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Economic Times
2 days ago
- Business
- Economic Times
Born before India's Independence: 7 desi brands that we keep on loving
Synopsis India Independence Day 2025: From humble beginnings before India's independence to navigating the complexities of globalization, several iconic brands have become deeply ingrained in the nation's collective memory. Boroline, Rooh Afza, Keventers, Parle-G, Cipla, Godrej, and Vadilal have adapted to changing consumer tastes while retaining their core values. ET Online From Boroline to Vadilal, several iconic Indian brands have stood the test of time since pre-independence era India's journey since 1947 has been nothing short of a transformation. However, throughout these rapid changes, globalisation, opening of new markets and the arrival of shiny new names, there are certain brands that have stayed with us like good-old that were born in the days before our tricolour first flew over an independent India, that weathered the consequences of partition, and yet adapted to changing consumer tastes, carving their way out to remain relevant across generations. From creams that healed the cuts and scrapes of childhood to biscuits that sweetened our teatimes, from the cool comfort of a rose-scented drink to the sturdy locks that guarded the family heirlooms, these brands are woven into our collective memory. These brands are like shared stories or maybe a passed-down recipe reminding us that while the world moves forward, some bonds only deepen with time. Also Read: Tryst with Growth: India's economic journey from Nehru to now Boroline "The miracle cure for any ailment"- doesn't the line remind you of a white, thick-textured cream? Well, Boroline's story began in 1929 in West Bengal, when India's Swadeshi movement was at its peak. Its founder, Gour Mohan Dutta, crafted the cream as a distinctly Indian alternative to imported antiseptic ointments. Packaged in its iconic green tube, the elephant logo quickly became familiar on shelves and in homes. Away from being just another balm, Boroline symbolised defiance - an everyday product tied to the idea of self-reliance and national the decades, Boroline navigated new challenges that came with globalisation. International brands targeting middle-class consumers began flooding the market. Yet…Boroline held firm!The cream remained affordable and unpretentious, emphasising value and trust rather than other brands' glitzy packaging. The distinctive elephant mark and green tube maintained shelf visibility, while regional marketing reinforced its heritage appeal in smaller towns and in today's time, Boroline has been rediscovered as a retro cult favourite, not just a functional ointment, but a statement of authenticity and media chatter often refers to 'grandmother's cream,' and even lifestyle influencers include it in their skincare routines. It's now a beauty-heritage crossover, beloved for its storied past as much as its smooth, antiseptic utility. This dynamic blend of trust and trend keeps Boroline firmly relevant even after nearly a century of its birth. Also Read: Narco-colonialism: How Britain exploited Indians for its drug trade with China Rooh Afza Be it your roadside falooda, or delightful cup of pudding, Rooh Afza has always been a part of these desserts. Originated in Old Delhi in 1907, Rooh Afza was developed by Hakim Hafiz Abdul Majeed, the founder Hamdard, as a Unani herbal cooling tonic. Composed of rose, kewra, herbs and floral extracts, it offered a fragrant antidote to the sweltering Indian summer. Its formulation, both aromatic and refreshing, made it an instant hit, which was seen as a fixture of households in pre-Independence divided not just people but also brands. Rooh Afza's makers ended up across India, Pakistan, and later Bangladesh. Despite geographical divisions, the pink-coloured syrup sustained its cultural role. It served across Ramadan iftars, summer family get-togethers, and festive each country's Hamdard branch tailored the recipe subtly to suit local palates, the core rosy, fragrant refreshment remained constant throughout the Rooh Afza is much more than a drink - maybe a vessel of nostalgia. Its flavour immediately brings back the childhood summers and cross-border shared enduring popularity is a testament to how a product can transcend commerce to become a cultural emblem despite modern beverage trends and newer alternatives. Also Read: The 'Hindu-German conspiracy' that nearly shook the British Raj Keventers Keventers' story began in 1889 when Swedish dairy entrepreneur Edward Keventer arrived in India. By 1894, he had taken over the Aligarh Dairy Farm, producing milk, butter, and cheese. The brand was formally established in 1925, earning a reputation for quality dairy productsOriginally supplying milk and condensed milk, the brand quickly became known for quality and innovation. In 1940, Ram Krishna Dalmia acquired it from the Swedish owners. After that Keventers expanded to supply