Mastering the Deal

00:00 – Career journey and transition to strategy

Host (Brian Telis): Hello and welcome to Leadcast, our leadership series under the Soundbox Initiative. My name is Brian Telis and I'm your host. In each episode we sit down with a leader from the Aditya Group for a conversation about the group and of course its businesses, and to find out what the future holds for us as an organization. In today's episode we will be speaking with Sandeep Agrawal. Now, Mr. Sandeep Agrawal holds the position of Head of Group Corporate Finance, Corporate Strategy and Business Development at the Aditya Birla Group. Sandeep is an alumnus of IIM Lucknow and is an electronics engineer. He is also a sports and fitness enthusiast. We speak to Sandeep about the world of business with a special focus on deal making and strategy at an organizational level. We also hear from Sandeep about his mantra for getting the job done and done well. So, Sandeep, you know — set the bar pretty high and for all the right reasons. But firstly thank you for joining us. It's an absolute privilege to be kind of chucking questions at you and I can't wait to hear your thoughts.

Sandeep Agrawal: Now you had such a fascinating career at ABG in finance, strategy. Let's start at the beginning. I'm really intrigued to know what initially drew you to deal making and strategy – pardon the term – deal making, and how has your thinking evolved over the years? 
So if I can take the liberty of going back a little bit more… You know, I did my MBA way back in 2001. I had a keen sense of numbers, so I wanted to get into finance, and I landed up a job with ICICI Limited – which was famous for corporate lending at that time, not investment banking. As it happened, within a year of me joining, it got merged with ICICI Bank. There was a bit of chaos as you’d expect when two large organizations merge, and I got thrown into a role which I didn't envisage when I started my career. I moved to Mumbai in Standard Bank and then for three or four years I did really well in that role which was transaction banking. But what I kept thinking about is that while these solutions are extremely important to the company I was serving with, I wasn't seeing the promoters and CEOs. At best you meet CEOs and CFOs. That got me thinking: why are promoters not keen on what I'm doing right now? And that's when I thought of investment banking and creating a huge difference. So as soon as I got the first opportunity in 2010, I moved to what was corporate investment banking, and had a great stint over the next eight years. I even handled Mr. Birla as my client—I used to interact with him all the time. There's one specific transaction I always remember: JP Cement acquisition. We were on the other side, Mr. Birla was there, and he went through such minute details on the acquisition. That made me think: as an adviser, as a third-party investment banker, you can do as much grunt work as you like, but when it comes to putting in your own money—he was the perfect example of how deep and detailed you could be. 
In 2019 when I got a call from Aditya Birla Group—I had spent about 16 years in Standard Bank—I met Dr. Mishra and then Mr. Birla a few times. My mind was made up almost immediately. Being on the buy side, where you are putting in your own money, has been an extremely fascinating experience. Four or five years in M&A, we did a number of transactions. Last year in August–September, Mr. Birla asked me if I'd like to run strategy as well, and I absolutely loved the moment he said this. With M&A you construct the deal, you create the deal, but once it’s consummated your involvement ends. Strategy allows you to run through the full cycle of the transaction. For me, recommending something isn’t enough—I need to see through the fruition. That has been extremely satisfying and fascinating.

02:30 – Strategic M&A and leadership

Brian: Interesting journey—sounds seamless. But were there challenges in the transition from banking to being part of the group?

Sandeep: I joined the group in September 2019. There was no surprise — I had been handling ABG as a client for almost eight or nine years, so the corporate governance and culture were well-known. What surprised me was the vastness of the organization—hundreds of charitable activities, schools, hospitals, temples, all alongside the businesses. It was mind‑boggling. Culturally, it was extremely welcoming. One challenge: I joined in September ’19, and the COVID lockdown happened in March ’20—so many of the first few months were on Zoom. I dislike that. The first opportunity I got, I joined office back because Mr. Birla is not a fan of remote working either. Another piece: in a typical foreign bank there's always a shareholder and a board that sit elsewhere, so exceptions may be slow. At ABG, surprisingly, decision-making can be quite quick. We deliberate longer—especially when you’re putting hundreds of millions or billions behind a venture—but overall it's very positive.

06:48 – Deal-making simplicity and clarity 
 

Brian: Over the last five years you’ve been with the group and many acquisitions and deals—what’s your secret sauce for cracking a complex deal and taking it to fruition?

