We are a very systems- and process- driven business which reports directly to the board, whether it is risk or legal.Collection: Legal
I think my greatest virtue is that I have the courage to take tough decisions. As for my greatest fault, I guess I should be a little tougher. The feedback I get always is that I am not as tough and demanding as I should be.Collection: Courage
I am humble enough to understand there are many people who know much more than I do on many subjects, so I listen to them. Integrity is also critical to leadership, so I believe there must always be alignment between what you think, say, and do.
Innovation means taking risks, and that is where the private sector can play a role.
We are disciples of Krishna, and we look at ourselves like Arjun in the battlefield.
There are always highs and lows in life, but if you maintain an even keel, then you can take the right decisions.
Disabilities and misfortune can make you stronger.
In any merger, when you have large organisations coming together, there will be challenges in terms of culture.
There is nothing similar between the pharmaceutical and textile business.
Governance is very important in NBFCs.
Our risk systems and processes - we keep investing and improving them.
I think public sector banks need to have greater private participation of people who have skin in the game.
You cannot have the financial system crippled because of lack of decision making and lack of quality people.
Horses and dogs were part of my growing up years.
There are very few who have the privileges I have, and, therefore, it is essential that we give back to society.
I have always said that you have to fail. If you do not fail, it means you have never taken enough risks.
I may believe in something, but if it is not working and is not giving returns, we have to close it down because that is the right thing to do for the shareholders.
We have been successful in buying and selling companies because we have a reputation of fulfilling deal terms in letter and spirit.
When we exited the textiles business, we paid our bankers and labourers. We must have been the only company to do that.
People say values are expensive, but I say they create economic value.
There will be good times, and there will be bad, but one has to, to the extent possible, take things in one's stride.
Spirituality permeates all aspects of your life and business is just one part of your life.
Governments cannot do innovation. There are too many audits, and no one stays in a role for long enough.
Our organisation and culture is based on professionalism and values. I think my children reflect both.
The role of a trustee is to ensure beneficiaries get the best returns, without the trustee benefitting.
Humility, we say, is very important because we feel humility means the ability to listen, the ability to respect another's opinion and to find that everybody around you in some subject knows more.
We will follow in letter and spirit whatever the RBI rules and guidelines are - whether at the holding company level or individual company level.
It was always the intention that Shriram would have started a bank at some point.
In a crisis, you separate the men from the boys.
I am not for buying into financial services firms because I am not sure of the quality.
We have a unique culture.
I am overall optimistic about India's growth.
Everywhere in the world, when you travel, you see structures that stand out. Historic structures and new structures. But in India, I don't see anything that stands out.
We entered into the pharmaceutical industry in 1988, and since then, we have grown significantly on the back of a growing demand in India for pharmaceutical products.
Fortunately, in Piramal Enterprises, we are in three broad sectors. One is in the whole financial services sector, the second is in pharmaceuticals, and the third is in healthcare analytics and data.
Coming to the growth potential in financial services, there is enough data to show that, usually, financial services grow about twice or two and a half times of what the economy, the GDP growth rates.
We always set ambitious goals in our group, and I have found that if you set your mind to it, you can do it ,and sometimes all the circumstances will play in your favour.
Textile mills are not a very high-margin business and have fixed overheads, so it was challenging. But I think it is only in challenges that you get opportunities.
Demonetisation was always on the government's radar and was part of the plan from day one when Narendra Modi took over as prime minister, as he was concerned about the black money.
Buying a house is not an overnight decision, and people can wait for 3 to 6 months.
When we look at our business, we are not that concerned about short term valuations.
In pharma or in information, you have to invest for three or four years, and then you start seeing returns.
We take dispassionate view of our investments. Does it mean that we are looking out to monetise the investment? That is not correct. But if we get an offer that we cannot refuse, as I say, then it is not that we are not, that we will still hold on to the investment.
Sometimes, we get mixed up when we say that profit is not important for stakeholders. Oxygen is not the reason a person lives. But it is essential to have oxygen, although it's not the only reason for a person's existence. It is similar for profit.
In the pharma space, we have been growing both organically as well as through acquisitions.
We've always been influenced by some of India's greatest minds.
Normally, Indian companies follow the trend set by companies abroad. There is usually a long lag period.
In any technology, one has to be very careful to ensure that it is good and has enough safeguards.
Life looked bleak when I became chairman of the group at the age of 29. But I survived, as the Lord must have carried me when I needed Him the most.
Manufacturing is finite, but human intellect is infinite. Textile is all about manufacturing, and industries like pharmaceuticals are all about human intellect.