hospitals, the army, and government offices, becoming an emblem of reliable, industrial-scale dairy as the decades rolled on, regulatory challenges and economic shifts caused the brand to fade from prominence. Its core operations were eclipsed by state expansion and competitors, and the once-vibrant brand nearly disappeared. But the emotional imprint had lingered, especially among Delhi's older residents who remembered its glass-bottled milk and creamy texture.A nostalgic revival occurred in 2014 when Agastya Dalmia (grandson of R.K. Dalmia) relaunched Keventers as a retro milkshake chain. Vintage interiors, pastel aesthetics, and Instagram-friendly presentation turned it into a youth favourite, once again!The brand's revival proved that heritage could be transformed into an experiential offering, appealing to both nostalgia and modern sensibilities simultaneously, revitalising a century-old name into a contemporary success. Also Read: Bank of Azad Hind: When Netaji gave India its own currency Parle-G Say 'G maane Genius' and generations of Indians will picture the little girl on the yellow packet. Parle-G's origins trace back to the late 1930s when the Parle Products company launched its Gluco biscuits. By 1939, they had become a hit across India, and in the early 1980s, the name was officially shortened to Parle-G. The 'Parle-G Girl' quickly became one of India's most recognisable brand the start, Parle-G was made to be accessible. It was affordable, had a long shelf life, and reached deep into rural markets. Whether as a school snack, a tea-time staple, or a quick breakfast for workers, it was present in every corner of the country. Its strength lay in its ubiquity rather than even with a crowded biscuit market, Parle-G continues to be seen and consumed. Its brand equity is deeply embedded in Indian memory from childhood to office desks. Generations grew up with its taste, and no amount of glossier competitors has unseated its position as the nation's trusted, crunchy, comforting companion. Cipla Cipla was founded in 1935 by Khwaja Abdul Hamied as Chemical, Industrial & Pharmaceutical Laboratories. The idea was to manufacture affordable medicines for Indians, reducing dependency on expensive British imports. Its early mission was rooted in public health more than World War II, Cipla scaled production to meet urgent medical needs. In the years following, under the leadership of Yusuf Hamied (who succeeded his father in the 1970s), Cipla gained international recognition by launching generic versions of critical drugs, especially for HIV/AIDS treatment. This humanitarian pricing model earned the company global credibility and solidarity from health-rights Cipla remains a major pharmaceutical player. Its brand identity balances heritage with innovation. It is still viewed through the lens of service and social purpose, while investing in R&D, emerging therapies, and new brand stands as a rare Indian business where ideals and enterprise have remained deeply intertwined for nearly ninety years. Godrej Godrej began in 1897 when Ardeshir Godrej set out to make locks and safes in India that could rival European craftsmanship. His products quickly earned a reputation for quality and durability, laying the foundation for a brand built on trust. In 1918, the company launched the world's first vegetable oil soap, breaking away from animal-fat-based soaps and appealing to a growing number of vegetarian brand's reliability was dramatically proven in 1944 when an explosion at the Victoria docks destroyed much of the area, yet Godrej safes were found intact. By 1951, the company was even manufacturing ballot boxes for India's first general elections, further cementing its role in national the years, Godrej diversified into furniture, appliances, chemicals, real estate, and more, yet it has kept its core promise of trust and quality. Becoming synonymous with steel almirahs, it is a name that has grown with the country, adapting to modern needs while holding on to values that have spanned generations. Vadilal What began in 1907 as a small soda fountain in Ahmedabad by Vadilal Gandhi would go on to become one of India's most beloved ice cream brands. In 1926, his son Ranchod Lal Gandhi opened the first Vadilal Soda Fountain store, later importing a modern ice cream machine from Germany to improve quality. By independence, the brand had already established a strong presence in 1970s saw a rapid expansion under Ranchod Lal's sons, Ramchandra and Laxman Gandhi, followed by the fourth generation in the 1990s who took Vadilal national. Innovation played a big role in its success, from new flavours to creating one of the world's largest ice cream sundaes, a feat that landed them in the Limca Book of Records in Vadilal remains a leader in frozen desserts, blending traditional favourites like kesar pista and kulfi with fun, modern formats. It has also expanded into frozen foods, showing that a brand can evolve while keeping the warmth and charm of its origins intact.
