Survival of the Fittest
It was 1991. The P.V. Narasimha Rao government had just announced the economic liberalisation policy, and top industrialists were scouting for investment opportunities. Rahul Bajaj, Chairman of Bajaj Auto, would often get calls to diversify into businesses the government had decontrolled. But Bajaj was not ready to leverage the auto business to build a power or a cement plant. He wanted to build Bajaj Auto into a leading global automaker, instead of investing in other sectors.
Bajaj was not alone. He was among a number of industrialists who resisted foraying into new businesses, despite prospects of attractive returns.
It is these businesses that appear to be better placed as coronavirus-triggered lockdown clogs cash flows. In
