Business Today

If there is one defining trait of India Inc in recent years, it is the ability to absorb shocks and keep moving. This year, the global backdrop has once again turned hostile. The conflict in West Asia has triggered an oil and gas shock, pushing up prices and disrupting supplies due to the blockade of the Strait of Hormuz. For a nation heavily reliant on imported energy, the ripple effects are visible across the economy. This disruption carries a deeper lesson; it is yet another reminder that such dependence comes with risks. The policy push towards aatmanirbharta should, therefore, not be seen as an inward-looking exercise, but about building resilience and domestic capacity while keeping the economy open to global capital. The ongoing conf lict also underlines that multi-alignment has…

DANGEROUS DEPENDENCE India relies heavily on imported gas. The Iran conflict shows that has strained the economy. At the heart of the problem is a narrow but critical chokepoint—the Strait of Hormuz THE CHOKEPOINT A large share of crude and gas imports passes via the Strait of Hormuz. So, Iran’s decision to restrict traffic has delayed supplies and raised freight costs DOMINO EFFECT Natural gas is a critical input in production of urea, functioning as the primary raw material and fuel. About 85% of LNG needed for urea production is imported. Similarly, other major fertilisers rely heavily on raw materials sourced from West Asia, Morocco, and China, making domestic supply sensitive to global trade and energy shifts LAST-MILE SQUEEZE With India dependent on imported gas, any supply disruption quickly hits…

COMMERCE SECRETARY Rajesh Agarwal s a worried man. The reason: The flare-up in West Asia. Starting off the monthly trade meeting in mid-March, he noted, “One challenge got over, the other started.” He was referring to the conflict in West Asia, which has impacted India’s trade, about a year after reciprocal tariffs imposed by the US, which have since been struck down by the Supreme Court there. While Agarwal was highlighting the challenges for exports, his words also ring true for the entire economy. The war between the US-Israel alliance and Iran is creating not just ripples but supply shocks across the world. For India, too, it’s turning out to be a big concern. The country imports over 88% of its crude oil requirements, of which about 55% comes from…

AT A TIME, when climate volatility, water stress, and resource constraints are reshaping boardroom conversations, sustainability is no longer a peripheral commitment, it is a strategic imperative. For global food and beverage major PepsiCo, that shift has meant embedding sustainability into the heart of its business model. In an exclusive conversation with Business Today, Jim Andrew, Chief Sustainability Officer, PepsiCo, speaks about the company’s ‘PepsiCo Positive’ strategy, circular packaging, and why trust and not optics is central to the company’s climate journey. Edited excerpts: Has sustainability delivered measurable business value in emerging markets like India? About five years ago, we made a conscious decision to put sustainability at the centre of our corporate strategy. We call it ‘PepsiCo Positive’. It’s not CSR. It’s about using sustainability to drive growth and…

PG 34 BUSINESS ICON OF THE YEAR Vellayan Subbiah Executive Chairman, Cholamandalam Investment; VC, Tube Investments of India; Chairman, CG Power and Industrial Solutions PG 44 LIFETIME ACHIEVEMENT Arundhati Bhattacharya President & CEO, Salesforce (South Asia) PG 52 MARKET INFRASTRUCTURE INSTITUTIONS Ashishkumar Chauhan MD & CEO, NSE PG 56 PILLARS OF PROGRESS—CEMENT Madhavkrishna Singhania Joint MD & CEO, JK Cement PG 60 PILLARS OF PROGRESS—CHEMICALS Anurag Choudhary CMD, Himadri Speciality Chemical PG 68 MANUFACTURING AND RETAIL EXCELLENCE—AUTO Anish Shah Group CEO & MD, Mahindra & Mahindra PG 78 MANUFACTURING AND RETAIL EXCELLENCE—FMCG AND CONSUMER DURABLES Sunil Vachani Executive Chairman, Dixon Technologies PG 82 SERVICES VANGUARDS—PHARMACEUTICALS AND HEALTHCARE Sharvil Patel MD, Zydus Lifesciences PG 88 SERVICES VANGUARDS—TRANSPORT AND LOGISTICS Karan Adani MD, Adani Ports & SEZ PG 92 WEALTH MAKERS—AMCs, BROKERAGE…

THE LONG-SLEEVED blue shirt and the Tube Investments of India logo on the pocket sit well with Vellayan Subbiah. His room is spartan and the Mac on the table gets a break, during BT’s meeting with him. His mobile is charging in another corner. A replica of the FIFA World Cup trophy finds a pride of place. It’s Chennai, and the summer is just about making its presence felt. No footwear is allowed in the room, and we are seated cross-legged on the floor. Subbiah, a fourthgeneration member of the storied southern conglomerate that was founded in 1900, oversees three of the group’s 10 listed companies—Tube Investments of India, CG Power & Industrial Solutions and Cholamandalam Investment and Finance Company. Started by Dewan Bahadur A.M. Murugappa Chettiar with a foray…