The story of Deepak Singhal, from Kolkata to Nigeria and now in Singapore, exemplifies the power of collaboration.
The second-largest continent in the world, Africa has a unique blend of challenges and opportunities. Its vast economic and social terrain dictates that companies must function in a complex and often volatile environment of culture, language, infrastructure, and logistics.
However, the potential of Africa is unmatched. The increasing young population combined with the rising urbanization and growing middle class in the region represent immense opportunities.
One such company that has surmounted these would be Tolaram, under the leadership of Deepak Singhal (49), an alumnus of Stanford GSB, who grew the company from a family business to a multinational enterprise in Africa. Deepak began his finance career in 1998 at Hindustan Unilever and relocated to Nigeria in 1999 to join the family business of Tolaram. The company, at that point in time, was worth approximately INR 20 crore with only one production facility in one country. In 2023, under the leadership of Deepak Singhal, Tolaram's earnings soared to nearly INR 12,000 crore with 28 production facilities sprawled across Africa and the Middle East.
Tolaram continues its past successes by entering new markets where the company can effectively leverage its food expertise. Under Singhal's leadership, Tolaram Group broadened its operations and diversified its product range, becoming a significant force in Nigeria's consumer goods market. In association with Kellogg, the company developed a noodle brand that received huge acceptance in North Africa and is now launched in Turkey and Saudi Arabia. His strategic vision was acknowledged by the Harvard Business Review in 2018, which spotlighted the growth of Indomie Noodles and its importance to Nigerian consumers.
The influence of Singhal is not restricted only to foods and beverages. He has supervised Tolaram Group's global expansion and led a few successful joint ventures with leading international groups—Colgate Palmolive, Kellogg's—to forge innovation in personal and home care products in Nigeria.
In 2022, he received the highest civilian honor, the Order of the Federal Republic (OFR), from then-President Muhammadu Buhari of Nigeria. He was one of the seven foreigners recognized for their contributions to the country's business landscape. Feats by Singhal point to the fact that Indian professionals have been making an effect on the world at large. Their skillfulness, entrepreneurial spirit, and dedication are driving change in most sectors.
The recent tie-up is with Diageo, wherein Tolaram has taken a majority stake in Guinness Nigeria thereby enabling Diageo to leverage the vast distribution network and local market expertise Tolaram has built to increase its presence in Africa. The clarity regarding Singhal's strategic acumen and partnership-building skills for growth and market penetration is very explicitly brought out through his participation in this joint venture.
Under his leadership, Singhal exemplifies the qualities of strategic brilliance, cultural awareness, and dedication to sustainable development. His impact on the consumer goods industry across Africa is an inspiration to future leaders who confront the intricacies of emerging markets. As Tolaram prepares to further its expansion in Asia and Latin America this year, his visionary approach will surely continue to be the impetus moving the group toward further global growth and success.
The story of Deepak Singhal, from Kolkata to Nigeria and now in Singapore, exemplifies the power of collaboration and underlines how Indian professionals play a very major role in being agents of change that make a lasting impact globally.