His family shifted to Aurangabad from Indore in 2003. He had cleared the 11th standard examination then and was looking for admission to a regular school but could not get a seat as he had pursued education from a different board earlier. Finally, he opted for a local junior college and this turned out to be a blessing in disguise. Being in a junior college, he did not have to adhere to strict attendance norms of a regular school and so in the free time he got after attending lectures, he began going to the office of his family company Manjeet Cotton. At an early age, he developed a keen interest in the business which helped him in spinning a success story of his own. Read on for the exciting journey of Sanchit Rajpal, Joint Managing Director, Manjeet Cotton Pvt Ltd.
Q: How did you evolve as an entrepreneur?
A: After relocating, we did not even have full-fledged office set-up in Aurangabad. It was an excellent opportunity for me to work from the ground level. After 12th, my family was ready to send me out for higher education but by this time I had made up my mind to pursue degree in Aurangabad. Generally, people first complete education and then join business for obtaining practical knowledge. However, was working while learning. After B Com from Deogiri College, I did a two-year Masters in Family Business course the from SP Jain School of Global Management, Mumbai.
Our group buys cotton from farmers, processes it to separate seeds and make products like cotton seed oil and cake. We also spin cotton, make yarn and export both. When I joined, we were not doing exports. I took initiative to grow in exports. Today, we have 20 per cent share in the total exports from India. For the last five years, we have been leading exports from the country and were awarded twice for being the highest foreign exchange earner in the central region.
Q: How has been your experience of working in a family managed business?
A: The disadvantage is that you directly become a director. If you come up working from the bottom level, you know what hard work it requires to be at the top. Many times, people down the line do not accept or digest a young new entrant. I think the new generation should start working from the ground level and then rise to certain post.
Advantage is that you get a good platform in legacy. You do not remain confined to a particular department but can get exposure to all aspects of the business like marketing, production and operation. You learn the art of listening to all and taking all in the business and joint family with you.
Q: What changes did you bring in the company?
A: I think the major difference happens when a youngster enters is the change in thinking and adoption of new technology. May be young generation does not want to do all work by itself and leaves certain things to professionals.
Q: You have forayed into the real estate and renewable energy sectors also.
A: Manjeet Pride, our real estate arm, is a big vertical now but I am not involved in day to day activities. Real estate business is now growing in Aurangabad. About energy sector, I feel renewable energy, particularly solar, is the future. New technology and modules have enabled higher production and cost is only 45 per cent of what it used to be 10 years earlier. Government policies are also helpful. We are both in solar and wind and generate 20 mw. We have ginning and pressing units in all important cotton producing states like Maharashtra, Odisha, Rasjathan, Madhya Pradesh and they work on solar.
Q: How do you look at Aurangabad as an industrial destination?
A: Aurangabad is a good location but has not attracted the industries the way it should have. There is a scope for agriculture-based units due to availability of agro commodities. We have flight connectivity, labour avaialibility and port is only 350 kms away. However, sometimes it is difficult to attract human resources needed for working at top positions as they prefer Pune or Mumbai owing to better infrastructure.