The Telegraph
Saturday , December 8 , 2012
Since 1st March, 1999
CIMA Gallary

First board berth for Sanjiv son at Firstsource

Calcutta, Dec. 7: Shashwat Goenka has joined the board of BPO major Firstsource Solutions, his first such position in any corporate entity, marking the rise of the next generation in the Rs 13,000-crore RP-Sanjiv Goenka Group.

The Wharton-educated son of Sanjiv Goenka will have a non-executive role in the company, in which his father had acquired a majority stake through CESC, the group flagship.

Shashwat, who has been honing his management skills under the guidance of his father, joined the board on December 5 along with Subrata Talukdar, executive director of CESC, and Heigreve Khaitan, partner of Khaitan & Co and a well known legal personality, two days after Sanjiv Goenka became the chairman of Firstsource.

Though it is the first board berth for the gold medallist from St Xavier’s, Calcutta, Shashwat is likely to spend most of his time at Spencer’s.

Sources in the RP-Sanjiv Goenka Group said he was likely to take up an executive role in the retail chain, which is now poised for transformation. Spencer’s is going to appoint a merchant banker with a view to getting listed on bourses. The company is also projected to turn profitable next fiscal.

The board reshuffle at Firstsource was announced by Sanjiv Goenka today at Victoria House, the iconic CESC headquarters, here.

“Next 12 months will be a period of consolidation. I am excited at this new opportunity. There is a possibility to improve margin by at least 2 per cent while increasing revenue,” Goenka said.

Shashwat gets a board berth exactly at the same age as his father. Sanjiv Goenka joined the board of tyre-maker Dunlop India Ltd in 1984 when he was only 23.

Shashwat may also take up a bigger role in CESC. There is a possibility that his grandfather Rama Prasad Goenka may formally introduce him to all the staff.

Shashwat had first made a public appearance in July 13 last year when Sanjiv Goenka carved out his own brand identity RP-Sanjiv Goenka Group following the division of the business with his elder brother Harsh Vardhan Goenka.

He was still in Wharton then completing his majors in finance, marketing and merger and acquisition. Later in that year, he finished his studies and joined his father.

Shashwat is the only son of Sanjiv Goenka and he is expected to spearhead the group which has interests in power, retail, carbon black, entertainment, plantation and information technology.

Sanjiv’s daughter Avarna, now married, looks after Au Bon Pain, the quick service all-day breakfast chain the group is expanding across the country.