Their approaches reflected the differences between their industries. Saraogi is working to take a traditional sugar business into bioplastics, Bhupal emphasised customer relationships and financial prudence in hospitality, while Kaur sees opportunities for further growth within the paint business rather than diversifying into unrelated sectors.
For Saraogi, the move into bioplastics meant convincing a company rooted in sugar and ethanol to consider a new business. It took four years to persuade the organisation internally that the proposal was viable. The questions included government policy, fluctuations in sugarcane prices and the economics of the Indian sugar industry.
“My father, and even our CFO and some senior management, liked to ask me, ‘So, why don’t you base it in Brazil?’” she said.
The experience strengthened her conviction that a family business must be willing to evolve. “I personally think that gave me a lot of confidence that the legacy was built so that we could change and develop it to suit the present time,” Saraogi said.
The company is preparing to start operations at its sugarcane-based bioplastics facility in Uttar Pradesh, taking it into a new area beyond its traditional sugar and ethanol operations.
Kaur, a fifth-generation member of the paint industry, spoke about how technology and new applications have expanded the sector. The sixth generation, she said, was already in training.
“We grew up knowing and living with paint all the time, all kinds of paint,” she said.
Painting is no longer limited to walls, with applications extending to cars, motorcycles and appliances. “Everything needs painting,” she said.
For Kaur, the opportunities within the existing business are sufficient to justify staying focused rather than diversifying into unrelated sectors.
“We need to focus on this and we’ll continue to focus on it because there’s a lot of room for growth,” she said.
For Bhupal, reinvention in hospitality begins with understanding customers and adapting to their expectations without compromising on trust.
“In my business, we have to listen to our clients. We have to make them feel at home, not just offer them luxury, but also give it credibility and demonstrate trust,” she said.
She also discussed the opportunity to acquire Taj’s stake in Taj GVK Hotels & Resorts, a decision she took with Joint Managing Director Krishna Ram Bhupal. The company’s experience of working with Taj, she said, had provided a foundation for its next phase.
“We have some challenges, but we can overcome them with all the knowledge and learning we’ve gained,” she said.
Winning over teams and managing risk
Getting an organisation to accept new ideas can be as difficult as identifying the opportunity itself. The panellists discussed how established practices can create resistance to change, particularly when employees are asked to try something unfamiliar.
Kaur said she had encountered resistance when introducing new ideas, but did not believe it was driven by sexism. Rather, people were apprehensive about trying something they had never done before.
“It was just something completely new that no one had done before, and they were afraid to try it,” she said.
Over time, testing ideas and involving teams in their implementation had made people more receptive. Kaur also recalled that when she first joined the company, some people thought she lacked experience. Today, she welcomes opposition as an opportunity to examine proposals and reconsider approaches.
“If it’s truly a great idea and it’s meant to be, it will be because, ultimately, they won’t give up on it. And I won’t give up on it either if I support it,” she said.
The discussion also turned to the pressures of operating amid geopolitical tensions, supply-chain disruptions and volatile costs. Saraogi described how the West Asia crisis disrupted the movement of imported equipment for Balrampur Chini Mills’ bioplastics project. Shipments had to be rerouted around the Cape of Good Hope, adding to the pressure on the project, while steel prices and other costs rose.
Yet she said crises could also create opportunities, including a greater focus on domestic raw materials and alternatives to fossil fuel-based resources.
Her biggest concern was the possibility of an event she had not anticipated, despite preparing for multiple scenarios.
“What if a scenario happens that I couldn’t even think of? That’s my biggest fear,” she said.
Bhupal stressed the need for financial discipline in hospitality, a sector vulnerable to disruptions around the world. Recalling the Covid crisis, she said the company had taken difficult decisions, including furloughing staff, which had initially met with resistance. She said those decisions had helped the business survive.
She also cautioned against excessive borrowing and urged businesses to keep a close watch on their finances and prepare for unexpected disruptions.
Asked whether she would prefer a debt-free balance sheet or one offering more opportunities for growth, Bhupal said she wanted both but acknowledged that this was not always possible. Her preference was for prudent borrowing and measured expansion.
“You have to grow, definitely grow. But just be careful. One at a time at first,” she said.
Kaur, meanwhile, said crises could give businesses time to strengthen internal systems and consolidate operations that might otherwise receive less attention during day-to-day work.
The discussion highlighted a common challenge for legacy businesses: balancing continuity with change. Whether through new materials, changing customer expectations or more disciplined expansion, the three leaders made the case for building on established strengths while remaining open to new ideas.