Mr. Nitin Mittal – Chairman And MD, Knest, Pune
We discuss and dive deep into the minds of infra leaders to know about their stories, to comprehend their path, and basically to know about their administration qualities for us to help in our future endeavors. One such personality we have today along with us is Mr. Nitin Mittal. He’s a construction magnet from Pune & the MD and chairman of his company K-Nest. He comes from a business family. He’s a young entrepreneur and has been awarded as the best entrepreneur in the city, in Pune. He has recently started a business in warehousing as well.
The journey by Nitin Mittal
I belong to a family where we are known as “attaa guys”.
The business was very much settled and adding some percentage you couldn’t have been a game-changer. People around me like my cousins or friends were like large Banyan trees. Therefore, I had learned, at a very early age, a banyan tree cannot grow under a Banyan. Only grass can grow. Finding my own route, finding my own path, finding my own place was essential, so the hunt was always there.
My first opportunity came into construction when we had invested in land in 2001 and started construction in 2010. And for the first time, I ventured into the field with a straight development of three hundred units. This was my first project, and I was in. I’ve never looked back since then.
After some time, I had joined my brother-in-law’s firm, who is the joint managing director of Kohinoor, and I had become the director. We have been doing a lot of construction together and had made the construction process just like the ones in the factories where the only raw material which we deliver is the land & rest. Everything happened on its own. Here we have a vast team; we have the CEO, CFO, and a good CMO in the company. So the work profile had reduced just to a director with very less responsibility. Hence, there was this ample amount of time and energy left within.
When I got an opportunity to visit South Korea in 2013 with a bunch of developers, I needed to identify and use my energy and do something on my own. There I found out that the Koreans were doing construction using the foam work technology but costs there was really high. For us, it was essential to get this technology in India in better quality and at a lower & affordable price. Since then, we started developing this technology on our own. And here we are working with all the major developers across India, and we are even exporting. And so the journey continues, and we are continuously getting into more and more businesses and lighter products.
Achieving success in the field
Surviving in any industry at this point in time is very tough, and the only way to survive and win the race is by following the simple principle of adopting and adapting. Adopt technology & adapt to it, adopt working in a new style, and adjust to it. Being scared of getting out of your comfort zone and trying something new will leave you at a stagnant point. These are the qualities of a leader coming out of the convenience zone is a point where a significant quantity of people fail.
Survival in the construction industry today!
Construction can be defined in only two words. One is cash flow, and one is location. If you have the right location and if you understand cash flows, I think that’s the most critical factor for any construction in the present as well the future, and no developer will ever fail in that case.
For any construction activity, the two major pillars- one is the smooth project execution and the other is meeting the project deadlines. It is to be kept in mind that this is where the maximum number of developers fail, and the teams’ rapo is shattered. In this case, firstly, if a developer has a good cash flow, there’s no reason why a developer would not want to complete the project on time—secondly, use of technology. If you have the right technology in hand, then the construction will be done rapidly. Again, that will result in good cash flow.
Nitin says, “It’s a chicken and egg story where we have to manage both, constructing fast which further results in more bookings which happen quicker as the trust on a developer is built quicker.”
Communication- A Crucial factor
In the construction industry synchronizing between the design, engineers and the rest of the team is one of the main hurdle faced by most of the developers. It is very crucial to set up effective communication because it is a major faulty point in most of the transactions, not only in the construction industry but in every business.
Prepare your team in a way that they resolve queries before they come up to you, which in turn saves a lot of time and increases their efficiency in dealing with issues in your absence too. Do not waste a single moment to give a decision because if a leader does not make a decision, it would be an utter shame to the leader as a leader. A decision has to be taken without any delay. Progress can happen only when the communication is in a positive direction, and it’s always towards solution providing.
I really think the most amazing and defining part right now is that we have given jobs to at least a thousand people in the latest industry. That is a key nest on our own. And that is what gives me a kick, you know, giving jobs to people, uh, making sure that, uh, we are feeding a lot of candies. I think this is the biggest kick of my life and uh, we’ll continue to do so. – Nitin Mittal
The vision & the challenges
In the coming future, K Nest is going to be one of the internationally listed companies with 5000 people working under it. It has one among those upcoming wise leader who is undoubtedly going to promote more eco- friendly technologies like replacing wood with aluminum and other shuttering material. However, aluminum formwork is going to be their primary focus. Nitin also speaks about his vision to own some iron and bauxite mines for his company, K-Nest as he wants to have his own back integration and not depend on any other country. Although the most significant challenge that Mr. Mittal talks about is the mindset of the developers, as we’ve been underestimating our own Indian manufacturers throughout the years. The Indian market has been carrying this myth for decades where people have created the trademark for foreign goods.
In contrast, they consider Indian good to be less compatible in comparison. Another challenge he talks about is the issue of the banks. He says that now the banks should help an entrepreneur with ample liquidity when the direction of the former is right. Rest everything is going to fall in place with time.
COVID is just a ‘coma’, not a full stop. – Nitin Mittal
Advice to young partners coming down to the industry
Life is a test match; play it gradually & slowly. You are not going to go anywhere playing the quick, quick sixes and fours. Just play gradually. And life rewards everyone who is a long term player.
