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The advent of the internet, transparent price comparisons, cheaper labour and globalisation have created a different type of competition in today’s world. As a result of that, traditional businesses that have been unwilling to change are facing major challenges. The difficulties are across industries: Uber is challenging the taxi driver’s model, Amazon the brick and mortar retailer’s and Apple the older smartphone companies’. In the Diamond industry too, the changes are evident. Rapnet has increased competition and reduced margins. The question arises: how do traditional businesses adapt to changing circumstances and new technologies? Can existing business models survive the test of times, or do they need to be constantly modified? This talk aims to help address these questions through the eyes of a distinguished business leader who has successfully navigated changing times.
Kumar Mangalam Birla took over as Chairman of the Aditya Birla Group in 1995, when he was just 28 years old. In the 20 years that he has been at the helm of the Group, he has accelerated growth, built a meritocracy and enhanced stakeholder value. From a turnover of $ 2 billion in 1995, the group’s revenues now exceed $ 41 billion, spread across the world. The group is perhaps one of the few that has remained successful across generations, whilst simultaneously keeping their reputation and values intact.
Mr. Birla is also actively involved outside his business in developing India’s business environment. An iconic figure, he holds several key positions on various regulatory and professional Boards. As the Chairman of the Securities and Exchange Board of India (SEBI) Committee on Corporate Governance, he authored the First Report on Corporate Governance titled “Report of the Kumar Mangalam Birla Committee on Corporate Governance”. Its recommendations were path breaking and became the basis of corporate governance norms.
An educationist, Mr. Birla is the Chancellor of the renowned Birla Institute of Technology & Science (BITS), with campuses in Pilani, Goa, Hyderabad and Dubai and has just recently taken over as Chairman of Board of Governance at IIT, Delhi. A Chartered Accountant, Mr. Birla earned an MBA from the London Business School, where he is also an Honorary Fellow and sits on the Asia Regional Advisory Board.
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