When R.S. Agarwal and childhood friend R.S. Goenka gave up their cushy Birla Group jobs in the mid-70s to set up Kemco Chemicals — a Calcutta-based ayurvedic medicine and cosmetic manufacturing unit — their peers predicted doom. Starting a new FMCG (fast moving consumer goods) business when many established companies were winding up their Calcutta operations flew in the face of logic. But Agarwal was fed up with mundane things. He wanted to chance his arm.

Agarwal inherited the guts to fight against the odds from his parents. While he was studying for his postgraduate degree, his parents were struggling with a sinking business. Agarwal describes that phase of uncertainty as the leanest period of his life. His dreams of becoming an entrepreneur were dashed. “We were declared bankrupt before I got my MA degree. But I was not shattered. I took the reverses in my stride,” he says.

Agarwal studied at Shree Maheshwari Vidyalaya and St Xavier’s College. He had a great time. “I was good at games and was a regular on the cricket and football field. I was also an active participant in debates and elocution contests. At the same time, I was also good in studies,” he says.

He then joined Calcutta University for an MCom degree. But it was only after becoming a chartered accountant (CA) that he landed his first job with S.R. Batliboi & Co. He then moved to the Birla Group. “My assignments with S.R. Batliboi and the Birlas helped me develop administrative skills and a sense of business judgement. I also learnt how to run a business.”

But Agarwal was not ready to spend his whole life as a CA. He dreamt of owning a business empire. So he decided to marry the centuries-old secrets of ayurveda with modern manufacturing techniques to produce cosmetics. He and Goenka set up a small factory to produce cosmetics under the Emami brand name. Agarwal first approached dealers to market the cosmetics. He started hiring people only after his products carved out a niche. Soon a chain of distributors was established and the sale of Emami products spread from West Bengal to the rest of eastern India and gradually to other states.

Agarwal’s enterprise has come a long way. Started in 1974 with an investment of Rs 20,000, Emami is today a Rs 550 crore company and the Emami Group is worth Rs 1,500 crore. “Setting up Emami was the turning point in my life. When I began I had no inkling that I would be successful in only three decades,” he says.

Another brave effort was the diversification into real estate and shopping malls. “Profits were certainly our motive but the new venture was also a challenge,” says Agarwal. “Ours was the first mall of its kind in Calcutta. It was hugely successful and inspired others to launch similar projects. We have come up with South City Mall. But the bookstore — Starmark — is my biggest passion,” says Agarwal, who is an avid reader and a collector of art and artefacts.

When not working, he loves to read. His interest ranges from the Bhagvad Gita to books on literature, philosophy or art. He also has a huge collection of paintings and sculpture. His personal interest led to the birth of Emami Chisel Art (ECA) which is the first art gallery-cum-auction centre in India.

Some 34 years have passed since he started his company. But he is not tired or smug. He says he still has miles to go. His head is full of business ideas. Veering from cosmetics and retail, he now wants to dabble in education. “My dream project is to set up an education hub in the eastern region, either in West Bengal or Orissa. We want to set up educational centres on a par with global standards,” says Agarwal.

So what’s the secret of his success? “I always had a goal and worked hard to achieve it. I have learnt that perseverance, grit and determination are the paths to realise one’s dreams. But one should also be a good human being.” That caring approach is not merely cosmetic.

Based on a conversation with Shabina Akhtar in Calcutta