Radhe Shyam Agarwal and Radhe Shyam Goenka met in school as toddlers and grew up together to become friends and business partners. In 1974 they started an FMCG company called Emami which boasts of brands like Navratna, Borosil and Zandu.
Over the years the group has diversified into paper, real estate, edible oils, healthcare, cement and retail with 4 listed companies Emami Ltd, Emami Paper Mills Ltd, Emami Infrastructure Ltd and Zandu Realty.
R S Agarwal has 3 children: Priti Sureka, Harsh Agarwal and Aditya Vardhan Agarwal. And R S Goenka has two sons, Manish and Mohan Goenka. R S Goenka's nephew, Prashant, also works in the group.
R S Agarwal and R S Goenka have 50 per cent in each company and in management they have involved at least one Goenka and one Agarwal.
On management structure, Aditya Vardhan Agarwal, Director, Emami group said:
“We try and do this. It gives us an advantage that we would be close."
- Priti Sureka and Harsh Agarwal, are involved in FMCG, along with Mohan Goenka.
- Aditya Vardhan Agarwal and Manish Goenka oversee the hospital business AMRI, paper and edibles oils
- Mohan Goenka and Harsh Agarwal are also involved in the retail and cement operations
This is the line up of the next generation. It may seem utopian and unbelievable but they say it works. "We have obviously made some sacrifices they seem very small," Prashant Goenka, director of Emami group said.
And finally, the real estate business is still run by the two chairpersons.
"If someone wants to exit in the next generation they can, and do their own business. We have joint signatures on all shares. The ownership is between him and me," R S Agarwal, chairman of Emami group said.
This means both Radhe Shyams have companies and assets currently worth about Rs 5000 crore each.
It is not just succession but the two elders have also coined behavioural principles. Call it paranoid but the low profile family is making sure the Emami name stays intact in the long term.