The fourth generation of plastics behemoth is striving to make the company future-ready by building sustainable, long-lasting products
Mihir Parekh, Executive director, Nilkamal
Image: Hemant Mishra for Forbes India
Imagine your teacher in school repeating how plastic is a non-renewable resource and not good for the environment, and you are sitting in class all self-conscious because you come from a family that’s ubiquitous with plastic products for four decades.
Meet Mihir Parekh, executive director at Nilkamal, the first member of the fourth generation to join the legacy business. “From back then itself, I started spending time to understand why is plastic bad,” says Parekh. And the answer he came up with: Because it is being used and disposed incorrectly. The problem for Parekh to solve, thus, was—can he build something sustainable and reusable?
With this question at the core, Parekh founded a division, BubbleGuard, now the third important vertical of the listed firm Nilkamal (the other two being furniture and material handling). “One of the values I’ve consistently held has been on the sustainability front. It is something I’m passionate about. BubbleGuard was launched with the aim of being a sustainable packaging solution,” says Parekh, 29, who studied mechanical and manufacturing engineering from University of Warwick and completed his master’s from London Business School.
After graduating in 2013, Parekh returned to India, but he didn’t want to join the family business immediately. He wanted to work at a firm that would give him diversified exposure. He ended up joining homegrown investment banking firm Avendus Capital where he worked in the consumer deals team, managing transactions ranging from warehousing and logistics, to food and beverages to microfinance. “Working in the consumer deals team gave me wide exposure to different business models. It was two years of intense and rigorous but enjoyable work,” says Parekh. When joined the family business, the company was at crossroads, with the family trying to determine how it wanted to make Nilkamal future-ready.
(This story appears in the 31 December, 2021 issue of Forbes India. To visit our Archives, click here.)