Shashwat Goenka’s blueprint for growth: Clean energy, premium retail, and digital-first media

Shashwat Goenka, vice chairman, RP-Sanjiv Goenka Group, is leaving no stone unturned to ensure that the group’s businesses constantly reinvent themselves. Be it the traditional power distribution business (on its way to becoming a profitable clean energy portfolio by 2032), scaling the retail business, or building muscle in FMCG and media businesses—the young Goenka’s goal clearly is high-decibel profitable growth. “With a target of 10 GW of hybrid wind-solar capacity by 2032 through large-scale project set-ups in Rajasthan, Gujarat, AP and MP, we aim to integrate renewables into our power distribution business (CESC) to meet renewable purchase obligations, as well as cater to India’s growing green energy demand. We are also exploring other aspects of green energy, and thereby position ourselves as a key player in India’s energy transition,” says Shashwat. Shashwat spent a large part of 2024 not just scaling up Spencer’s Retail—his passion project—but also elevating the experience of premium food retail brand Nature’s Basket. The group has launched Nature’s Basket Artisan Pantry, a luxury food retail format. His most recent initiative in building better food experiences includes JIFFY, the quick commerce service that promises 20–30-minute delivery in markets where the group has a physical retail presence. “Unlike the race to deliver in 10 minutes, our approach is built around balancing speed with sustainability. It’s not just about being speed-centric, but also being customer-centric, about being the best in class when it comes to operational efficiency,” explains Shashwat. “In FMCG, we’ve experienced strong volume and top-line growth over the past few years. Our food brand, Too Yumm, is now seen as a strong challenger brand, consistently outperforming market trends across segments and regions. In personal care as well—especially in the skin and haircare categories—we’re scaling steadily as a D2C brand.” Last year, Shashwat also started driving the group’s media business. The focus has been to make its publications as well as digital media properties relevant to Gen Z on the back of profitable growth. “With the recent launch of Hook, we’re targeting younger audiences who prefer bite-sized content, and value in-depth explorations of topics. We’re delivering this through diverse formats, including cardified stories and podcasts.” “Globally, print publications are evolving—not only by building a stronger digital presence, but also by adapting to the expectations of digital-native consumers. We are taking the same approach,” he adds. Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.

Shashwat Goenka’s blueprint for growth: Clean energy, premium retail, and digital-first media

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