Banking, airlines, railways, coal, jute, newspapers: Ramkrishna Dalmia’s business-building spree

Ramkrishna Dalmiya was one of India’s leading industrialists, with diverse business interests spanning sugar, cement, chemicals, glass, dairy, aviation, biscuits and more. He continued to play a role in the freedom movement, providing financial support to political leaders and the Congress party. He had acquired a taste for dabbling in politics and enjoyed the company of many political leaders including Gandhi, Subhas Chandra Bose, Rajendra Prasad, Sardar Patel and Nehru. His deep friendship with Jinnah also continued.

Ramkrishna had realised that together with his brother and son-in-law, they formed a formidable team. The two younger men left all financial decisions and acquisitions to Ramkrishna, recognizing his financial acumen. On their part, Jaidayal and Shanti Prasad concentrated on managing the operations of their various enterprises, demonstrating their ability to run and oversee diverse businesses.

The business group, known as the Dalmia-Jain Group, had grown steadily in prominence and was counted among the biggest and best in the country.

In 1943, Ramkrishna established Bharat Bank. Ramkrishna decided almost overnight that he wanted to acquire the bank. The authorised capital of the bank was Rs 50 lakh, but in no time, Ramkrishna raised it to Rs 20 crore. He appointed new directors, including well-known individuals such as state chief...

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