Bikaji bhujia baron Shiv Ratan Agarwal, in Chennai for wife’s heart surgery, dies suddenly

NEW DELHI: Shiv Ratan Agarwal, who built a humble, family-run namkeen business into one of India's most recognisable packaged snack brands Bikaji, taking the gritty flavours of Bikaner to supermarket shelves across the country and beyond, died on Thursday.

The 75-year-old complained of uneasiness and was rushed to a private hospital in Chennai, where he breathed his last, family sources said. He was in Chennai after his wife recently underwent heart bypass surgery there.

Born into the famous Haldiram family, Agarwal, who studied only till class 8, spread the bhujia empire from the bylanes of Bikaner to supermarket shelves across continents.

His rise tracked India's own consumption boom. He moved decisively from loose, unbranded snacks to packaged products, betting early on branding, scale and distribution at a time when much of the sector remained fragmented. Under his watch, Bikaji expanded aggressively beyond its Rajasthan base, investing in factories, supply chains and exports - while fiercely protecting the taste profiles that made its bhujia and sweets staples in Indian households.

Known as a hands-on entrepreneur with a sharp instinct for both margins and mass appeal, Agarwal navigated intense competition from entrenched regional players and larger rivals, carving out a space in the fast-growing savoury snacks market. His playbook - standardise, package, scale - helped turn a traditional business into an institutional one, culminating in the company's rise.

Agarwal started his entrepreneurial journey in 1986 with Shivdeep Foods, named after combining his name and his son Deepak. Later in 1993, he incepted Bikaji brand, which was derived from Bika Rao, the founder of Bikaner and Ji, used as a mark of respect in India.

Under his leadership, Bikaji Foods International was listed on bourses in 2022 at an 8 per cent premium to its IPO price, which now has a market capitalisation of Rs 17,297.71 crore, nearly USD 2 billion.

He also featured on the Forbes World's Billionaires list of 2024, which had put his wealth at USD 1.4 billion.

Bikaji, now famous for its bhujia, namkeen, papad, packaged sweets, and more, with its six large manufacturing facilities spread across the country, has an annualised production capacity of 57,600 metric tonnes (MT) of Bhujia, 92,520 MT of namkeen and 60,480 MT of sweets.

He was the grandson of Ganga Bhishen Agarwal (1908-1985), also known as Haldiram Ji, who joined his family business and mastered the art of bhujia-making under his grandfather's guidance. However, his aspirations soon outgrew the confines of his inherited enterprise.

He travelled abroad to learn about snack manufacturing technologies and imported advanced machinery to set up his factory in Bikaner. Introduction of mechanised bhujia production was a game-changer in the Indian snacks industry, which enabled a consistency in quality and scalability of the output.

Agarwal started to export Bhujia and namkeen to the UAE in 1994 and to Australia four years after that, in 1998, and opened his first restaurant in Mumbai in 2008.

Bikaji, the brand which has been promoted by Bollywood icon Amitabh Bachchan since 2019, is now present in 40 countries across North America, Europe, the Middle East, Africa and the Asia Pacific

Earlier in the day, Bikaji Foods International, in a regulatory filing, while highlighting his achievements, said: "He has been pivotal in steering the company towards success and growth, who transformed the traditional Bikaneri snacks business into the internationally recognised Bikaji brand by combining authentic taste with modern business practices."

Agarwal's strategic acumen and ability to adeptly handle complex challenges have significantly bolstered our operational sustainability.

The company remains committed to building upon the strong foundation laid by him.

"Guided by his legacy, the company will strive to sustain its growth trajectory and continue to lead a profitable and responsible business. Shri Shiv Ratan Agarwal's unexpected demise will be an irreparable loss to the organisation," it said.
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