Legacy meets ambition: Rajkumar Beniwal

When Rajkumar Beniwal stepped into the role of Managing Director at Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) in late December 2025, he arrived at a company with deep industrial roots.

For nearly five decades, the organization has played a significant role in India’s fertilizer and chemical sectors, building a reputation for reliability and scale. But for Beniwal, the conversation is less about the past and more about what comes next.

"GNFC is a highly reputed and well-established company that has earned its standing through nearly five decades of experience in the fertilizer and chemical sector," he tells The CEO Magazine. 

"During my first couple of weeks here, I realized the potential that exists for this company to grow."

Beniwal believes that potential is tied closely to the trajectory of India’s economy. As one of the fastest-growing major economies in the world, the country’s demand for chemicals continues to expand across agriculture, infrastructure and manufacturing.

"The chemical sector plays a very important role in economic growth," he says. "Very limited players are in this sector, so there are always opportunities for growth, which, in turn, help the overall economic development of the country."

Optimizing operations

One of Beniwal’s early observations is that the company already has many of the foundations required for growth: experienced people, established infrastructure and a strong presence in India’s chemical ecosystem. The challenge is ensuring those strengths continue to evolve.

"The biggest opportunity that I see is twofold," he says. "The first is improving the efficiency of our existing plants."

Like many long-standing industrial companies, some of GNFC’s facilities and machinery have been operating for decades. While they continue to perform well, Beniwal sees value in modernizing systems and processes.

"Being an almost 50-year-old company, some of the plants are showing their age and need replacing. The technology has changed," he explains.

"Just by changing some of the systems and processes, we can achieve higher efficiencies in our plants. We can reduce our input cost and increase profits."

Alongside equipment upgrades, digitization is also becoming a priority. Introducing digital monitoring systems and updated software can help improve plant performance and operational visibility.

"Digitization will help us in improving efficiency in each plant by more than two-to-three percent," he says.

While those gains may sound modest, in large-scale chemical production, even small improvements can have a meaningful impact on overall performance.

Closing the import gap

Beyond operational improvements, the second opportunity Beniwal highlights is strengthening domestic chemical manufacturing. Many of the chemicals produced by GNFC are still imported into India in large volumes, creating a gap that domestic producers have an opportunity to fill.

"Many of the chemicals we produce are imported," he says. "There’s a huge gap, which is being filled by imports."

Reducing that dependence on imports is a key focus for the company in the years ahead.

"Our objective and target going forward will be to see how we can fill this gap and provide import substitution," he explains.

Part of that plan involves exploring new molecules and additional production lines that can supply chemicals currently sourced from international markets. It’s a strategy that aligns with both commercial growth and national industrial development.

GNFC’s geographic location supports that ambition. With facilities in Bharuch and Dahej, the company operates within one of India’s most important chemical manufacturing corridors.

"Dahej is a chemical hub for the country," Beniwal points out. "This area has provided a complete ecosystem for the country’s chemical industry."

Built on partnerships

As in most large industrial businesses, the company’s performance depends heavily on the strength of its supplier network. Maintaining reliable access to raw materials while managing price volatility is a constant balancing act.

"No company can grow in isolation," Beniwal says. "It is dependent on a give-and-take relationship with your supplier, as well as the relationships with your customers."

To manage that complexity, GNFC works with a structured supplier model that includes long-term contracts, competitive suppliers and spot purchases when demand fluctuates.

"We have long-term contracts with our suppliers," he explains. "It is a trust-based relationship."

These agreements, which often span several years, help stabilize supply and protect both parties from short-term market volatility. At the same time, GNFC maintains relationships with multiple suppliers to ensure flexibility and healthy competition.

Some partnerships with major organizations supply critical raw materials to support the company’s production processes, while technical and engineering partners like Thyssenkrupp Uhde India contribute specialized engineering expertise and technology that support plant performance and reliability.

Driving the next phase

What gives Beniwal’s vision its edge is not only the sheer scale of the ambition but also the mindset behind it. He speaks openly about the difference between leading within government systems and leading a commercial enterprise. In a public sector undertaking, he argues, timely decision-making matters just as much as sound decision-making.

"Our job is to make the right decision at the right time," he insists. "If we do not make decisions on time, it could lead to a lot of losses."

That commercial urgency is shaping plans for GNFC’s next chapter. Alongside plant efficiency, digitization and supply chain strength, he’s also looking toward greener production pathways.

"We are working on the use of green energy," he says, pointing to the long-term role of green hydrogen and green ammonia in the company’s future.

It’s an expansive agenda, but Beniwal does not shy away from the scale of it.

"In the coming five-to-eight years, we expect to increase our revenue by 3.5 times," he says.

For a company with GNFC’s history, that would be a significant leap. But Beniwal sees the ingredients already in place.

"This company has the potential to achieve it," he says. "We can achieve that kind of growth."