admin
June 19, 2015
Writankar
Mukherjee & Sagar Malviya, The Economic Times
Kolkata/Mumbai,
19 Jun 2015
The
Tata Group will launch the country’s first hybrid online retailing
venture, a combination of a portal that will list brands and handle
payment transactions and brick-and-mortar stores that will set
prices, deliver products and provide customer support.
Group firm Tata Industrial Services, which changed its name to Tata Unistore Ltd, will spearhead the venture that’s likely to be piloted before the Diwali shopping season. The venture’s brand name is yet to be finalised.
The salt-to-software conglomerate is in advanced talks with top brands across categories to complete the integration with their offline stores, with major focus on smartphones, consumer electronics and fashion, which account for 80% of e-commerce sales in India, said five senior executives, two of whom are attached with the group. Even in rural areas, orders will be dispatched by designated offline stores.
"The Tata e-commerce venture will act as a frontline sales hook for offline stores and will play on customer experience, assured aftersales support and wide reach. It is expected to drive sales of high-ticket items whose online sales are still limited," one of the Tata group executives said.
A Tata Group spokesperson said, "Indeed e-commerce is of interest to the Tata Group. We will share more information at the appropriate moment."
Unlike online entities Flipkart and Amazon, which push sales through deep-discounts, Tata’s venture will not indulge in price wars. Discounts will be decided by the brands and won’t vary much from their in-store promotions. Unistore officials have informed brands they should not sell below the price at which they sell to retailers.
"The integration of the brand’s offline stores will mean there will be no conflict among the trade partners at all," the Tata executive said.
"Online with an offline plug does make a difference and their model looks sustainable and legitimate," said Devangshu Dutta, chief executive officer at retail consultancy Third Eyesight. "Discounting isn’t a sustainable model and many players have started to realise the pitfalls of attracting consumers just through pricing."
The venture will ensure complete warranty and after-sales support for categories such as smartphones, televisions and appliances, a stark difference from products sold online that don’t always come with such benefits. For categories like apparel, customers will be able to exchange the product, pick the correct size or return it at the nearest offline store.
While Tata Unistore officials have tried cutting exclusive deals with leading brands such as Apple, Samsung, Sony and LG, it remains iffy. "Instead, the brands are ready to offer exclusive models," an official said.
The country’s e-commerce market is expected to quadruple to $60-70 billion in the next five years, according to the Boston Consulting Group and the Retailers Association of India, boosted by increasing Internet access through affordable smartphones and efforts by online retailers to develop payment channels such as cash on delivery, mobile wallets and streamlined logistics infrastructure.
Brick-and-mortar companies including Future Group, Reliance and the Aditya Birla Group are planning online retail initiatives across product categories to take advantage of the increasing adoption of e-commerce.
Tata’s venture will have a separate section for group brands such as Voltas, Westside and Titan, while the online stores of its companies like Croma will continue as separate entities. As part of the plan, the new venture bought Landmark E-retail Ltd from group company Trent for Rs 14 crore.
(Published in Financial Express.)
admin
June 18, 2015
Shambhavi
Anand, The Economic Times
New
Delhi, 18 June 2015
The
country’s food regulator plans to soon put the onus on retailers
to check for product approvals and could hold them responsible
if they are found selling items that have not been approved by
it.
The Food Safety and Standards Authority of India (FSSAI), which has been at the centre of the recent crackdown on Nestle’s Maggi noodles and several other brands, is working on an advisory that will make clear the responsibilities of retailers, its head told ET. This will be a drastic move that will make retailers responsible for the products they stock and could render them vulnerable to regulatory and legal action in the event of anything going wrong.
"The retailers should also be responsible for what they are selling to the consumers. They should at least check for food approvals," said Yudhvir Singh Malik, chief executive of FSSAI.
Malik said it was often found that many retailers sold unapproved items for higher margins, but when confronted and challenged by food inspectors, most of them pleaded ignorance. The Maggi case first came to light after a food inspector in Barabanki, Uttar Pradesh picked up random samples of the popular noodle brand from an organised retailer and tests on it showed that it contained high levels of lead and monosodium glutamate. When the authorities sought to hold the retailer responsible, it said the item was not manufactured by it and it could not be held responsible.
