A Mega-Thread on the Indian billionaire entrepreneur and the chairman of the Wadia Group: Nusli Wadia
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1) Nusli Wadia the son of Neville and Dina Wadia was born into a Parsi family.
2) He is recognized as one of the most headstrong businessmen in the corporate arena, along with the majority owner of Bombay Dyeing.
2) He is recognized as one of the most headstrong businessmen in the corporate arena, along with the majority owner of Bombay Dyeing.
3) With over $1 Billion worth of holdings in real estate across Mumbai, the Wadia Group has one of the largest land banks in the city.
4) Mr. Wadia has been famously known for his proximity to Lal Krishna Advani and Atal Bihari Vajpayee when the BJP was in power.
4) Mr. Wadia has been famously known for his proximity to Lal Krishna Advani and Atal Bihari Vajpayee when the BJP was in power.
5) For his early schooling, Nusli was sent to a public school in England, he holds a Ph.D. in Chemical Engineering from the University of Florida, U.S.A.
6) His return to India after interrupting his studies pioneered his journey. He was laid down to work on the shop floor.
6) His return to India after interrupting his studies pioneered his journey. He was laid down to work on the shop floor.
7) His major contribution to Bombay Dyeing was the foundation of the retail shops and the development of the brand.
8)For the years 1977 and 1968, Mr. Wadia served as Chairman and Director of Bombay Dyeing and Manufacturing Company Limited.
8)For the years 1977 and 1968, Mr. Wadia served as Chairman and Director of Bombay Dyeing and Manufacturing Company Limited.
9)Since July 27, 1982, he also served as Chairman of the Board of Bombay Burmah Trading Corp. Ltd., and as a Director since October 28, 1980.
10)Exceptionally, he was appointed to the Prime Minister's Council on Trade & Industry in 1998, 1999 & 2000.
10)Exceptionally, he was appointed to the Prime Minister's Council on Trade & Industry in 1998, 1999 & 2000.
11) He was the Convener of the Special Group Task Force on Food and Agro Industries Management Policy in September 1998.
12) He was the Members of the Special Subject Group to review regulations to unshackle Indian Industry and on the Special Subject Group on Disinvestment.
12) He was the Members of the Special Subject Group to review regulations to unshackle Indian Industry and on the Special Subject Group on Disinvestment.
13)All throughout his life, Mr. Wadia carried the world to be a feisty fighter as nothing came to him effortlessly.
14)The biggest battle that Nusli fought was with his own kink, father Neville Wadia.
14)The biggest battle that Nusli fought was with his own kink, father Neville Wadia.
15)In 1971, Neville announced his decision to sell Bombay Dyeing to Kolkata-based industrialist RPG and wished to settle abroad.
16)But the 26-year-old Nusli ignored his father's advice with the help of his mentor J R D Tata, whom he considered a father figure.
16)But the 26-year-old Nusli ignored his father's advice with the help of his mentor J R D Tata, whom he considered a father figure.
17)Nusli rose by garnering 11% of the company shares and went on to persuade the employees to pool their savings and buy shares to prevent the sale.
18)The sharp tactic worked, and Neville was forced to abandon the sale. The Goenkas were informed that the deal was called off.
18)The sharp tactic worked, and Neville was forced to abandon the sale. The Goenkas were informed that the deal was called off.
19)A few years later, Nusli succeeded his father to become the Chairman of the flagging enterprise.
20)By the late 1970s, Bombay Dyeing was still the most influential and largest textile company in India. But it was no longer the one that everyone talked about.
20)By the late 1970s, Bombay Dyeing was still the most influential and largest textile company in India. But it was no longer the one that everyone talked about.
21)The industrial tug of war between Wadia and Ambani became a part of corporate folklore and was notably known as the 'Polyester War.'
22)It was a battle that not just involved the two of them but also many politicians and two media groups - the Indian Express and Observer.
22)It was a battle that not just involved the two of them but also many politicians and two media groups - the Indian Express and Observer.
23) Wadia was drawn up in the courts for two years. His passport was confiscated, and he was issued a deportation order.
24)Almost after 42 court hearings and 2,500 pages of interrogation, Wadia came out victorious.
24)Almost after 42 court hearings and 2,500 pages of interrogation, Wadia came out victorious.
25)The 1990s proved to be a pivotal decade for Mr. Wadia. He was no longer a major preoccupation for the Ambanis: they had simply outgrown him. Wadia now had to prove that he knew how to run a successful business.
26)Rebuilding the textile business proved critical, but an investment in Bombay Burmah yielded a gold mine in terms of hidden assets. And then, there was a new affair known as the cookie affair, "Britannia."
27)Nusli had long wanted to work in the biscuit industry and had reached an agreement with Huntley and Palmer to take over Britannia in India.
28)However, Huntley and Palmer were acquired by American cookie giant Nabisco, and while Nusli met with Nabisco executives through his friend- a cashew company partner, Rajan Pillai, and appeared to have struck a deal in which he would still be able to purchase Britannia.
29)In the end, the Americans later changed their minds, and Britannia was once again retained, while Rajan Pillai was appointed as the new Chairman.
30)Pillai partnered with the French company Danone, but the two quickly fell out, with Danone accusing Pillai of fraud.
30)Pillai partnered with the French company Danone, but the two quickly fell out, with Danone accusing Pillai of fraud.
31)Sensing the vacuum, Nusli entered the scene, this time as Danone's new Indian partner, smart and an opportunistic move indeed.
32)After a bruising legal and media battle, Pillai was expelled, and Wadia finally got his heart's desire: the control of Britannia.
32)After a bruising legal and media battle, Pillai was expelled, and Wadia finally got his heart's desire: the control of Britannia.
33)Mr. Wadia was now the Non-Executive Chairman of the Board of Britannia Industries Limited.
34)Apart from this, the textile tycoon has made a name for himself in public affairs and has been actively associated with leading charitable institutions.
34)Apart from this, the textile tycoon has made a name for himself in public affairs and has been actively associated with leading charitable institutions.
35)He is also on the Managing Committee of the Nehru Centre, Mumbai. A self-styled gladiator, Wadia, who has been in the corporate arena for nearly three decades, is much respected for his financial acumen and legal expertise.
36)The Wadia Group has reorganized its business empire among its two sons. Ness Wadia is the MD of Bombay Dyeing and co-owner of the Kings XI Punjab team in the IPL.
37)Jeh heads Go Air and has managed to survive despite cut-throat competition in the aviation space.
37)Jeh heads Go Air and has managed to survive despite cut-throat competition in the aviation space.
38)In 2011 due to a reshuffle, Jeh took over as the Managing Director of Bombay Dyeing while Ness shifted to GoAir.
39)His association with TATA didn’t turn out to be successful, rather it took a nasty turn, for which Wadia filed a defamation case on tata groups in 2016.
39)His association with TATA didn’t turn out to be successful, rather it took a nasty turn, for which Wadia filed a defamation case on tata groups in 2016.
40)A quintessential workaholic, Mr. Wadia believes in living a relatively simple lifestyle.
Apart from being a successful entrepreneur, his heart still beats for his passion for cricket.
Would appreciate a Retweet or like as it helps us educate more investors.
Apart from being a successful entrepreneur, his heart still beats for his passion for cricket.
Would appreciate a Retweet or like as it helps us educate more investors.
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