B. K. Goenka
B. K. Goenka | |
|---|---|
| Born | 1966 Hissar, Haryana, India |
| Nationality | Indian |
| Occupations |
|
| Years active | 1985–present |
| Spouse | Dipali Goenka |
| Children | 2 |
| Parents |
|
B. K. Goenka is an Indian entrepreneur and industrialist.[1] He is the Founder and Chairman of Welspun World,[2][3] a multinational conglomerate with operations in textiles, steel, infrastructure, renewable energy, warehousing, and oil and gas.[4][5][6] He has also served as President of the Associated Chambers of Commerce and Industry of India (ASSOCHAM).[7]
Early life
[edit]B. K. Goenka was born in 1966,[8] into a Marwari family of food grain traders.[7][9] He grew up in Hissar, Haryana, and later moved to Delhi.[6] After completing his schooling, he joined his father's dal mill business at the age of 16 and later traveled to London to gain insights into trading.[10]
Career
[edit]In 1985, Goenka moved to Mumbai and co-established a textile plant with his maternal uncle.[4] He founded Welspun in the same year, initially focusing on polyester yarn production.[6] The first unit, Welspun Winilon Silk Mills, was set up in Palghar, Maharashtra, followed by a second unit in Vapi, Gujarat.[5]
He expanded the business into home linen, focusing on the export, with customers such as Walmart and Macy's. In 1991, Welspun became a public company and was rebranded as Welspun India Limited (now Welspun Living Limited).[6] Goenka diversified into steel pipes, primarily for oil and gas transportation, and set up a 300,000-ton steel pipe plant in Gujarat.[5] The business gained traction after securing an order from Enron's Dabhol Power Company.[6]
Between 2006 and 2008, Goenka faced challenges during an aggressive global expansion phase. Acquisitions of textile manufacturing units in the UK, Mexico, Portugal, and Argentina proved unsustainable due to high production costs. Within a few years, Welspun had to shut down its Mexico and Argentina units and sell the Portugal business back to its original owners.[11] The group then underwent restructuring to exit non-core businesses and consolidate its core operations.[6] Welspun sold two power plants for Rs 400 crore as part of a move to pare debt and focus on its core areas. Goenka sold Welspun Maxsteel, a steel plant acquired from the Aditya Birla Group, to JSW Steel for Rs 1,000 crore.[12][13]
Goenka made several acquisitions, including the bath-rug maker Sorema in Portugal. He also announced a greenfield project in Mexico for decorative bedding and initiated a joint venture with Zucchi of Italy to manufacture bath robes. In 2006, Goenka acquired Christy, a Manchester-based towel manufacturer in the UK.[14] Christy is known for its long history in the home textiles industry and its association with high-profile sporting events such as Wimbledon.[7]
In 2018, he was elected President of The Associated Chambers of Commerce & Industry of India (ASSOCHAM), succeeding Sandeep Jajodia, the chairman and MD of Monnet Ispat and Energy Limited.[15]
Personal life
[edit]B. K. Goenka married Dipali Goenka,[1] the CEO and Managing Director of Welspun Living, in 1987.[16][17] The couple has two daughters, Radhika[18] and Vanshika.[19][20]
Accolades
[edit]Goenka was nominated twice for the Entrepreneur of the Year Award in 2007 and 2008. Under his leadership, Welspun Corp was awarded the Emerging Company of the Year Award in 2009, presented by the Prime Minister of India.[21] In 2015, he ranked 83rd on 2015's Forbes India Rich List.[16][1] In 2019, he received the Asian Business Leadership (ABLF) Award and was recognized by former Prime Minister Manmohan Singh.[21]
Media presence
[edit]Goenka was featured in a documentary about Prime Minister Narendra Modi. He has been featured on Zee Business[22] and Business Today.[23]
References
[edit]- ^ a b c "Welspun India: Out Of The Woods". Forbes India.
- ^ Keshavdev, V. (2024-10-10). "How Welspun's BK Goenka looks to ride the quick commerce wave". Fortune India.
- ^ Reddy, Sujata (2017-06-02). "Admitting our fault was a game-changer: BK Goenka on the Welspun vs Target crisis". The Economic Times. ISSN 0013-0389.
- ^ a b "I had no background in any of the businesses I got into". The Times of India. 2012-02-25. ISSN 0971-8257.
- ^ a b c Mehra, Paranjoy Guha Thakurta and Pranati. "Of Welspun, Cyprus and the FEMA conundrum". Rediff.
- ^ a b c d e f Datta, Aveek (7 December 2015). "Welspun's BK Goenka: Spinning Solutions". Forbes India.
- ^ a b c Datta, Aveek (2019-08-05). "The ambitious aren't limited by resources: B.K. Goenka". www.fortuneindia.com.
- ^ "BK Goenka and his net worth: Buys Rs 240 crore penthouse in India's costliest apartment deal; See inside pics". Financialexpress. 2023-02-18.
- ^ Ganguly, Dibeyendu (2013-03-08). "Can Balkrishan Goenka's decision to choose family over professionals work at Welspun?". The Economic Times. ISSN 0013-0389.
- ^ "Lunch with BS - Bal Krishan Goenka". www.business-standard.com.
- ^ Sanjai, P.R. "Welspun Group works its way back to basics". LiveMint.
- ^ www.ETBrandEquity.com. "Welspun's chief B K Goenka to give up operational role - ET BrandEquity". ETBrandEquity.com.
- ^ Vijayaraghavan, Kala. "Welspun's chief B K Goenka to give up operational role - ET BrandEquity". ETBrandEquity.com.
- ^ John, Satish (2015-09-09). "Indian textile's rare survivor Welspun India's shares trebled in last one year". The Economic Times. ISSN 0013-0389.
- ^ Urs, Anil (2019-02-27). "Relaxation in defence procurement norms give hope to start-ups, MSEs: B K Goenka". BusinessLine.
- ^ a b Reddy, Sujata (2016-08-10). "Big birthday bash on the cards for Welspun Group Chairman Balkrishan Goenka". The Economic Times. ISSN 0013-0389.
- ^ "Fabric-ation? Welspun Crisis Takes Toll On Goenkas". Forbes India.
- ^ "Radhika Goenka: "Despite being born into money, I know how to fend for myself" - Elle India".
- ^ Ghosh, Shrabona (2024-08-29). "Vanshika Goenka Misra: The Dream Weaver". Entrepreneur.
- ^ Mandavia, Megha; Kalesh, Baiju (2015-12-16). "Succession Planning: Welspun Group to hive off yarn-spinning business for next generation". The Economic Times. ISSN 0013-0389.
- ^ a b "B.K. Goenka | Alumni | ABLF Network". www.ablf.com.
- ^ "Exclusive: In conversation with B K Goenka, Welspun Group Chairman". Zee Business.
- ^ "Expanding Textile Capacity By 25% At Kutch Says Welspun Group Chairman, B.K Goenka". Business Today. 2024-01-11.