Mint
21-05-2025
- Business
- Mint
Is the ‘Vadilal' brand worth ₹1,000 cr? Its minority shareholders don't think so.
Mumbai: Several minority shareholders of Vadilal Industries Ltd have opposed the ice cream maker's plan to buy the eponymous trademark from a promoter entity for about ₹1,000 crore, hobbling the group's restructuring just as it emerges from a longdrawn family dispute. Insisting that the valuation for the 'Vadilal' trademark is unrealistically high, some shareholders have written to the Securities and Exchange Board of India, the ministry of corporate affairs, and India's two leading bourses requesting intervention, said two people in the know. They have also written to Vadilal's newly appointed independent directors to oppose the transaction. Mint has reviewed a copy of this letter. The 'Vadilal' brand is a strategic element of the group's restructuring plan that was arrived at after the fourth generation of the promoter family reached a truce in March. Three promoter entities, including Vadilal International Pvt. Ltd that owns the trademark, are to be merged under Vadilal Industries and the brand brought under its direct ownership. The flagship companyVadilal Industries and fellow group companyVadilal Enterprises Ltd have a 15-year non-exclusive agreement with Vadilal International for brand usage, which expires in 2028. Vadilal Industries manufactures ice cream and other frozen food products while Vadilal Enterprises markets and distributes them. Both the companies are publicly listed. The valuation math As part of the restructuring plan, audit firm Grant Thornton assessed the 'Vadilal' trademark to be worth ₹990 crore based on royalty payment projections. Separately, PricewaterhouseCoopers valued the brand at ₹974 crore. In their reports, filed independently, both the audit firms have stated that Vadilal International's income from royalty is projected to surge to ₹251.2 crore in 2033-34 from ₹7.8 crore this financial year, with royalty charges set to increase from 0.5% of Vadilal Group operating companies' revenues currently to 5% starting 2028-29. According to the audit firms' reports, Vadilal Industries' royalty payments to Vadilal International would jump from ₹1.8 crore in FY28 to ₹50 crore the following year, and Vadilal Enterprises' from ₹9.1 crore in FY28 to ₹107.4 crore in FY29. 'VEL's total turnover in the past 10 years has been about ₹7,500 crore, on which it has made about ₹25-30 crore profits. How will it possibly pay ₹107 crore royalty? It makes 2% margins, which is projected suddenly to become 15%," said Kush Katakia, a Mumbai-based investor in Vadilal Enterprises. 'VEL shareholders are getting shortchanged," he said. Jagdish Hiroo, a shareholder in the two listed Vadilal companies since 2013, questioned the rationale behind valuing the 'Vadilal' trademark based on the projected royalty payments when the projections hadn't been ratified by the shareholders. An email sent to Vadilal Industries managing director Rajesh Gandhi on Monday went unanswered. Grant Thornton and PwC declined to comment on client specific queries. Also read | Could Vadilal's big family truce be a gamechanger for shareholders? Truce among warring promoters In late March, the three Gandhi families who are promoters of the Vadilal Group buried the hatchet after a decade-long feud. As part of a family agreement, the families decided to merge three promoter-owned companies—Vadilal International, Vadilal Finance Co. Pvt. Ltd, and Veronica Constructions Pvt. Ltd—into Vadilal Industries. As per the merger terms, the promoters will be awarded shares of Vadilal Industries in lieu of their stake in the three privately held companies. Promoter shareholding in Vadilal Industries will increase to 72.34% post amalgamation from 64.73% at present, regulatory disclosures show. Vadilal Industries said in a stock exchange disclosure on 9 April that direct ownership of the 'Vadilal' brand by the company would eliminate the need for royalty payments, thereby improving profitability and supporting its growth. Further, the merger of the three companies with Vadilal Industries would simplify and streamline the promoter holding of the group, the company said in the same disclosure. The merger is subject to approval from shareholders and creditors of the respective companies and from statutory and regulatory authorities, including stock exchanges, Sebi, and the National Company Law Tribunal. Also read | Shield minority shareholders from business family feuds The promoter families have agreed to appoint a professional chief executive officer for Vadilal Industries and induct new independent directors. The agreement stipulates that the company will have at least seven directors, three of whom will be independent and three will be nominees of each of the three branches of the family. Similar professional management will also be brought in at Vadilal Enterprises. 'While there is some positive for the minority shareholders that the brothers have settled their dispute, the shareholders have a valid reason to feel aggrieved. The valuation seems to be on the richer side," said Shriram Subramanian, managing director of proxy advisory firm InGovern and a corporate governance expert. 'This is not a sprawling conglomerate with multiple businesses leveraging a common brand. This is a single business which has invested in the brand over the years," he said. Shares of Vadilal Industries have gained about 47% and that of Vadilal Enterprises about 32% since 29 March, when the promoters made public their truce. On Wednesday afternoon, both the stocks were trading nearly unchanged from the previous day's close, with Vadilal Industries at ₹6,749.70 and Vadilal Enterprises at ₹13,350.00 on BSE.
