Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.
Wadia, who was once called as the epitome of South Bombay’s old money and genteel respectability, has been a part of many corporate brawls during 1970s and 1980s.
Wadia who manages various businesses from biscuits-to-textiles-to-airlines, sued his childhood friend, Ratan Tata after Tata group removed him as the independent director of Tata Motors for supporting Mistry.
Wadia, who was once called as the epitome of South Bombay’s old money and genteel respectability, has been a part of many corporate brawls during 1970s and 1980s.
One of the many first corporate fights was with his father, Neville Wadia, who was the chairman of Wadia Group.
Then the next battle was against the Ambanis.
The infamous exit of Cyrus Mistry as the chairman of the $103 billion Tata group had unfolded a lot of drama in Tata boardrooms. One of its many offshoots was that it angered billionaire Nusli Wadia who was caught in the crossfire which culminated into a court case.
Wadia filed a defamation case against Ratan Tata and his Tata group. He claims that he “never entered any dispute unless he felt wrong”. And, for three years the case went on during which time his net worth doubled from $3.5 billion to $7billion in 2019, according to Forbes.
Here’s how things unfolded for Nusli Wadia , who stood against Ratan Tata:
Wadia, who was once called as the epitome of South Bombay’s old money and genteel respectability, has been a part of many corporate brawls during 1970s and 1980s.
However, a young Wadia who hadn’t even joined the business then refused. He got support from the rest of the family, the employees and J.R.D Tata, the patriarch of the very family who he later sued.
”I don’t want to be a second-class citizen in some European country. I am going to live in India. And I am going to run Bombay Dyeing,” Wadia declared to his father.
Wadia managed to keep his father from selling Bombay Dyeing by acquiring 11% stake in the company. It could not have been possible without the help of mother Dina and J R D Tata with whom he enjoyed a paternal bond.
But the waters did not remain calm for long. He faced many formidable foes soon after.
Ambani, with his connections, allegedly persuaded the government to increase duties of chemicals used by Bombay Dyeing. The great Indian textile war forced prominent leaders of the country to pick sides.
Soon after, Ramnath Goenka the editor of Indian Express - who initially tried to broker peace between them - turned his cudgels against Ambani. After washing dirty laundry in public and a murder attempt and much more - the battle simmered down. Meanwhile, Bombay Dyeing had to shut down one of its plants.
Wadia set his sights on the US-based Britannia after he decided to enter the cookie business. However, the parent company Nabisco turned down his proposal and made K Rajan Pillai the chairman instead. Pillai had 38% stake in the business, and also brought in a French partner. Soon, Pillai was accused of fraud and jailed - paving the way for Wadia to get what he always wanted.
Today, Brittania is worth ₹749 billion, and is one the top companies of the country and Wadia’s crown jewel. Many of Wadia’s battles have paid off, and handsomely. But he decided to settle his feud with Ratan Tata - though peace came only after the top-most court in the country asked him to. It is yet to be known if this is the last one that the feisty 72 year old will fight.