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MUMBAI: A Forbes India perspective on the maverick CEO?s moves on reshaping a conglomerate and an industry.
18th June 2010, Mumbai: The cover story in the latest issue of Forbes India explains how Y.C. Deveshwar is moving into a decisive phase in his mission to transform ITC from a cigarette maker to fast-moving consumer goods company. The article delves into how he has raised the stakes in the FMCG business with a series of bold moves to acquire market share and raising revenue targets from Rs. 3,700 crore to Rs.12,000 crore. It finally goes on to conclude that with less than two years to go before his term as chairman ends, Deveshwar would need to show success in achieving viable growth to secure the company‘s future. Success which might even earn him the extension at the helm which he really wants.
Summaries of Other Key Stories in the Issue:
Learning Curve
Government schemes have succeeded in getting more children into school, but have failed in ensuring that they get quality education. Many companies have launched philanthropic initiatives to bridge this gap, but the two that have succeeded best are the Azim Premji Foundation and the Bharti Foundation. The story delves into what they are doing right.
The Whethermen
Good monsoon or drought? Indian meteorologists often get the forecast wrong. Now the government is trying to fix that. It has put B.N. Goswami, director of the Pune-based Indian Institute of Tropical Meteorology, in charge of trying out a new climate model. Although this sounds like a panacea, rest assured it is not. The new model is far more complex and globally its success rate is not very different from the old one.
Quotable Quotes from the Cover Story:
?We allocate capital with a venture capitalist?s mindset. We?ve made it known that cash is always available for businesses that are performing.?
K Vaidyanath, Executive Director, ITC.
?In the consumer business, you need scale to build a franchise. It is a chicken-and-egg problem. We will infuse life into these businesses so that they can stand on their own legs.?
Y C Deveshwar, Chairman, ITC