While Nestle’s Maggi noodles has been taken off the shelves by almost all retailers following the controversy, many products that do not carry FSSAI approvals and have in fact been banned by it continue to adorn store shelves. The FSSAI banned some 500 products recently which include some 32 products from Tata Starbucks, cereal from Kellogg’s, poultry products from Venky’s, Hindustan Unilever’s Knorr instant noodles and a multivitamin from Ranbaxy.
While retailers declined to comment on the FSSAI’s proposed move saying they wanted to study it before reacting to it, analysts said putting the onus on the retail trade would pose several challenges in a country with nearly 8.8 million stores.
"Until now the burden of compliance lies only with the brand owner or manufacturer. But if the regulator wants to split the responsibility of compliance, execution will be a challenge. While it will not be an issue for modern retailers, who have the resources to read rule books and execute such rules, kirana shops and mom-and-pop stores may not be able to do so," said Devangshu Dutta of Third Eyesight, a retail consulting firm.
The head of a leading supermarket chain said for what the regulator is proposing to work, timely and regular communication from it would be key.
"Removing the product is a simple step but knowing which ones is tricky unless we get regular communication from FSSAI," said this person, requesting anonymity.
In the aftermath of the Maggi controversy, the food regulator
has ordered testing of instant noodles, pasta and macaroni brands
of seven companies including ITC, GSK Consumer Healthcare (GSKCH)
and Nestle India, and declared brands made by all other companies
as unapproved.
(Published in The Economic Times.)
admin
June 18, 2015
Sharleen
D’Souza, Financial Express
Mumbai,
18 June 2015
Fashion
and lifestyle e-tailer Myntra is understood to have seen a drop
in sales after going app-only last month, say market watchers.
“Myntra had anticipated some reaction to going app-only and
had factored in a drop in sales,” said a source in the know.
However, the etailer has no immediate plans to revive the website.
A company spokesperson said: “We have just completed a month since we went app-only and hence are not ready to talk about the overall performance yet. We will however come back to you the moment we have something to share.”
The spokesperson added: “For your understanding, we will not be moving back to the desktop as our focus is 100% on the app. You will also see regular app updates with a lot of social features being introduced.”
Devangshu Dutta, chief executive at Third Eyesight, a retail consultancy firm, said the ease of shopping on a desktop makes a customer buy higher value compared to that on an app. “This could have caused Myntra’s sales to decline so drastically,” Dutta observed.
When the e-commerce fashion retailer decided to go app-only on May 15, it took into account the increase in smartphone sales to 600-700 million by 2020 from 120-140 million in 2014, which will help create a base for creating an inclusive market in the history of fashion shopping. “According to a recent study, 90% of smartphone users in India use apps, which is close to 158 million as of today. The country ranks second only to the US in the usage of shopping apps,” the company had said in a press release.
While going app-only, Myntra had said it saw close to 95% internet traffic from mobile devices and 70% sales from mobile devices. At that point, Myntra had 9 million app downloads and it targeted another 5 million downloads in the next 4-5 months.
(Published in Financial Express.)
admin
June 17, 2015
Shambhavi Anand, The Economic Times
New Delhi, 17 June 2015
Private
labels in daily household, personal care and food products are
soon expected to drive nearly half the sales for online grocers,
as they aggressively expand their portfolio for higher margins.
Several players including BigBasket, LocalBanya, MeraGrocer and
ZopNow have been selling their own brands in fresh fruits and
vegetables segments, which account for 10-30% of their total revenue.
By entering newer product categories such as staples and FMCG,
these companies expect private-label contribution to go up to
40-50% by the end of this year.
"The margins on private labels are two times more than those
on any other," said Saurabh Chadha, cofounder of online grocery
store MeraGrocer, which plans to extend its private label for
staples such as pulses as well as powdered and whole masala within
the next two months. By December, it will also launch FMCG products
such as jams, ketchup, muesli and cornflakes. Other projects will
include a range of cleaners such as floor cleaner and toilet cleaners.
BigBasket sells fresh fruits, vegetables, meat and bread under the brand name Fresho and staples such as pulses and spices under the Popular and Royal brands. These labels contribute 35% to the company’s revenue.
The strategy is similar to that adopted by several brick-and-mortar retailers nearly a decade ago, when they started pushing private labels, hoping to earn higher profit margins than from selling products of national brands. While it worked in favour of a few companies such as Big Bazaar and HyperCity, many retailers exited such categories and consolidated their portfolio after consumer product companies slashed sticker prices that matched some of the retailer pricing. But the online companies expect selling own brands to be still more rewarding.
