In the contemporary era, obtaining a tetra pack of milk is as simple as a click of a button, a transformation for which Parag Milk Foods has played a pivotal role over the years.
Seizing Opportunities in Privatization
Akshali Shah, Executive Director of Parag Milk Foods, shared insights into the company’s journey during a panel discussion at Viraasat, an event hosted by SPJIMR’s Centre for Family Business and Entrepreneurship (CFBE). Established in 1992 by her father, Devendra Shah, Parag Milk Foods emerged as one of India’s leading private sector dairy companies. Following the privatization in 1991, the company identified an opportunity to revolutionize milk distribution in India. Previously, the government would declare ‘milk holidays,’ halting milk collection from farmers on certain days. Recognizing the impact on farmers, Parag Milk Foods commenced milk collection, marking the inception of their transformative journey.
Expansion and Diversification
Initially collecting 20,000 liters of milk in the 1990s, Parag Milk Foods has significantly expanded its operations, currently processing around 25,00,000 liters of milk. Diversification into value-added products became a key focus, with the company venturing into the production of milk powders. Despite facing challenges such as export bans, Parag Milk Foods diversified its consumer offerings, introducing products like Gowardhan Ghee, gulab jamun mix, and butter. Anticipating the potential of cheese in India, they pursued ambitious expansion plans, foreseeing a surge in consumption. Today, they stand as the sole manufacturers of whey protein, marking a remarkable evolution from milk collection to product innovation.
Brand Portfolio and Market Presence
Parag Milk Foods boasts a diverse brand portfolio, including Gowardhan, Go, Topp Up, Pride of Cows, strategically located in the milk belts of Manchar, Maharashtra, and Palamner, Andhra Pradesh. Their commitment to product quality and innovation has positioned them as pioneers in the dairy industry.
Reflections on Growth and Innovation
Speaking about their journey, Shah emphasized the remarkable transition from milk collection to product diversification, underscoring Parag Milk Foods’ commitment to innovation and market expansion. The company’s success story mirrors India’s evolving business landscape, marked by resilience, adaptability, and foresight.
Celebrating Entrepreneurial Excellence
Viraasat provided a platform for insightful panel discussions, offering glimpses into India’s entrepreneurial journey. As SPJIMR commemorated its 25th anniversary in family entrepreneurship, luminaries such as Nitin Gadkari, Minister of Road, Transport, and Highways, Government of India, graced the occasion. Shah’s participation underscored the invaluable contributions of trailblazing entrepreneurs in shaping India’s economic landscape, heralding a new era of innovation and growth.
