Goodbye to the doyen of Virginia House

With the passing away of Yogi Deveshwar, Kolkata has lost a suave businessman, and India Inc will forever miss a stalwart who was a beacon of industry in Bengal. I have known the do­yen of Virginia House for many years, and we both shared a com­mon love — Kolkata. 

YCD, as he was fondly called, had great taste and was a man of mettle. The debonair man, in his trademark striped shirts and blazers, had a penchant for stri­king con­ver­s­a­t­i­o­ns and deals. A very well-conne­c­ted man in the corridors of po­wer, not only did he successfully manage to stave off the takeover by British Ame­r­i­c­an Tobacco, he also gave legiti­m­a­cy to the core businesses of ciga­r­ettes and tobacco by ente­r­ing Hotels, FMCG, IT and Paper­boards. No mean feat, consider­ing there were no synergies with the core businesses. Chosen by the Government of India as an experiment to bring the finest talent into the public sector, he was the chair­man and managing director of Air India from 1991 to 1994. With great élan, he gave wings to the tottering airline and profits doubled during his tenure.

As the all-white aesthetic of ITC headquarters in balmy Kolkata is cloaked in a pall of gloom, I am reminded of an incident. I recollect asking him what kind of relationship he shared with BAT. He replied that he had worked very hard to keep ITC’s identity as an Indian company far from the influence of BAT, reporting to the board, and that gave him the flexibility to diversify into new areas.

What I distinctly remember was YCD saying he was contem­plating a foray into the highly competitive FMCG business, and that one day we would all look at ITC with greater respect than Hindustan Unilever. Rest in peace, YCD, as today you’ve left your fiercest competitors teary-eyed.

Harsh Goenka is Chairman of RPG Enterprises