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Who is Balkrishan Goenka?
Balkrishan Gopiram Goenka is an Indian businessman and co-founder of the Rs 153 billion Welspun Group. He was also the former President of the Associated Chambers of Commerce and Industry of India.
According to Forbes, his net worth is $2.2 billion as of January 2022.
Balkrishan Goenka's background
Inspired by his father's flair for business, Goenka began his entrepreneurial journey at the age of 19.
He borrowed $100,000 from his father, took a bank loan, and started Welspun in 1985 to make polyester yarn. He expanded the business into home linen, focusing on the export, with customers such as Walmart and Macy's.
In 1997, Goenka found a business opportunity in steel pipes and set up a 3-lakh-tonne steel pipe plant in Gujarat, but, there were no takers as PSUs at that time were awarded contracts to firms with at least five years of experience. After three years of struggle, Goenka got his first order from Enron's Dabhol Power Company.
Under his entrepreneurship, Welspun has emerged as the second-largest line pipe company in the world, and one of the top three producers of Home Textiles.
His wife Dipali is the CEO and joint Managing Director who runs listed home textiles maker Welspun India, his biggest asset, whereas his older daughter, Radhika, founded and runs The Lingerie Shop.
In 2021, the company earmarked capital expenditure of Rs 600 crore for completing expansion projects across its three business verticals and expects its top line to grow by over 15 per cent in FY22 on the back of expanded capacities and with customer demand remaining buoyant.
The company also announced 'Women of Welspun' initiative to provide equal opportunity for its female employees with an aim to raise the next generation of women leaders.
Under this, the group will empower women workforce by providing an environment of growth and opportunities, institutionalising progressive policies that actively help women to reach the desired position.
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