Interview/ Shashwat Goenka, vice chairman, RP-Sanjiv Goenka Group
Q/ You started your journey at RPSG with retail and then moved into FMCG as well. How are those businesses growing?
At Spencer’s Retail, we took a series of strategic steps: the acquisition of Nature’s Basket, the launch of Jiffy (quick commerce platform), and key operational and cost-efficiency initiatives. My focus is now expanding across other growth segments within the group, including technology, chemicals, renewable energy and FMCG.
In FMCG, demand from youth demographics, urbanisation and digital discovery continue to propel growth. Accessibility to consumers has become easier with the boom in D2C and e-commerce, and the ubiquity of mobile phones. It has levelled the playing field; that is why we are seeing so many startups emerging in the consumer space.
Our growth engines—food, personal care, and herbal wellness—ride different demand curves, and we expect that to continue. We will continue to drive insight-led innovation, disciplined pricing and channel designs that remain pertinent to our customers.
Q/ How do you see the renewable energy story evolving?
India’s renewable story is moving from rapid capacity creation to integrated, execution-led growth. As tender sizes increase and policy frameworks mature, the focus is shifting towards hybrid and firm dispatchable renewable energy (FDRE) models that can deliver reliable power at scale.
For us, renewables are a core pillar of the group’s growth. We are building a significant portfolio with a clear roadmap to scale further through wind-solar hybrid, FDRE, and battery storage-linked projects. We are also investing in setting up a solar manufacturing value chain.
Q/ As global supply chains reset and India pushes to become a manufacturing hub, how do you see the macro shift shaping the chemicals sector in India?
The global chemicals market is currently valued at $4.7 trillion, with India commanding just over 4 per cent. While the opportunity is huge, the real growth story lies in speciality chemicals that are custom-formulated for specific applications. Through PCBL Chemical, we are building scale in speciality chemicals and performance materials. With the acquisition of Aquapharm, we are broadening our product portfolio and global reach, while Nanovace will prepare us to meet the demand for future-facing EV battery chemicals.
Q/ How is Firstsource adapting to the huge technological changes happening in services businesses?
Our strategy moves beyond conventional outsourcing by embedding AI, automation and analytics into core operations, enabling smarter, outcome-driven workflows. We have made strategic investments in platforms like AppliedAI and Lyzr.ai to build enterprise-ready AI capabilities.