There is no more than a hint of a grin on Prashant Bangur’s face when you question him about his strategy. Almost instantly, the conversation goes back to 2003, when as a freshly minted 22-year-old MBA graduate, he was sent to Shree Cement’s plant in Rajasthan’s Beawar. At that point in time, Shree Cement was a company with a two million tonne capacity and revenues of Rs.484 crore, with a net profit of just Rs.6.70 crore. More worryingly, there was a debt of Rs.360 crore on the balance sheet. “We decided to go in for an expansion in 1998 and the market collapsed. Till 2003, we were in the middle of a debt trap and our strategy was only to survive,” he says slowly.
On solid ground
Shree Cement has had spectacular success in the North. Can it conquer the South and East?
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