Marico is known as much for its business as for making an impact on communities. What is the single most development challenge that you are addressing?
At Marico, we have a detailed sustainability and ESG programme. We have always believed in giving back to society. There are multiple focus areas — sustainable agriculture, water programmes, and education programmes. If you want me to talk about a single most important development challenge, it would be water. As you are aware, water is a problem that is big enough for one particular organisation to handle it alone. Water stress is no longer just an environmental issue. It is a big systemic risk that everyone must come together to tackle.
How are you addressing water risks at Marico?
Marico has embedded water stewardship in its overall sustainability strategy. It is a key pillar of our strategy where we are aiming for 100% replenishment of the water consumed in our operations. Our Jalgaon unit has been water-neutral for a few years now. In our sustainability roadmap, we have committed that we will replenish more water than we consume annually.
There are scientific interventions and awareness efforts that have led to a cumulative water conservation potential of 444 crore litres. We are really proud of this number. Since FY13, Marico has achieved close to a 54% reduction in total water consumption intensity, which means that if I was using 100 units in FY13, today I am using almost 50% less water in my operations. This has been achieved through multiple initiatives. We have a multi-layered programme to address this problem.
How do you see legal and sustainability compliances shaping the future of businesses now?
If you look at how regulations have evolved, there is a clear shift. Sustainability and ethical sourcing are now at the forefront. Self-regulation has become the norm, where it is not just about following the law but also about doing the right thing — whether it is written in the law or not.
This reflects how society has changed. Consumer consciousness has gone up. People are more aware and are raising social issues. That is where the future of compliance is moving. Sustainability issues and legal compliance will continue to go hand in hand. Companies that adapt and act responsibly, building trust with their consumers and stakeholders, will continue to have a premium over others.
ESG policy and regulation have been constantly evolving over the last few years in India and globally. What would you advise your counterparts to be on top of it and also be future-ready?
Look closely at your business and identify potential risks from a sustainability point of view. Frameworks across the world are changing rapidly. As a legal counsel, it is important to keep track of what is happening globally, understand the expectations of different stakeholders, and assess the risks within your organisation — whether in your product portfolio or operations. Have a solid plan around it and act responsibly. That is what is expected in the current environment. This is an evolving space and will continue to evolve in the future as well.
