logo
Textile and IT tycoon C Valliappa's biography is a valuable addition to the genre of business journalism

Textile and IT tycoon C Valliappa's biography is a valuable addition to the genre of business journalism

Indian Express6 days ago

Early in his career, C Valliappa, a business tycoon well-known in South India, walked into his father's office in his financial company and sat down without realising the chain of command he had just broken. 'Look, here's your new managing director,' his father joked, making Valliappa realise that his rise to the top would not be as nepotistic as he expected. He would have to, in today's corporate-speak, drill down — on pretty much everything.
The story of his life has been detailed in a new biography The Sona Story: The Textile to Tech Journey of Chettiar Industrialist C Valliappa (Bloomsbury) by business journalist Chitra Narayanan. The book explores how his family was responsible for bolstering the Information Technology movement in Bengaluru, filling gaps in college-level technical education in South India and recovering from the end of a legacy business in textiles after conflicts with labour unions. The book is a little scattered, its non-linear flow getting in the way of the in-depth research and reportage the author has clearly done, but it is a valuable contribution to the genre of business biography for laypeople and experts alike.
The book begins with well-wishers and family members recalling the building, Sona Towers, in Bengaluru that became the first to house a satellite office in India, for Dallas-based Texas Instruments. A building that would go on to house many more multi-national IT companies like Verifone, Oracle and Cisco, Narayanan chooses the right quotes by business and political veterans like Nandan Nilekani, Montek Singh Ahluwalia and Srini Rajam to indicate just how big of a deal it was in the 1970s and 1980s for a US-based company to have foreign employees in India making software for consumption abroad. The building needed to have a very particular construction as well as the availability of a wind map so Texas Instruments could confidently set up a satellite — and it did, an achievement possible in equal part due to Valliappa's interest in architecture and him rising to a challenge by his father to make an office building wider than one made by him.
Growing labour costs in the '90s and the withdrawal of government subsidies, particularly in power, dented the family's textile business to an extent where it was ultimately irrecoverable. There were also conflicts with labour unions, stoked partly by Janata Dal leader HD Deve Gowda, that were handled with varying success. Despite attempts to cut costs by importing foreign machines to speed up production and multiple meetings with the labour unions, the mills were shut down in 1999.
Valliappa's personal life and interests are also part of the book, particularly his college days as a student leader in which he crossed paths with political and cultural figures like CN Annadurai, Dr S Radhakrishnan, Periyar, MS Subbulakshmi and Sadasivam, as well as anecdotes of his father sending him away from home at the age of 23 to prove his business acumen. Other stories, like that of the surgery that recovered his voice, his interactions with his sons and wife, and his love for Tamil literature, could have shone better if arranged in juxtaposition to the businesses he helmed every day for six decades.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

'Unjustifiably low' satcom spectrum price, says COAI
'Unjustifiably low' satcom spectrum price, says COAI

Time of India

time30 minutes ago

  • Time of India

'Unjustifiably low' satcom spectrum price, says COAI

India's top telcos have slammed the satcom recommendations from the telecom regulator, terming the spectrum price as 'unjustifiably low' and said that the proposals are based on "incorrect assumptions" and are "non-transparent".In their first reaction to the recommendations given by Telecom Regulatory Authority of India (Trai) last month, all three bitter rival operators have closed ranks and said that if implemented in the current form, the regulator's satcom suggestions would create a non-level playing field and impact the sustainability of terrestrial services. In a strongly worded joint letter through the Cellular Operators Association of India ( COAI ) to various government authorities, seen by ET, the carriers highlighted data and said the planned capacity of Elon Musk-owned Starlink and Jeff Bezos led-Amazon Kuiper are set to surpass the current capacity of Reliance Jio, Bharti Airtel and Vodafone Idea. "These recommendations are non-transparent based on non-justifiable assumption rather than factual data," the telcos said in the letter, marked to Trai, Department of Telecommunications (DoT), Finance Ministry, Commerce ministry, Ministry of Electronics and IT (Meity) and Niti Aayog etc. The operators have said the proposed spectrum charges are even lower than the administrative fees currently levied on GSO-based VSAT services-which do not compete with terrestrial networks. "It appears that Trai has underestimated the potential capacities of satellite network while possibly overstating those of terrestrial networks that have resulted in a flawed foundation for the entire exercise," the letter said, adding this fundamental flaw in the capacity assumptions exercise undermines the DoT's clear mandate to ensure competitive parity between satellite and terrestrial services. Trai had recommended the administrative allocation of satcom spectrum for a fee pegged at 4% of adjusted gross revenue (AGR) to be assigned for five years. There won't be any upfront fee for getting spectrum. Trai chairman AK Lahoti had categorically rejected the level-playing field argument by telcos, stating that the two technologies were different and that satellites could only be complementary. "It's not factually correct that satcom services are competing with terrestrial services because there is a huge difference between the capacity of the terrestrial network and the satellite network," he had said while releasing the recommendations. The telcos, however, feel the entire exercise was flawed as it was based on incorrect assumptions. "Despite a clear mandate from DoT, Trai's consultation process and final recommendations do not appear to address the core issue of competitive parity which shows a misalignment between the intent of DoT references and Trai's approach during the consultation process," the telcos said. The additional proposal by Trai to subsidise user terminals or satellite operators through the Digital Bharat Nidhi (DBN) fund further tilts the level playing field against the terrestrial operator, especially given that a majority of the DBN levy is contributed by telcos.

