently its vice-chairman.

At the recent annual general meeting (AGM) of CESC, R.P. Goenka stated that in the light of his advancing years it was time for Sanjeev to take over the CESC mantle. No date has however been nominated for the takeover, but the board would shortly consider this appointment.

However, RPG refrained from mentioning who would fill the post of vice-chairman that would fall vacant once Sanjeev took over the CESC reins. There are whispers that company director P.K. Khaitan is one of the main contenders for the position. The very fact that Sanjeev and Khaitan conducted the AGM was clear indication of things to follow.

Sanjeev, however, is reluctant to comment on RPG’s decision to hand over the reins and end a long era of chairmanship since the group bought over the 104-year company in 1989 and only expressed his concern of whether this change would be good for the company.

(Dilip Cherian runs a public relations firm Perfect Relations. He is an economy watcher and tycoon tracker. The people he writes about are not his clients. Send your insider dope to dilipcherian@hotmail.com)