"We aim to increase the share of the private labels to about 40% as they give us better margins and better quality control," said Vipul Parekh, cofounder of BigBasket, which sells its labels not just through its own platform but has also tied up with grocery stores. In the online segment, fashion retailers have been pushing private labels for a while as purchases are mostly driven by price tags and not necessarily by brands. But grocery retailing on the net is new. Online consumers in India are deal-seeking value hunters, UBS said in an April 2015 research report on India’s consumer sector. But trade margins are already low leaving little room for discounts. "Therefore, convenience and availability of niche products may be the only reasons to buy consumer staples online," the report added.
World’s largest e-commerce retailer Amazon agrees. "Online grocery shopping in India is very nascent and we see potential in it, particularly for emerging segments like gourmet, organic food and speciality products which are not easily available," said an Amazon India spokesperson.
According to a global Nielsen report, there has been a five-fold growth in ecommerce sales in past one year for skin care, baby nursing, make-up, deodorants and cosmetics with ecommerce accounting for 5.2% of global FMCG sales by 2016, up from 3.7%. Asia will be the next major growth market.
"To focus on private labels is a logical step for online grocery manufacturers, one for higher margins," said Devangshu Dutta, chief executive of retail consulting firm Third Eyesight. "Secondly, if we compare it with private labels in fashion where retailers have to focus on getting the products customised, grocers have to focus just on packaging. The major effort is in looking for manufacturers and focus on packaging which is incremental. Keeping that in mind private labels in grocery have potential of making a play."
(Published in The Economic Times.)
admin
June 16, 2015
Debojyoti
Ghosh, Forbes India
Bengaluru,
26 June 2015
Wipro enjoys instant recognition as an information technology behemoth, but hidden behind the name—an acronym for Western India Vegetable Products Limited—and the company’s sunflower logo are traces of its humble origins as a manufacturer of edible vegetable oil.
Founded in 1945 by MH Hasham Premji, father of current promoter-chairman Azim Premji, Wipro began as a fledgling business riding the wave of an imminent Indian Independence. The company grew quietly from strength to strength, single-minded in its consumer care focus as a vanaspati manufacturer. Later, it would diversify into toilet soaps and toiletries.
In 1981, Wipro shifted gears and rode the IT boom that would create fortunes for many. It pioneered the marketing of indigenously made personal computers in the mid-’80s, which was a money spinner for the company.
Today, at $7.5 billion, the IT business is the younger yet bigger sibling. However, despite living in its shadow, the consumer care entity is no minnow either. Wipro Consumer Care & Lighting (WCCL), though yet to cross a billion dollars in business, grows alongside, a silent behemoth in the making.
Over the past 30 years, the Azim Premji-led, and now privately-held WCCL has been building a business that is estimated to be close to a billion dollars in revenue for FY15. It is now present in over 40 countries and is the first homegrown consumer care products firm to report 53 percent of its revenue from overseas markets in FY14. For the same period, Godrej Consumer Products garnered 47 percent of its revenue from its international business followed by Dabur at 32.4 percent, while Marico International contributed about 25 percent to Marico’s overall turnover.
WCCL, as a separate entity, germinated from Wipro’s decision to segregate the IT business in December 2012. The move was aimed at creating better shareholder value for its software services enterprise. The hive-off created a separate unlisted entity (Wipro Enterprises Limited) which included two main businesses: WCCL—to cater to consumer care, lighting and office furniture—and Wipro Infrastructure Engineering that manufactures hydraulic cylinders and other high-precision components for the aerospace and defence sectors. Around the same time, the company also severed its links with its origins when it sold its oldest brand, Sunflower Vanaspati, to US-based food processing company Cargill Inc for an undisclosed amount.
Wipro’s decision to diversify its consumer care portfolio (from vegetable oil to toilet soaps and toiletries) can be traced to the early ’80s. “In the 1980s, the Indian economy was still under licence raj. Growth could have come through acquisitions or extensions to a new line of business. To expand capacity in the vanaspati unit, we made acquisitions in Gujarat and Karnataka. And this was when we moved into our current product portfolio—toilet soaps and toiletries,” says Suresh Senapaty, former CFO, Wipro Ltd, who joined the company in 1980. During his over-three-decade stint with the company, Senapaty also served as CFO of Wipro Consumer Care in 1982, when it was the biggest business for the group.
