Through the whirlwind of mergers and acquisitions in the 1970s and 1980s, he forged a billion-dollar RPG business that left an indelible mark in India’s industrial environment almost entirely through bold inorganic growth.
He was born in a commercial royal family. His father, Keshav Prasad Goenka, expanded his family businesses through smart acquisitions, such as Duncan Brothers and Duncan Brothers and Octavius Steel, two British trade houses and was awarded Padma Bhushan in 1969 for his contribution to Indian industry. His grandfather was Badridas Goenka, the first Indian to be appointed Imperial Bank of India (now the National Bank of India).
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The Goenka family originally came from Rajasthan and settled in Kolkata for a long enough time to think they were glorious Bengali people. Young Rama Prasad received his master’s degree in economics from the prestigious Presidential Academy and claimed that the city is its own.
His career began in 1951 as an assistant to the Duncan Brothers, whose father, Keshav Prasad Goenka, divided the family business into three sons in 1979. ₹750 million. From this springboard, he launched a acquisition carnival, which is as ruthless as strategic.
If the scale of his achievements is astonishing, it is his skill in pursuing a career of respect.
Take over the king’s empire
In 1981, he acquired Ceat Tires, a subsidiary of Italy’s Ceat (later renamed Ceat Ltd). In the following years, he partnered with Manu Chhabria to buy power engineering companies KEC International, Searle India (now RPG Life Sciences) and Tyre-Maker Dunlop. His appetite was still unhappy and he acquired a minority stake in Bayer, which was later sold. At this time, he also jointly promoted Haldia Petrochemical with West Bengal Industrial Development Corporation.
Gramophone Company of India Ltd. (now Saregama India) was consolidated by the Gramophone Company, Fujitsu Icim, now Zensar Technologies, before the acquisition of CESC in 1989, and Harrisons Malayalam and Spencer & Co in 1992, which consolidated his growing empire and wealth. By then, RPG Enterprise was a billion dollar conglomerate.
If the scale of his achievements is astonishing, it is his skill in pursuing a career of respect. Not suitable for the savages he was at the door. Indeed, even if this brought him some subsequent heartbrokenness, it was a escape from this person’s personality.
This elusive award was dyed by textile giant Mumbai, which in fate was actually given to him with a silver medal. In 1971, Neville Wadia, longing for a peaceful life in Switzerland, decided to liquidate his Indian business empire. The jewels on the crown, the dye of Mumbai, were suddenly robbed despite some economic turmoil. Goenka is still early in his trading career, smelling the opportunity and being the first to make a leap. A sale agreement was quickly signed – in a brief moment, Mumbai dyeing was his.
But then there is a twist in the plot. Neville’s 26-year-old son Nusli Wadia refused to live as a “second-class citizen of a certain European country” and he was not trying to let his father sell their estate.
Faced with his son’s firm determination, Neville Wadia had no choice but to go back. He and Goenka canceled the sale. Any tough negotiator will refuse or at least extract a heavy price. Not a romantic Ghoenka.
As Gita Piramal introduced in Open Magazine, he told Neville: “If you serve me a drink, I’m ready to cancel the deal.” The loose Wadia hurriedly received the best royal tribute. Goenka later did say he was an “idiot” because “no room for business sentiment”.
Like this, as the glasses jingled, Wadias evaporated the trade of millions of rupees and the Mumbai stain. Goenka always regrets.
But Rama Babu has always been known to have other fish to fry rather than live in this setback.
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Not just businessmen
Outside the board, he is an idol in Kolkata. He usually wears crisp silk kurtas and pleated Bengali, he is a passionate owner who is delighted to share his chef’s work and is a passionate patron of the city’s Durga Puja celebrations. His annual Yagna at his home in Alipore reflects his deep Indian faith, while his eclectic reading betrays an uneasy, curious mind.
Honors piled up: Rajya Sabha nomination, trustee of Jawaharlal Nehru Memorial Foundation, Indira Gandhi Memorial Foundation and Rajiv Gandhi Foundation and chairing leadership positions at FICCI and IIT Kharagpur. He was a lifelong Congress loyalist, and so did his ideals for Nehru, just like his balance sheet.
Rama Prasad Goenka’s legacy is not only in the company he acquired, but also in his courage and grace to play games. It’s a Titan who conquers with a smile and a handshake, chasing the next deal forever.
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