24 September, 2020

Earth, Wind and Water

Growth is the NEPC Group's hallmark and its turnover could touch the Rs 2,500-crore mark

Earth, Wind and Water
A decade after Swraj Paul and Manu Chhabria introduced Indian business to the concept, hostile takeover attempts remain more in the realm of Jeffrey Archer novels than in the real world of Indian business. So, when, last fortnight, the Madras-based NEPC Groupmade a public offer to pick up 47.3 per cent of private airline Modiluft's equity at a price of Rs 29 per share, it sent tremors across the business community. Of course it's a common market practice in the West, admitted captains of industry, but...well, it's somehow not in good form, you know.

The Khemkas of NEPC are unlikely to be bothered. Try out these simple figures to get a grip on the magnitude of the ambitions of this Marwari family, whose patriarch travelled from Punjab to Madras 30 years ago with Rs 450 in his pocket. In 1990, the group was worth Rs 25 crore. It intends to hit the Rs 2,500-crore mark in turnover by the end of 1995-96. A heartbeat away from a near-monopoly of the wind energy and private airline markets, the Khemkas may well be to the 1990s what the Ambanis were to the 1970s, and the Dhoots of...



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