The metamorphosis into a manufacturer of toiletries was a logical step given the background in edible oils. Wipro invested in its own manufacturing capabilities, which was uncommon for companies in the sector at the time. But the transition had its own share of initial missteps.
When Wipro first launched its toilet soap brand Santoor in the home market of Bengaluru in 1985, it sank without a trace. Weak distribution and a sluggish marketing strategy were the chief culprits. This, however, didn’t deter the fledgling Rs 95 crore-Wipro consumer care business from doing the seemingly foolhardy. The brand was re-launched a year later, nationally this time, and without a single change to the product.
“Failure was simply not an option. At the time, all toilet soap brands were manufactured by third parties. The barrier to exit the business was low for most, given the low investments, but not for us. We had invested in our own manufacturing capabilities, given our background in edible oils. We went ahead despite the naysayers, confident in the product and ourselves. This, I think, was the start of our transformation,” says Vineet Agrawal, chief executive officer, WCCL.
In 1980, about 90 percent of the consumer division’s revenue
came from Sunflower Vanaspati, largely from Maharashtra and Madhya
Pradesh. Today, WCCL’s Santoor brand contributes over 30
percent of its overall business. It is the third-largest brand
in the toilet soap category in India, with a market share of 9.5
percent, behind Hindustan Unilever’s Lifebuoy and Lux.
According to market intelligence firm Euromonitor International,
the Indian beauty and personal care market was estimated to be
around Rs 65,000 crore in 2014 and is expected to cross Rs 1,20,000
crore by 2019. Santoor is a significant player in this market,
leading the toilet soaps category in key states such as Andhra
Pradesh (the biggest market for Santoor in India where it enjoys
a 41.2 percent market share), Karnataka, Maharashtra and Gujarat.
However, brand experts feel that despite a varied mix of products in its portfolio, most of WCCL’s brands are strong only in the southern and western pockets of the country and are yet to establish their dominance in the northern and eastern markets. “At the same time, Santoor is the third largest toilet soap brand in the country despite the fact that its presence is largely regional. Wipro needs to push ahead in its under-penetrated markets,” says Harish Bijoor, brand strategy specialist and CEO, Harish Bijoor Consults Inc, a Bengaluru-based brand consulting firm.
A Mahendran, chairman and managing director of Global Consumer Products Private Limited, points out that for WCCL, the ‘jewel in the basket’ is Santoor. “But, unfortunately, the soap brand is localised and strong only in certain markets. The brand is yet to penetrate deeply across the country. But, I think, now Vineet’s plan is to take Santoor across all states,” adds Mahendran, who is also the former managing director of Godrej Consumer Products Limited (GCPL). The challenge for WCCL will be its ability to put together a power portfolio of offerings in different consumer care segments. “It is not enough to have one killer offering in the form of Santoor. It needs other big beach-head brands with distinct identities of their own to offset the dependence on Santoor and its numerous brand extensions,” says Bijoor.
Even as the industry weighs in on the future of the business, in the last four years (2010-2014), WCCL has grown at a compound annual growth rate (CAGR) of 21 percent clocking a revenue of Rs 5,025 crore (about $837 million) for the fiscal year ended March 2014; EBIT during the period stood at Rs 575 crore. The company has to record a revenue of around Rs 6,300 crore for FY 2014-15 to cross the billion-dollar threshold, which will be a 26 percent growth over the previous year. CEO Agrawal, however, shies away from disclosing how far the company is from this milestone as well as the financials for the recently concluded fiscal. WCCL is expected to announce its FY15 earnings during its board meeting scheduled to be held in the early part of June.
The top management at WCCL says there has been no significant change in functioning post the 2013 demerger of the IT business. “Everyone runs independently, whether it is the infrastructure and engineering division, us or IT services. So when we split, there was no pain. The ability to take risk increases with being unlisted,” says Agrawal. Agrees Mahendran: “WCCL, as an independent, unlisted company, should become more aggressive. And in the next three to five years, it should perform well under Vineet’s leadership as it does not have the constraints of being part of a listed company anymore.”
