This is one entrepreneurial journey that continues to inspire even as the company gets into its 66th year of existence.
This is the story of Sanjay Aggarwal, who has transformed Paramount Wires & Cables into a diversified corporate entity holding important lessons for budding entrepreneurs in this space.
From earning one of the very first entrepreneur awards in India to leading his company to become one of the largest cable manufacturers in India, the success story of Aggarwal has many a lesson for budding start-ups.
It has been an incredible journey that started with a simple dream of providing world-class and cost-effective products to feed the growing Indian market. Tracing the journey of Paramount Cables from the beginning, Sanjay Aggarwal told TV9 Network, "Paramount Cables was started by my father in 1955 at a small level. I joined in 1983 after graduating from SRCC. From Rs 1 crore annual turnover back then to over Rs 600 crore now, the company is among the biggest cable manufacturing companies in India today."
For Aggarwal, the biggest motivation is re-skilling and re-inventing to ride the change brought in by new-age technologies.
“Focused on manufacturing excellence, technological advancement and customer satisfaction, Paramount continuously strives to meet & exceed global quality benchmarks and to provide total cabling solutions for its customers.”
Sanjay has been an integral part of the growth story of Paramount Cables and personally led various key initiatives including the listing of his company on
stock exchanges in 1994 and transforming the company along with his brother from a small enterprise status into a well to do medium scale industry.
Aggarwal led the successful launch of the company's PIJF Telecom Cable plant and further diversification into Optical Fibre Cables in 2001 and High Voltage Cables in 2007.
The Chairman, Paramount Cables said, "We have always wanted to do things beyond our league. We focus on constant innovation, re-imagining ourselves and gaining expertise with even international tie-ups to host talent and experience wherever there are gaps.”
Under Aggarwal, the company now aims to diversify further and expand the product portfolio to include items that are currently being imported.
Demonstrating the capabilities of the group to explore and lead in niche and largely unexplored territories, he said, "Our focus is continuous expansion. We have developed a special technology for subsea cables. In fact, Paramount became the first Indian company to repair and lay submarine optical fibre cables between India and Sri Lanka.”
In an era of high-speed data and the advent of 5G technology, the company believes new avenues of growth will open up which will also push demand for undersea cables, connecting telecom networks of various nations.
In fact, it is anticipated that global internet giants including the likes of Facebook, Netflix, Amazon, and Google may now look to invest big in submarine cables connecting the whole world.
This when implemented may create huge job opportunities for divers, sea experts and also create new streams of revenue for cable manufacturers.
Paramount Cables expects the undersea cable business to generate up to Rs 3,000 crore revenue opportunity in the Indian market in the next three-five years.
But for Sanjay Aggarwal, the biggest passion is about delivering value to the customer. “We believe that the relationship built with our customers is our biggest asset and is our motivation to keep providing them with the best-in-class products.”
Apply now for the Mentors of Global Bharat Program and you could be the lucky one to get mentored by Sanjay Aggarwal.