, the company's growth strategy has been to expand through acquisitions. Over the past 13 years, the firm has acquired 18 assets, mostly overseas, and is still counting. His company now has a network "" through acquisitions, strategic alliances and subsidiaries "" in Europe, America, the Asia Pacific, CIS, Africa, Australia, Argentina, Bangladesh, China, Cuba, Denmark, Honduras, Hong Kong, Japan,Mauritius, Mexico, South Africa, Zambia and Zimbabwe, and representative offices in Sri Lanka and Vietnam.
UPL failed to acquire Arysta "" this would have made it the world's second-largest generic crop protection firm "" but is now rumoured to be preparing to bid for Australia's largest crop protection firm, Nufarm.
Shroff's story began in the late 1960s when he looked after the R&D of Excel Industries, a company managed by the joint family. He was trying to develop phosphorus-based products which were not available in the country. During one such experiment, there was an explosion (phosphorus is highly explosive) at the Excel plant which made his elder relatives believe he would not be able to develop phosphorus-based products.
"My family members were very conservative. So, I decided to part ways from Excel and launched UPL in 1969," says Shroff. The company started the production of red phosphorus, a raw material for the production of matchsticks, with a paltry Rs 5 lakh.
This got Wimco upset and it complained Shroff was up to some mischief since it was not possible to produce red phosphorous with such a small amount of money. A central team was dispatched to his factory. The team was so impressed with his innovative methods that it recommended him for a President's award "" he was awarded this in 1972.
A chemistry graduate from the Bombay University (who later post-graduated in Industrial Plants Design), Shroff has always laid a lot of stress on innovation. "We must have production technology ready for the next three-four years. A team of experts at UPL is working hard to find out how and what kind of products UPL should have in future," he says.
The company's balance sheet speaks of the Shroff family's hard work. Its total income more than doubled and net worth trebled in three years. The total income rose from Rs 1,108 crore in 2003-04 to Rs 2,471 crore in 2006-07, while the net worth went up from Rs 495 crore to Rs 1,495 crore.
Shroff is a staunch supporter of Gujarat Chief Minister Narendra Modi who, he thinks, drove away corruption from the state. He even drew cartoons to support Modi's election campaign. He is convinced Indian companies can conquer the world if they have the right technology: "Our products cost two-thirds of those of our global peers. If you can add to this with your command over technology, you'll be a world leader." At least, his company UPL has proved it.