WCCL’s healthy balance sheet and a strong annual cash flow has ensured a buffer from currency volatility and allowed the company freedom of operation. The organisation generates a cash flow of close to Rs 400-500 crore a year. At the time of the demerger, the WCCL business had around Rs 1,700 crore in cash reserves.
“It’s always easier for an unlisted company to undertake acquisitions, as no investor buy-in is required. However, as an organisation, the board keeps checks and balances in place. We have not acquired any company since the demerger, which I think highlights the risk approach we take to growth,” says Agrawal, who is also executive director at Wipro Enterprises Ltd. Thus far, WCCL has made eight acquisitions across the personal care and lighting space in India and in overseas markets. The Singapore-based Unza Holdings buyout in 2007 for $246 million in the personal care category has been its largest deal till date.
It wasn’t all smooth sailing. “We had to work very hard to build our credibility as a brand in international markets. In some countries, being taken over by an Indian company is looked down upon. They would rather be acquired by a European or US company,” says Agrawal.
At a time when ‘brand India’ wasn’t fully appreciated, Wipro had to work doubly hard to prove itself as a leader with world-class products and a vision in the consumer care space.
To seal its foreign acquisitions, WCCL had to demonstrate its long-term intent, that it was not a mere ‘fly-by-night’ operator. During its Unza takeover, the management flew down the top 100 employees of the Singapore-based company for a five-day induction programme to Bengaluru. On the agenda was one thing—India. The delegation was immersed into all things Indian—culture, heritage and traditions. Trips were made to showcase the wealth of Indian history, including the Taj Mahal in Agra and the Amba Vilas Palace in Mysore, the seat of the Wodeyar kings. For people who had never seen India, this initiative was an eye-opener and, also, helped cement Wipro’s equity as a global leader.
Experts point out that for WCCL, all its buyouts worked out well and fulfilled its objective of a strong overseas foothold, even with large deals such as Unza and Singapore-based FMCG company LD Waxson Group, which was acquired for $144 million in 2012. The firm has managed to cement its presence in emerging markets such as Malaysia, China, Indonesia, Vietnam and Singapore with its string of acquisitions.
For WCCL, India constitutes about 47 percent of its total sales and Malaysia is close to 25 percent, making it the second-largest market for the firm in terms of overall sales.
It has also expanded its base in mature markets by acquiring Yardley’s UK and Europe business (excluding Germany and Austria) and the UK-based heritage personal care brand Woods of Windsor. It also grew its Indian portfolio by acquiring brands like Glucovita, Chandrika, Aramusk and North-West Switches.
“Acquisitions, more than exports, have driven the business outside India for WCCL. In recent years, it has moved to buying significantly larger-sized businesses (like Unza and LD Waxson) that already have a wide international footprint, giving further momentum to the growing share of overseas markets in the company’s overall sales,” says Devangshu Dutta, chief executive, Third Eyesight, a New Delhi-based retail and consumer products consultancy firm.
“The overseas acquisitions are of those businesses that have an emphasis on emerging rather than mature markets. Many of these emerging markets are under-penetrated and have possibly helped Wipro to buffer any potential growth slowdown over the last 2-3 years in the highly competitive domestic market,” says Dutta.
Wipro became the second-largest personal care company in Malaysia two years ago, ahead of global giant Procter & Gamble (P&G). At present, Unilever leads the market in Malaysia. In Vietnam, Wipro is the third-largest player just behind Unilever and P&G, while in Singapore, it is the second-biggest player in facial skincare with a 14 percent market share and leads the facial cleansers category with 15 percent.
“If we have to grow faster, we have to set a target higher than the industry growth rate. The India and Saarc market has grown from Rs 270 crore in FY04 to Rs 1,565 crore in FY14, a 19-20 percent CAGR over the ten-year period. During the same period, the FMCG industry in India, has grown in the range of 10-12 percent,” says Anil Chugh, chief executive, (consumer care business), WCCL.
Chugh, who heads the consumer care and Yardley business for India, Bangladesh, Nepal and Sri Lanka, says the growth has been both organic and inorganic across markets.
“When we acquired the energy drink brand Glucovita in 2003, it was an approximately Rs 4-4.5-crore brand in terms of revenue; today it clocks over Rs 40 crore. We acquired such under-utilised brands and have grown them significantly,” he says.
