Bikaji Foods International Limited, the snack mammoth, announced on Wednesday the demise of its promoter, chairman and whole-time director Shiv Ratan Agarwal. The 74-year-old entrepreneur died in Chennai on Thursday morning after complaining of uneasiness.
His wife had recently undergone a heart bypass surgery and doctors had advised rest, due to which he had been staying in Chennai, as per family sources.
Agarwal, a resident of Sardulganj in Bikaner, founded the Bikaji brand in 1993 and played the pivotal role in making it a global brand. On Thursday, the company had a market capital of Rs 17,282 crore. The promoter's stake in the listed entity was about 74%.
In a press statement, Bikaji Foods said that Agarwal was instrumental in shaping the company’s journey from its origins in Bikaner into a globally recognised packaged food enterprise.
Under his leadership, Bikaji evolved into one of India’s leading Fast-Moving Consumer Goods (FMCG) brands, with a growing international footprint and a diverse portfolio of products.
In the Indian snack market, Bikaji competes aggressively with Haldiram’s. While both companies have the same ancestral roots, they operate as distinct entities. Shiv Ratan Agarwal is the grandson of Gangabishan Agarwal, who founded the original Haldiram company in the 1930s. In the 1980s, Haldiram experienced a region-wise split wherein Shiv Ratan Agarwal was given the Bikaner (Rajasthan) region.
As per reports, he was not happy with the geographical split as Bikaner was relatively smaller than the Delhi (North) and Nagpur (West) markets and that the division restricted him from selling all across India. In the years to come, he parted ways with Haldiram’s and established Bikaji.
“His visionary approach, including the adoption of advanced manufacturing technologies and expansion into global markets played a defining role in the company’s sustained growth…His passing marks the loss of a pioneering industry leader, whose legacy will continue to guide the company’s future,” said the company statement.