B. K. Goenka | |
|---|---|
 | |
| Born | Balkrishan Gopiram Goenka 1966 Hisar, Haryana, India |
| Nationality | Indian |
| Occupations |
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| Years active | 1985–present |
| Spouse | Dipali Goenka |
| Children | 2 |
Balkrishan Gopiram Goenka (born 1966) is an Indian billionaire businessman who is the founder and chairman of Welspun World. He has also served as President of the Associated Chambers of Commerce and Industry of India (ASSOCHAM). [1]
Balkrishan Goenka was born in 1966, into a Marwari family of food grain traders. [2] [3] [4]
He was born and brought up in Hisar (city), and later moved to Delhi. [5]
After completing his schooling, he joined his father's dal mill business at the age of 16 and later traveled to London to gain insights into trading. [6]
In 1985, Goenka moved to Mumbai and co-established a textile plant with his maternal uncle. [7] He founded Welspun in the same year, initially focusing on polyester yarn production. [5] The first unit, Welspun Winilon Silk Mills, was set up in Palghar, Maharashtra, followed by a second unit in Vapi, Gujarat. [8]
He expanded the business into home linen, focusing on the export, with customers such as Walmart and Macy's. In 1991, Welspun became a public company and was rebranded as Welspun India Limited (now Welspun Living Limited). [5] Goenka diversified into steel pipes, primarily for oil and gas transportation, and set up a 300,000-ton steel pipe plant in Gujarat. [8] The business gained traction after securing an order from Enron's Dabhol Power Company. [5]
Between 2006 and 2008, Goenka faced challenges during an aggressive global expansion phase. Acquisitions of textile manufacturing units in the UK, Mexico, Portugal, and Argentina proved unsustainable due to high production costs. Within a few years, Welspun had to shut down its Mexico and Argentina units and sell the Portugal business back to its original owners. [9] The group then underwent restructuring to exit non-core businesses and consolidate its core operations. [5] Welspun sold two power plants for Rs 400 crore as part of a move to pare debt and focus on its core areas. Goenka sold Welspun Maxsteel, a steel plant acquired from the Aditya Birla Group, to JSW Steel for Rs 1,000 crore. [10] [11]
Goenka made several acquisitions, including the bath-rug maker Sorema in Portugal. He also announced a greenfield project in Mexico for decorative bedding and initiated a joint venture with Zucchi of Italy to manufacture bath robes. In 2006, Goenka acquired Christy, a Manchester-based towel manufacturer in the UK. [12] Christy is known for its long history in the home textiles industry and its association with high-profile sporting events such as Wimbledon. [2]
In 2018, he was elected President of The Associated Chambers of Commerce & Industry of India (ASSOCHAM), succeeding Sandeep Jajodia, the chairman and MD of Monnet Ispat and Energy Limited. [13]
Goenka married Dipali Goenka, the CEO and Managing Director of Welspun Living, in 1987. [14] [15]
The couple has two daughters, Radhika and Vanshika. [16] [17] [18]
In 2015, Goenka ranked 83rd on 2015's Forbes India Rich List. [14] [19]
Goenka was featured in a documentary film about Prime Minister Narendra Modi. [20] [21]