At 76, he still works till late in the evening in his office. For him the factory is a temple and his work is no less than worship. Such dedication and commitment towards work turned on average Kolkata-based Commerce graduate into one of the most respected and highly successful businessman of India.
Motivated by the thoughts Pundit Jawaharlal Nehru , Basantlall Shaw a visionary par excellence, landed in the city and soon started climbing the steps of success.
A simple grey iron foundry started in 1976 by shaw with the meager investment of Rs 75,000/- has now turned into a whopping Rs 2,500 crore diversified global empire.
Shaw still remembers the day when the company launched its first IPO in 1981. “The issue was eight times over subscribed and the company raised good amount of money through it,’’ reveals Shaw with a smile on his face.
NECO Group promoted by Basant Lal Shaw is a renowned industrial group in Central India having multi-location, multi-product manufacturing facilities, with turnover of more than Rs 2,500 crore with a fixed assets base of around Rs 1,800 crore. The group is also the largest manufacturers of Ferrous and Non-Ferrous castings producing more than 100,000 TPA. It also manufacturers industrial valves and auto components. Recently the group has diversified into infrastructure development and power.
NECO Group has got seven main operating companies. Jayaswal Neco Industries Ltd. is the flagship company, while NSSL Ltd., Neco Heavy Engineering and Casting Ltd. Neco Ceramics ltd, Raigarh Energy Ltd, Terra Projects Private Ltd, and Terra Infra Development Private Ltd, are the sister concern.
The Group has got offices in Nagpur, Bhilai, Raipur, Ranchi, New Delhi, Mumbai and Hyderabad. In addition to this the group also has marketing offices all over India and international offices in Dubai, China and Italy.
Expressing his views on load shedding, Shaw said that Vidarbha region is not getting enough power which it deserves. “If Mumbai and other cities located on seashores are reaping the benefits of ports Vidarbha should also be made free from long hours of load shedding” Shaw added. The ongoing load shedding is jeopardishing the existance of many industries in the region, he said. Basantlall Shaw strongly believes that Nagpur has a every bright future. The coming era belongs to cities like Nagpur where all the pre-requisites for industrial growth are easily available. Nagpur also offers great opportunities for those who are looking forward to invest money. The geographic location of the city, its connectivity by road and railways, would play a vital role in its development.
However, showing deep concern over the poverty and miserable condition of the farmers, Shaw said that the policy makers will have to address the needs of the agriculturists. If the the farmers get their deserved share of the economic growth, they would consume more products and accelerate the economy, he believes.
A pure vegetarian, Shaw says that eating non-vegetarian food and consuming alcohol are types of diseases. “I am very happy to tell you that all my family members are vegetarian and none of them have ever touched a glass of hard drink,” he says proudly.