As artificial intelligence, quick commerce and the energy transition disrupt established business models, Shashwat Goenka, the youngest scion of the RP-Sanjiv Goenka (RPSG) Group and its Vice-Chairman, is helping steer businesses as varied as CESC and Purvah Green Power in energy, PCBL Chemical, Firstsource Solutions, FMCG brand Too Yumm!, Spencer’s Retail and Nature’s Basket, Saregama, and the group’s Super Giants sports franchises, while RPSG prepares for ₹65,000–70,000 crore of capex over the next five years.
For Goenka, navigating businesses exposed to such different forces requires leaders to become comfortable with uncertainty and move faster. “The pivot has to come quicker,” he told BusinessLine at the CII National Leadership Summit in Mumbai, discussing how that philosophy is playing out across RPSG, from consumer businesses and renewable energy to AI at Firstsource. Edited excerpts:
Businesses are being challenged by forces outside their industries. What are the most important things leaders need to navigate this state of flux?
We are living in uncertain times, where every day brings a new inflection point, a new crisis, and a new opportunity.
You have to be okay with uncertainty and ambiguity and respond quickly. You could sum that up in one word — agility. Whether it is agility in process, leadership or the business model, the pivot has to come quicker.
Businesses have to change continuously. Experiment, challenge the status quo and don’t be scared of failure. Learn to fail fast.
Consistency is equally important. What leaders often miss is that consistency is what compounds. Many people have lofty visions, but they fail at execution. Execute with rigour and determination, stay at it and keep at it.
FMCG is seeing changing tastes and disruption from quick commerce. How are you navigating that?
Consumer tastes and preferences are changing much faster, and business models are changing too. Ten or fifteen years ago, there was general trade and some modern trade. Then came e-commerce, and now quick commerce.
When we started Too Yumm!, we launched makhana and other products. Three years later, we weren’t selling those products. Now we’ve finally returned to makhana. You are constantly trying new formats, flavours, pack sizes and price points — and learning.
How do you balance premiumisation with demand for health and convenience?
Premiumisation is a huge trend. Awareness around health and better-for-you offerings is also much greater. A lot of the kitchen is moving into the store. People are busier, households are shrinking, and everyone wants convenience. At Nature’s Basket, we do some prep work—pre-soaking pulses or preparing fruits and vegetables that are difficult to cut. This saves time while still letting consumers cook at home.
How is your energy business shaping up?
Energy isn’t new to us. We have always been in energy through distribution and have now entered renewable generation.
We currently have about 1.8 GW operational and should reach 2.3–2.4 GW by year-end. Purvah Green Power covers wind, solar and battery storage. We participate in SECI and utility tenders and also work with industries with high power requirements.
What is changing at Firstsource as AI reshapes business services?
We are moving from being a back-office supporter to being a business-growth partner. We want more clients and a higher share of the wallet from existing clients.
We are moving away from the typical full-time-employee concept towards the value we can deliver to clients and partners, including how AI can help deliver that value.
Looking at overall capex, where do you think you will be by 2030?
We definitely have upwards of ₹65,000–70,000 crore of capex coming up in the next five years across sectors, most heavily in energy and renewables, and then going into chemicals.
What is your message to companies and markets who are now in a state of flux?
Build for the vision you have and build your team, because that is what will help you deliver.
Don’t compromise on your values, whatever they may be — trust, credibility, operational excellence, humaneness or risk-taking. Stay true to them and deliver on them consistently.