Sandeep: I live by the mantra of simplifying. In complex deals people tend to lump everything together, but you must break it down. If you break it into smaller pieces, usually only three or four are truly complex—and the rest is straightforward. So identify and solve those key pieces rather than tackling everything at once. Also, having a clear north star or objective is critical. You can get lost in the process. As long as you know what you’re solving for, it makes a huge difference.

08:57 – Win-win negotiations and trust 
 

Brian: On large transactions, both sides have objectives—often conflicting. What's your negotiation style? Any tips?

Sandeep: First, if a counterpart puts an untenable position, I’m comfortable walking away. They should know you're willing to walk out of the room if required—some things are non-negotiable. More importantly, establish a strong connection with the counterpart. They should feel they won as much as you did. That comes from being ultra-prepared—rational, layered arguments that counter theirs thoroughly. And remember: lose small battles to win the war. If you’re completely inflexible, you’ll lose on bigger issues. Be strategic.

13:09 – Team dynamics and strategic space

Brian: How do you balance long-term strategy with day-to-day demands?

Sandeep: First, you need a best‑in‑class team. When execution gets intense, you cannot be in every meeting. Delegate to trusted team members who understand your thinking. That solves about 80% of the problem. Also, don’t fill your calendar every day—leave space to think, to read, to reflect. Focus on long-term objectives while staying aware of the environment and where value creation lies. And refine processes—like updating product manuals—so future transitions don’t get stuck in bureaucracy.

15:10 – Golf lessons in decision-making

Brian: You liken strategic thinking to golf. How has your passion for golf influenced your approach to business decision-making?

Sandeep: In golf, what’s happened in the past stays in your head but what matters is what you can do in the present. Every stroke counts—small mistakes can cost championships—so focus anew every shot. Also, golfers like Tiger Woods make swing changes constantly—you’re always learning. I’ve played 10 sports at competitive levels; golf is the most difficult. There are 14 clubs, different shots each time. You continuously learn. Leadership is similar: you plan, but unexpected things happen. Failure can either consume you or teach you. Accept losses, learn, and move on.

19:06 – Setbacks, resilience, and growth

Brian: When something doesn’t go as planned in your career, how do you handle it?

Sandeep: I've had setbacks but no major ones. Back in 2017 or 2018, when my boss moved out, I expected to take over but they brought in someone senior from outside. I was frustrated, but the next two years became my best performance‑wise. It felt like kayaking downstream—I knew the role, the new boss was excellent and supportive. Soon I got the call from ABG. That setback opened another door. Just like in sports: if you sulk after every loss, you'll never go anywhere. You must train harder, accept reality, and stay grounded.

21:06 – Inspirations and inner strength

Brian: Inspiration often comes from unexpected quarters. Who has inspired you in your career or life?

Sandeep: Besides Tiger Woods in principle, my biggest inspiration has been Mr. Birla. For example, when a Supreme Court judgment went against us with a massive levy, I spoke to him that night—his voice was calm. No agitation. His humility and patience in crises taught me a lot. Another friend who runs a private equity firm is a fierce champion of excellence and also plays golf. I’m inspired by many: colleagues, my bosses, my wife and daughter—everyone brings sincerity. Also one subordinate who has been hospitalized multiple times but returns to work with unwavering dedication—that is truly inspiring.

24:52 – Exercise, reflection, and clarity

Brian: On a lighter note, what quirky or unexpected activity do you turn to for inspiration or recharge?

Sandeep: When I’m mentally agitated or low on energy, the best release for me is an intense workout—an hour or hour-and-a-half burn. That caloric blast puts me in a different space—it’s almost meditative. Breathing becomes steady, mind shifts. I always increase workout intensity when I’ve had a tough week. It recharges me.

Brian: I'll take that as a challenge! Most people think of relaxing when they're stressed—but pushing hard physically can reset everything. What a tremendous conversation this has been, Sandeep. If only we had more time to dive deeper—maybe we’ll trouble you again! A huge thank-you to you, the man himself, Sandeep Agrawal. We’ve reached the end of today's Leadcast conversation within ABG’s Soundbox podcast. It’s been a privilege. We hope you’ve enjoyed listening to this conversation. If you have any feedback, drop your comments below. We'll be back soon with another episode—another fascinating conversation. Until then, thank you very much for joining us.

Watch Full Video on Youtube: Leadcast | Mastering the Deal with Sandeep Agrawal