ECB set for 7th rate cut again as Donald Trump trade war rumbles on
ECB set for 7th rate cut again as Donald Trump trade war rumbles on

Time of India

timean hour ago

  • Time of India

ECB set for 7th rate cut again as Donald Trump trade war rumbles on

The European Central Bank is likely to announce its seventh consecutive interest rate cut this week as the eurozone economy struggles under slowing inflation and uncertainty fueled by US President Donald Trump 's shifting trade policies. Prior to Trump's fluctuating tariff impositions globally, the ECB had been reducing borrowing costs in response to declining inflation rates. Concerns about economic performance in the 20 euro-using nations have become more prominent than inflation worries, as elevated rates have affected both commercial entities and consumers. The impact of Trump's tariffs has created additional pressure. Europe faces scrutiny due to its substantial trade surplus with the United States, raising concerns about potential negative effects on European exporters. HSBC anticipates a rate reduction at Thursday's ECB governing council meeting, citing the eurozone's deteriorated short-term outlook following recent US tariff announcements. Financial experts anticipate another quarter-point decrease, which would adjust the Frankfurt-based institution's primary deposit rate to two percent. However, specialists suggest this June reduction might conclude the current sequence, with the ECB likely taking a pause in July to evaluate recent economic trends. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The ECB's reduction strategy contrasts with the US Federal Reserve's approach, which has maintained steady rates amid concerns about Trump's tariffs potentially increasing inflation. The EU currently faces multiple tariff levels from Trump's administration, including a 10-percent baseline rate and 25-percent duties on vehicles, steel and aluminium. Trump has temporarily suspended higher tariffs on the EU and other trading partners during negotiations, temporarily reducing market tensions. However, indicating ongoing trade tensions, he recently threatened a 50-percent tariff on the EU, before postponing the decision to July 9. ECB President Christine Lagarde expressed concern in Berlin, stating that the US-led global economic structure was "fracturing". The ECB faces challenges in safeguarding the eurozone from Trump's unpredictable trade policies while maintaining stable inflation. Eurozone inflation reached 2.2 percent in April, marginally exceeding the ECB's two-percent target. Eurostat will release May's inflation figures on Tuesday before the ECB meeting. Recent indicators suggest faster-than-anticipated reduction in price pressures, and the ECB is likely to revise its inflation forecasts downward on Thursday. Analysts generally believe Trump's tariffs will further decrease eurozone inflation, particularly as China might redirect low-cost products to Europe to avoid US duties. The ECB is expected to reduce growth projections on Thursday due to trade war effects, following the EU's recent forecast reductions. While markets await Lagarde's guidance about future ECB actions, analysts suggest current uncertainties will limit detailed revelations. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Bajaj Auto sales up 8% in May at 3,84,621 units
Bajaj Auto sales up 8% in May at 3,84,621 units

Time of India

timean hour ago

  • Time of India

Bajaj Auto sales up 8% in May at 3,84,621 units

Bajaj Auto on Monday reported 8 per cent year-on-year growth in total sales, including exports, to 3,84,621 units in May. The Pune-based automobile firm had recorded a total sales of 3,55,323 vehicles in May 2024, Bajaj Auto said in a regulatory filing. Total domestic sales, including commercial vehicles stood at 2,25,733 units last month as compared with 2,25,087 units in year-ago period. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pensando em trocar de sofá? Couro é a escolha certa! Fiori Sofás Saiba Mais Undo Exports during the month under review jumped 22 per cent to 1,58,888 vehicles from 1,30,236 vehicles in the year-ago period, the company said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store