First offices: How Amul, Marico, Emami, and other conglomerates started out

Motilal Oswal Group

When Motilal Oswal (right) and Raamdeo Agrawal, founders of Motilal Oswal Group, had to set up office near the Bombay Stock Exchange, following their membership at the exchange in the 1990s, they moved into a 180 sq ft office in Natwar Chambers in Fort, Mumbai. Here the two shared a cabin, which was a luxury at that time, considering that before that, in 1987, they worked out of a small shop-like space, which belonged to Agrawal’s brother, in the South Mumbai neighbourhood of Kalbadevi. “There was an old bench, three brand new chairs, one for me, one for Moti and one for guests, and a broken telephone—the dial was broken but it was a precious asset!” recalls Agrawal.

—Salil Panchal