One of the biggest industries in my part of the country is Sugar. In childhood I knew only two industries, sugar and milk industries. Co-operative sugar mills have been established and have been doing really well in producing the sugar there by creating wealth for thousands of farmers.
But recently, Sugar has been seen as a big corporate initiative and Renuka Sugars (www.renukasugars.com ) is making big inroads and recently made two big acquisitions in Brazil and thereby creating a big wave. It’s been seen as a global player now!
Mr. Narendra Murkumbi, an IIM Ahmadabad graduate has seen the vision of making it big in Sugar and he and his mother did wonderful things together in establishing the company. Narendra is the public face of the company and based out in Mumbai. And his mother has been a relationship person and keeps a very close association with farmers and she is based out in Belgum, Karnataka.
Narendra has been known for thinking outside the box and thinking big. (Narendra dissolved his earlier company which was having 50 crores of turn over saying that is small thinking) The kind of the culture they have built in the company is of innovation.
Sugar is predominantly non-predictable business where a lot depends on the external factors. Factors such as crop condition in countries like Brazil and Chili, condition of monsoon, India’s agriculture policies; all pay an important role in deciding the profit margins. But, what Renuka Sugar’s have proved that, innovative thinking, global presence and shear execution efficiency can change the rule of the game.
This is truly a rare picture of stability in a cyclical industry!
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