Being a CFO in a well-established company is not the same as being a CFO in a company that has just started or is in its early stages of development. Today's CFOs are responsible for more than just managing the company's cash flow and establishing policies. They have evolved much further than that; today's CFOs are more like value creators who assist entrepreneurs or business administration in building a dynamic company. Anju Madeka, the President and Chief Financial Officer of Bengal Aerotropolis Projects (BAPL), is one such professional who exemplifies the above element.

Anju shifted to BAPL, which was still in its initial phases of development when she had a powerful and generously compensated job. And Anju's extremely versatile professional bandwidth from leading private sector enterprises over three decades aided her in the rapid turnaround and construction of BAPL's dream project from the ground up. In an exclusive interview, Anju Madeka takes us through the professional journey that made her evolve throughout her career and the milestones achieved.

What motivated you to foray into a brand that was created with the dream of revolutionizing city skylines by changing the way we approach infrastructure and real estate?

My corporate work experience has been marked not only by functional breadth, but also by sectoral diversity, having worked in leading organizations such as Shaw Wallace, Dunlop, Balrampur Haldia Petrochemicals, Tata Global Beverages (then known as Tata tea), and Marico, which covers a wide range of consumer goods, core cyclical, infrastructure development, and investor funding.

As a professional, I have always preferred to face challenges rather than celebrate successes because I believe that success is a fleeting achievement that can serve as motivation to face more challenging circumstances in business. Building something from the ground up and making dreams a reality was enough to entice me to join BAPL. Here, I was given complete freedom to play a pivotal role in the creation of a landmark formation that will forever alter the perception of Bengal. It was a challenge to move from a cash flow-rich company to one that was still in the early stages of development, but it was also a motivator to create a success story.

Tell us about the varied expertise you possess. How does your prior industry experience help you in your current role as the CFO at Bengal Aerotropolis Projects?

My diverse experience in FMCG, manufacturing, real estate, and petrochemicals has prepared me to handle roles requiring a broader set of skills such as mergers and acquisitions, resource mobilization, project implementation, and deal negotiation. All of these combined experiences aided me in spearheading a trailblazing initiative to establish a new urban form that has the potential to change the way the world views greenfield airports and cities, as well as their interdependence.

What are the various roles & responsibilities that you currently shoulder at Bengal Aerotropolis Projects? What are some of the most challenging you have faced and how do you overcome them?

To name a few of the many responsibilities I undertake at BAPL, I am responsible for Resource Mobilization, Treasury Operations, Banking and Financial Institution Relationships, Investor Relations, Accounts & Audit (both IFRS and US GAAP), Legal & Secretarial, IT, Taxation, and so on.

In the context of the current economic situation, one of the most challenging aspects of my role as CFO of BAPL that I had to overcome was successfully tying up Debt funds worth over Rs 1500 crores and Equity funds worth over Rs 500 crores. As CFO, I was responsible for overseeing and coordinating project infrastructure construction work, as well as successfully resolving complex obstacles, problems, and long-standing impediments to complete the project and begin airport operations.

“I believe in empowering my team so that they can confidently accept full responsibility for the decisions they make in the course of their work roles.”

Another challenge was the vacuum created by the sudden death of the Vice Chairman and Managing Director, followed by the topsy-turvy nature of the business during the early stages of COVID-19. Steering the company, which had already faced numerous implementation challenges, had proven to be the most difficult task. To keep the project going, I had to keep the shareholders motivated and channel their desire to help us in the right direction. Getting the airport back on the map was a game-changer; not only did the total number of connections to metro cities increase, but we at BAPL continued to see a very healthy load of over 90%.

What have been the most significant milestones that you have achieved so far in your professional journey? What is your guiding leadership philosophy?

In addition to the significant milestones achieved during my tenure as a professional in my BAPL journey, it is worth mentioning a few others, such as the induction of IL&FS as an equity stakeholder of BAPL after the necessary due diligence. And at Tata Global Beverages, I led the legal, commercial, and financial restructuring of plantation operations, in which the business was de-merged into separate companies with participation from international financial institutions (IFC), leading national financial institutions (IL&FS), private equity investors, all classes of employees covering 30,000 workers, and others.

Another accomplishment at Haldia Petrochemicals was the implementation of an integrated infrastructure project worth approximately Rs.500 crores from inception to completion. For me, the guiding principles have always been transparency, integrity, and authority. I believe in empowering my team so that they can confidently accept full responsibility for the decisions they make in the course of their work roles.

Anju Madeka, President And Chief Financial Officer, Bengal Aerotropolis Projects

Anju is a qualified chartered accountant. And after completing her advanced course in financial management at Wharton, Anju has been equally adept at handling roles in mergers and acquisitions, resource mobilization, project implementation, deal negotiation, and other areas that require a broader set of skills.