Hello everyone, welcome to The India Opportunity Show where you get a front-row seat to people building India’s future. We talk about unlocking the potential of the country with founders, investors, creators, and successful leaders from different fields to bring you real-life stories and behind-the-scenes of what it takes to be at the forefront of building the India Story.
Episode 11, Season 4 of The India Opportunity Show is out now! You can watch it on YouTube or listen on Spotify or Apple Podcasts.
What does it really take to build a business that lasts for generations?
In the latest episode of The India Opportunity Show, I sit down with Rajen Mariwala, Managing Director of Eternis Fine Chemicals, for a fascinating conversation on building enduring businesses, allocating capital, professionalising management and knowing when to step away from operational control.
Rajen brings a particularly interesting perspective to these questions. Beyond building Eternis into a global specialty chemicals business, he has spent years in the boardrooms of some of India’s most respected companies, including Marico, Astral, Westlife Foodworld, Kaya, Apcotex and Sudarshan Chemical Industries.
And what stood out to me throughout this conversation was how little of enduring business-building is about chasing growth at any cost.
At one point, Rajen deliberately shrank his business before rebuilding it.
He explains why that decision was necessary, how winning his first major US customer helped establish Eternis globally, and the customer-first decisions that ultimately allowed an Indian specialty chemicals company to earn trust in international markets.
We also go deep into capital allocation — one of the most important and under-discussed skills in business.
How do you decide whether the next rupee should go toward expanding existing capacity, entering a new market, making an acquisition or simply staying on the balance sheet? And how should those decisions change as a company matures?
Rajen also shares what decades of sitting on boards have taught him about good governance: what separates a genuinely effective board from one that merely fulfils its statutory obligations, how boards should behave during periods of uncertainty, and why the relationship between owners, management and independent directors matters so much.
One of my favourite parts of the conversation is his reflection on giving up operational control.
For entrepreneurs — and particularly family-business promoters — stepping away can be deeply emotional. Rajen speaks candidly about the psychology of doing it, and why ultimately handing greater responsibility to professional management became one of the best decisions of his career.
We also discuss global expansion, acquisitions, sustainability and ESG, the role AI may play in traditional businesses, and what it means to continue learning after decades in industry.
But beneath all of these topics is a larger question:
How do you build something that can outlast you?
Rajen’s answers are refreshingly devoid of slogans. They are rooted instead in patience, institutional thinking, governance, humility and an ability to make difficult decisions before circumstances force you to.
For entrepreneurs, operators, investors and anyone involved in a family business, there is a lot of enduring wisdom in this conversation.
In this episode, we cover:
00:00 – Introduction
00:54 – Identifying opportunities in the specialty chemicals industry
07:00 – Winning the first US customer and building a global business
09:20 – Using acquisitions to drive growth and scale
13:33 – Navigating geopolitical uncertainty as a business leader
14:53 – How boards should make decisions during difficult periods
16:07 – What separates a great board from an ineffective one
21:22 – Advice for Indian founders with global ambitions
24:06 – The psychology of giving up operational control
28:39 – How businesses should approach sustainability and ESG
33:05 – Rajen’s framework for capital allocation
36:15 – The toughest periods of his career and what they taught him
40:03 – How his relationship with legacy, money, power and success has evolved
If you’re trying to build a company that can compound over decades — rather than merely grow for the next few years — I think you’ll find this conversation particularly valuable.
Watch the full episode of The India Opportunity Show.
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Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered financial advice. Viewers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.