New Delhi, August 09th, 2024: Dhanuka Agritech, one of India’s leading agrochemical company, has announced a significant leadership t”: ransition. Dr. R. G. Agarwal, an industry stalwart, has stepped down as Chairman after reaching the age of 75, marking a planned succession in leadership.
Mr. M.K. Dhanuka has been appointed as the new Chairman, and Mr. Rahul Dhanuka has been assigned the role of Managing Director, effective immediately. These changes come as Dr. R.G. Agarwal steps down after an illustrious career, during which he played a pivotal role in transforming Dhanuka Agritech into a leading agrochemical company. Mr. M.K. Dhanuka previously served as Vice Chairman and Managing Director, while Mr. Rahul Dhanuka was the Joint Managing Director.
The company’s board has also decided to honour Dr. R. G. Agarwal by designating him as Chairman Emeritus in recognition of his invaluable contributions to the company’s growth over the years. These appointments are subject to the shareholders’ approval. As of July 31, 2024, Dhanuka Agritech Ltd had a market capitalization of ₹7,904 crore.
A graduate of the prestigious Shri Ram College of Commerce, Dr. Agarwal has dedicated over 55 years to India’s agricultural sector. Since his graduation in 1968, he started his career in the agri-input industry. His visionary leadership was instrumental in founding Dhanuka Agritech in 1980 by acquiring an ailing company and paving the way for Dhanuka’s growth as a leading player in the Agrochemical industry. Under his exceptional leadership, Dhanuka Agritech has achieved a turnover of Rs. 1758 crore with a PAT of Rs. 240 crores in the FY’24.
Succession Planning
According to a report by Grant Thornton, 80% of businesses in India are family-owned, but only 21% have a succession plan in place. Dhanuka Agritech’s proactive approach to leadership transition sets a commendable example.
Reflecting on his tenure, Dr. Ram Gopal Agarwal stated, “The Dhanuka Group’s 44-year journey has been extraordinary and exemplary. Beginning from scratch, the company is today the leading flag bearer of the agrochemical industry. Even during the turbulent 2023-24, wherein the agrochemical industry faced headwinds, Dhanuka registered an impressive performance. I believe the time is appropriate to pass on the baton to the new leadership. I am confident that the new management, which is an excellent blend of experience and youth, will take the company to greater heights. I planned this transition over last 5 years and I am happy to see it happening .”
Expressing his gratitude, the newly appointed Chairman, Mr. Mahendra Kumar Dhanuka, said, “Dhanuka Group’s remarkable position in the agrochemical industry is a testament to Dr. Agarwal’s visionary leadership and unwavering dedication. His ability to navigate challenges and sustain our growth has laid a strong foundation. With his continued guidance as Chairman Emeritus, we are poised to build on this legacy and steer the company toward even greater achievements.”
On the occasion, the newly appointed Managing Director, Mr. Rahul Dhanuka, stated, “As India embarks upon the journey of Viksit Bharat, the agriculture sector is going to play a crucial role in realizing this vision. In such a transformative period, I’m humbled to accept the new responsibility and will try to contribute as much as possible to take the company to greater heights.”
Commitment to Modernizing Agricultural Practices
Dhanuka Agritech is committed to transforming agricultural practices through modern techniques. The company has strategic collaborations with leading Japanese innovators to bring new eco-friendly and sustainable technologies to India and works closely with the Indian Council of Agricultural Research (ICAR) to spread knowledge about the modern technology to Indian farmers. These collaborations aim to enhance productivity and sustainability in Indian agriculture, benefiting millions of farmers across the country.