MPW 2022: Why Suchita Oswal Jain has been the key factor in the growth of Vardhman Textiles

For Suchita Oswal Jain, getting into the family’s textile business was almost a given. After all, she is a third-generation entrepreneur. Her grandfather Rattan Chand Oswal founded Vardhman Group along with her father S.P. Oswal, now the Chairman. That said, her contribution has been instrumental in the significant progress the company has made over the years. She entered the family business at the age of 22. “A lot of credit has to be given to my parents for being encouraging. I can say with pride that the company is completely driven by merit, and very professional in its approach,” says Jain, Vice Chairman and Joint MD of the Rs 9,847-crore (FY22 consolidated revenues) Vardhman Textiles, who makes her debut on the Business Today Most Powerful Women in Business 2022 list.

Her professional journey began over three decades ago. She spent her early years in understanding the exports of yarns. Coming on board as executive director, she effected a big strategic decision to move from producing yarns to manufacturing fabrics. “At that point, our plant in Baddi, Himachal Pradesh, had 64 looms. Today, we have 1,544 looms,” she says with a smile. “The approach was to take baby steps and lay the foundations of a larger business.”

Under her watch, Vardhman Textiles has become a leader in apparel fabrics. Only in the case of processed fabric, “we do 180 million metres each year now”, she says. The client base boasts names such as Gap, Uniqlo, Benetton, Marks & Spencer and H&M. The Ludhiana-headquartered company employs over 30,000 people across its 20+ production units in five states—Punjab, Himachal Pradesh, Madhya Pradesh, Gujarat and Tamil Nadu. In FY22, Vardhman Textiles’ consolidated profit after tax grew over three times to Rs 1,551.23 crore from Rs 426.91 crore in FY21.

On the personal front, she took time out to raise her two daughters. It is a decision that she believes was great, simply “because the girls have turned out very well”. Both are today involved in the running of Vardhman Textiles. The next generation is clearly taking charge.

@krishnagopalan