MUMBAI: Legacy businesses must embrace innovation while managing risk and preserving their core strengths, was a key message from business leaders at Business Today’s 23rd Most Powerful Women (MPW) in Business event, held at the National Stock Exchange of India on October 23, 2026. During the session titled ‘Tradition Meets Tomorrow’, Avantika Saraogi, Executive Director of Balrampur Chini Mills Ltd, shared how the company is expanding beyond its traditional sugar and ethanol businesses into sugarcane-based bioplastics.
Joining Saraogi on the panel were Rishma Kaur, Chairperson of Berger Paints India, and Shalini Bhupal, Managing Director and CEO of Taj GVK Hotels & Resorts. The discussion focused on how established businesses can identify new growth opportunities, overcome internal resistance to change and navigate uncertainty without losing sight of their long-term strengths.
For Saraogi, diversification into bioplastics represents a significant strategic shift for a company rooted in the sugar industry. She revealed that it took around four years to convince the organisation that the proposed venture was viable. Concerns included government policy, fluctuations in sugarcane prices and the economics of India's sugar sector. Even her father, the company's CFO and some senior executives questioned whether the project should instead be established in Brazil.
Saraogi said the experience strengthened her belief that legacy businesses must evolve to remain relevant. She explained that the purpose of building a legacy was not simply to preserve existing operations, but to adapt and develop the business to meet changing needs. Balrampur Chini Mills is preparing to commence operations at its sugarcane-based bioplastics facility in Uttar Pradesh, marking an important step towards diversification into alternative materials.
The project has also faced external challenges. Saraogi explained that geopolitical tensions in West Asia disrupted the movement of imported equipment, forcing shipments to be rerouted around the Cape of Good Hope. Rising steel prices and other cost pressures added to the challenges. However, she noted that such disruptions could also encourage greater reliance on domestic raw materials and alternatives to fossil fuel-based resources.
Kaur, representing the fifth generation of a paint-industry family, argued that significant growth opportunities remain within the existing business. She highlighted expanding applications for paints across automobiles, motorcycles and appliances, emphasising the importance of innovation without necessarily diversifying into unrelated sectors.
Bhupal stressed customer trust and financial discipline in hospitality, warning against excessive borrowing and uncontrolled expansion. Drawing lessons from the Covid-19 crisis, she advocated measured growth and careful financial planning.
The discussion underscored a common lesson for India's established businesses: sustainable growth depends on balancing legacy with innovation, empowering teams to accept change and preparing for risks that cannot always be anticipated. For Balrampur Chini Mills, its move into bioplastics illustrates how a traditional sugar company is exploring new opportunities beyond its core operations.