While Santoor is the current cash cow for the business, WCCL also operates other fast-growing categories. Its lighting and furniture businesses garnered revenues of around Rs 703 crore in FY14, which is 14 percent of the company’s overall revenues.
The company first ventured into the commercial lighting space in 1992. The institutional lighting division began three years later.
“Liberalisation helped us grow the lighting business. The software industry was booming, large office spaces were opened and the demand for lighting skyrocketed. We focussed on the offices rather than outdoor lighting,” says Agrawal. In the last three years, Wipro’s consumer lighting business has grown at a CAGR of 20 percent.
In 2004, WCCL branched out into the office furniture space. It started the business initially by manufacturing furniture for its in-house companies for a year to understand category nuances. “We focus only on the institutional furniture business,” says Parag Kulkarni, senior vice president and business head, commercial lighting, WCCL. “In lighting, about 45 percent is institutional, the rest is domestic. Currently, the growth in the institutional business is fairly strong and this looks set to continue.”
Even as the business keeps its eye on the ball, WCCL has invested strongly in areas critical for success: People, processes, and its sales and distribution muscle.
WCCL has, as its core team members, people who have been part of Wipro for many years—a rare feat. Agrawal himself joined Wipro as a newbie campus recruit after his MBA from Jamnalal Bajaj Institute of Management, Mumbai, in 1985 and has stayed on, moving to lead WCCL in 2002. Chugh has spent 25 years with the business, while Kulkarni has completed two decades with the organisation.
Wipro Enterprises Ltd is led by non-executive chairman Azim Premji, while its board includes Suresh Senapaty, Vineet Agrawal, Pratik Kumar, CEO of Wipro Infrastructure Engineering, and Rishad Premji, elder son of Azim Premji and chief strategy officer, who was recently appointed to the board of Wipro Ltd.
Azim Premji, the 69-year-old billionaire promoter of Wipro Ltd, keeps a day dedicated every quarter for WCCL. He plays an active role in all major decisions of the company such as strategy and operational planning, capital expenditure and acquisitions. His involvement in the business also extends to interactions with some major clients and WCCL’s employees. WCCL has a total staff strength of 8,300 people, of which about 5,600 are stationed outside India.
Research and development (R&D) is another key ingredient for fuelling the company’s growth. As Wipro plans to scale its consumer care business globally, innovation will play a vital role.
“We launched Glucovita Bolts, a first time product with Glucose which can be taken on the go (without water). We struggled with the formulation and packaging because it was the first time that such a product was conceived and made. However, it was worth it as it has been a success. Safi Shayla shampoo in Malaysia is a specially formulated shampoo for hijab-clad women. In the first year itself, it has garnered a seven percent share in Malaysia. Without innovation, one will never become a leader,” says Agrawal.
While the company doesn’t disclose its R&D budgets, it operates R&D centres in India, Malaysia, Vietnam, Indonesia and China. It also has centres of excellence in India and Malaysia.
Debashish Mukherjee, partner, co-head, consumer and retail industries, India and Southeast Asia, AT Kearney, feels the marketing and distribution minds of some of the multinationals have earned them a very high market share. “A strong distribution channel and building brand awareness through a huge advertising budget makes the difference for any brand. That’s where most of the international players score over local peers. There’s not much differentiation in product quality or pricing,” says Mukherjee.
WCCL, to that end, is bolstering its distribution to compete on a national level. It has 30 sales offices spread across state capitals in the country along with a network of branch offices. The company claims to have 4,000 distributors across the country, reaching over 7.5-8 lakh outlets directly and with an indirect reach of 18-20 lakh outlets.
Senapaty, director on the board of Wipro Enterprises, also points to a push towards a stronger online presence. “It is important to not just be present, but there must also be a strategy for emerging sales channels such as ecommerce. With higher mobile phone penetration and newer experimental models of delivery, FMCG companies must have an active online sales strategy.” He says that WCCL is also looking to capitalise on under-penetrated categories like bath and shower products, deodorants and bodycare.
“While per capita consumption in these segments is far lower in India than in other emerging markets, they are growing rapidly and this growth is what the company will capitalise on,” he says.
This growth should be one to watch out for because WCCL must show the same foresight and clarity of thought it has done so far to create another Santoor and expand into other markets.
Otherwise, and this is a cautionary note, the dream of the next
billion is likely to remain just that for the older Wipro sibling.
(Published in Forbes India.)