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Business Standard
22-04-2025
- Business
- Business Standard
This smallcap stock zooms 105% from March low. Do you own?
Vadilal Industries share price today: Shares of Vadilal Industries hit a new high of ₹7,374.70, surging 12 per cent on the BSE in Tuesday's intra-day trade. The stock price of the ice cream and frozen dessert manufacturing company has doubled or zoomed 105 per cent from its previous month's low of ₹3,600, it touched on March 3, 2025, on the favourable resolution of ongoing issues at the promoter level and a healthy business outlook. Vadilal Industries sells all of its products in India through Vadilal Enterprises. Meanwhile, the share price of Vadilal Enterprises also hit a new high of ₹13,671.90, gaining 5 per cent on the BSE in intra-day trade today. It soared 70 per cent from the March 3, 2025, level of ₹7,860. Memorandum of family arrangement The promoters of Vadilal Industries — the Gandhi family, which includes Rajesh R Gandhi, Janmajay V Gandhi, and Devanshu L Gandhi, heads of their respective family branches — have signed a new memorandum of family arrangement to resolve internal disputes. On March 29, 2025, the families agreed to settle their inter se disputes and expressed their intent to restructure the company's management, according to a stock exchange filing. The agreement is solely between the family members, with the company not being a party to it. The company also said that it is appointing independent professional management personnel to oversee business operations. The move is aimed at strengthening corporate governance, professionalising leadership, and ensuring the long-term ownership of the iconic 'Vadilal' brand. The above resolution plan is likely to result in the disposal of the ongoing National Company Law Tribunal's (NCLT's) litigation pertaining to the prevention of oppression and mismanagement of funds at Vadilal Enterprises; India Ratings and Research (Ind-Ra) said in rating rationale, adding it will continue to monitor the developments regarding the same. 9MFY25 financial earnings Vadilal Enterprises' revenue grew 10 per cent year-on-year (Y-o-Y) to ₹930 crore in the first nine months (April to December) of the financial year 2024-25 (9MFY25), supported by healthy volume growth owing to an increase in demand for existing products and in the premium ice cream segment in India. Vadilal Enterprises launched many variants in the premium segment and added several unique products with a focus on different formats, tastes and innovation, leading to an increase in demand and healthy volume growth in India. Brand Presence Vadilal is one of the top ice cream brands in India, with a strong presence in northern and western India, especially Gujarat, Rajasthan and Uttar Pradesh. Vadilal Enterprises is the domestic selling arm of Vadilal Industries. Vadilal Enterprises procures all of its ice cream requirements from Vadilal Industries and then sells it across India. All marketing decisions, such as geographical presence, and pricing of stock-keeping units (SKUs) are taken by Vadilal Enterprises. As per Vadial Industries FY24 annual report, the brand Vadilal has a 16 per cent organised market share against the total organised Indian ice cream market, which is estimated at ₹20,000 crore. Vadilal has a robust and extensive pan-India distribution network with more than 175,000 dealers and trade partners that cater to every nook and corner of the country. About Vadilal Industries Vadilal Industries is engaged in the business of manufacturing ice cream, flavoured milk, frozen desserts, processed foods, and other dairy products. It is also engaged in the export of ice cream, dairy products, processed food products such as frozen fruits, vegetables, pulp, ready-to-eat and ready-to-serve products, etc.
