Three-and-a-half decades of managing money for the $66-billion Aditya Birla Group can be a tough job, but Sushil Agarwal says he has enjoyed every moment of it. The group chief financial officer (CFO) of the $66-billion group says half in jest that he is looking for some “calm” and would love to be in Uttarakhand when he’s done with the hurly burly of the corporate world. But that’s still in the realm of “fantasy”, as he doesn’t intend to let that happen in a hurry.
Agarwal, who is an Aditya Birla Group lifer, having joined the projects division at Grasim soon after completing his chartered accountancy way back in 1988, has overseen many complex
transactions, mergers and acquisitions, including the restructuring of AB Nuvo and more recently, the Rs 20,000-crore fundraise by Vodafone Idea.
The toughest deal so far, he says, has been the Rs 20,000-crore mop-up by Vodafone Idea, a transaction done in difficult times for the company which took a lot of convincing to do.
Recognising his contribution not just to the Aditya Birla Group but to the world of Indian corporate finance, the FE CFO Awards jury chose Agarwal as the Lifetime Achievement Award winner.
His felicity with numbers didn’t come as a surprise to his family. Agarwal, who spent his childhood in Jodhpur, decided very early in life that he wanted to work in the field of finance, unlike his sister who studied medicine. Although he believes he has a flair for “selling”, and made lots of pocket money working at his grandfather’s general store and spent it on ice cream and coke, he’s happiest when working with numbers.
For the moment, he is focusing on the nitty-gritty of capital gains taxes and stamp duties as his boss looks to build and acquire new businesses in his quest for scale. And to stay fit, he is keeping up his yoga regimen and stays off his favourite jalebis.
Agarwal recalls how both BK Birla and Aditya Birla always kept the interests of their respective businesses and shareholders’ in mind. Both would bargain to get the best possible price, and not give in easily, in any transaction between, say Indian Rayon and Century Textiles, even though they were father and son. It was a lesson on how not to mix family and business and ensure the companies didn’t lose out.
Another interesting story relates to the time when BK Birla was renouncing his rights shares in AB Nuvo. Rather than simply offering the shares to his grandson, the patriarch made him a business offer. Kumar Mangalam Birla was given the first right of refusal at the then ruling price—of the rights shares—in the market and just 48 hours within which to respond. Agarwal says he had tried to convince Kumar Birla to write to his grandfather but the latter wouldn’t do so.
Among his many learnings, and some have come from reading the Ramayana and the Mahabharata, are that one should first speak to one’s direct boss on any matter and not bypass him to approach someone higher up. The other big takeaway has been that one should always advise one’s superiors correctly even if the truth is unpleasant.
Once he has the time, Agarwal hopes to be able to teach and guide youngsters not merely about the rules of finance but also about the finer points of working in the corporate world. It would be his way of giving back to the society. But that obviously will have to wait for now.
From: financialexpress
Financial News
