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Company: RITES Ltd., Gurgaon, India
Company Description: RITES is a leading international consultant providing comprehensive solutions in transport & infrastructure sectors from concept to commissioning. RITES has sustained growth and profitability with a Cumulative Growth of 17.48% in its turnover and 25.34% in net profit over the last ten years. [http://www.avayaglobalconnect.com/awards/award_07/awardwinners07.asp] Website: www.rites.com
Nomination Category: Management Categories
Nomination Sub Category: Best Executive in Asia (Subcontinent, Australia and New Zealand)
Nomination Title: Vinai Kumar Agarwal, Managing Director, RITES Ltd.
1. Tell the story about what this nominee achieved (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
RITES Ltd. with a turnover of US $131million in 2006 – 07 is a leading player
in the Transport and Infrastructure consulting, Engineering and Project
Management business in India. RITES has executed projects in over 60 countries
including Bangladesh, Botswana, Colombia, Ghana, Malaysia, Mexico, Mozambique,
Myanmar, Nepal, Sri Lanka, Tanzania etc. RITES has expanded the scope of its
international business by entering into Concessions of Railway Networks.
Mr. Vinai Kumar Agarwal took over as Managing Director of RITES Ltd. in April,
2004. At that time, RITES was facing competition from other private sector
consulting organizations for securing government assignments, which were
earlier awarded on a nomination basis. It was a challenge for RITES to match
the cost structures and overheads of its competitors. Another key challenge
for RITES was to increase exports of Railway Rolling Stock under subdued
market conditions. Organizationally, a critical issue confronting the company
was to retain talent to remain competitive especially in context of
competition from the private sector.
Mr. Agarwal focused on these issues and implemented following schemes:
1. Management By Business Objectives (MBBO) – Long-term business areas
were reinforced for staying in the company’s line of business. Since many
railway systems in the Africa were getting privatized, old clients were tapped
for the new line of business under concession agreement. Mr. Agarwal signed
two major Railway Concession Contracts against stiff international
competition, Concession of Beira Rail Corridor in Mozambique and Tanzania Rail
Concession both for 25 years. Mr. Agarwal showed unique negotiation strategy
with the World Bank and Govts. of Mozambique and Tanzania. Both the Railway
Concessions have started generating revenues.
2. Performance linked Incentive Scheme – To arrest staff attrition and to
attract new talent, an incentive scheme was installed in which the performing
employees of the company were motivated to take up challenging assignments.
Consequently, attrition rate was much lower in 2007.
3. Strengthening Customer Care – Emphasis on the strategy that
competitive advantage is based on the understanding of customer’s needs has
resulted in RITES winning the prestigious award as India’s Best Customer
Responsive Public Sector Undertaking in 2007 conferred by Economic Times, a
leading business daily of India.
4. Thrust to technology - Mr. Agarwal has been instrumental in promoting
professionalism & efficiency by inducting sophisticated high-end hardware and
engineering software for providing integrated solutions like real Time
Differential Global Positioning System, Robotic Total Stations, Digital levels
etc. Technology absorption was encouraged for designing of crashworthy coaches
for the Indian Railways in association with TTCI of USA.
5. Extensive marketing and developing new products for foreign market -
resulted in seven-fold increase in export of rolling stock over 2004 levels.
Due to the above efforts RITES has broken new records in Turnover and
profitability for 3 years in succession. As a result of all-round growth,
RITES Ltd. was upgraded from Schedule “B” company from Schedule “A” in June
2007, by the Government of India giving more autonomy to the Company for its
day-to-day operations.
2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:
Concession project of Tanzania Railways
http://www.indiaenews.com/africa/20070526/53512.htm
Beira Rail Concession project in Mozambique
http://pib.nic.in/release/release.asp?relid=5601
Avaya Global Connect Award for Best Customer Responsive Public Sector
Undertaking in 2007 from Economic Times, India
http://www.avayaglobalconnect.com/awards/award_07/awardwinners07.asp
Best Management of Public Enterprises for 2002 – 2003 and 2005 – 2006,
Standing Conference of Public Enterprises (SCOPE), India
http://www.scopeonline.in/award_05-06.htm
3. Provide a brief (up to 100 words) biography about this nominee:
Mr. V.K. Agarwal, 57, holds Bachelor’s Degree in Civil Engineering from Indian
Institute of Technology with Gold Medal. He belongs to the Indian Railways
Service of Engineers and has over 30 years of experience associated with
infrastructure projects including railways. He has designed and developed
the “Rail Fastening ERC Mark III”, standard on Indian Railways and has framed
specifications for track machines, based on which Indian Railways have bought
lot of track machines. As CEO he gives fillip to the Marketing & Client
Services, Personnel & Administration and the Privatization and Concession
Business of RITES.
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