As social norms evolve, women becoming leaders in the corporate world marks a significant shift in organizational dynamics. They underscore the importance of fostering inclusive workplaces and embracing gender diversity at all levels of management. They are bringing unique insights, innovative approaches, and a collaborative ethos to the table, driving positive change within the organization. Their rise not only signifies progress toward gender equality but also signifies the immense value they bring to the business world, contributing to enhanced decision-making, organizational performance, and societal impact.
Kavita Shirvaikar stands out as a shining example of one such leader. As the Whole Time Director & Chief Financial Officer at Patel Engineering Ltd, her dedication, commitment to excellence, and forward-thinking approach have propelled Patel Engineering to new heights and set a benchmark for aspiring leaders across industries. As she continues to make waves in the corporate arena, Kavita’s influence and impact are poised to shape the future of business leadership for years to come.
Journey to Whole Time Director & CFO
Kavita Shirvaikar graduated from the University of Mumbai with qualifications in Chartered Accountancy and ICWAI in Finance & Accounts. Her initial stint at Hindustan Construction spanned an impressive 14 years, in which she ascended from an Accounts Officer to ultimately holding the position of AVP Finance, managing a spectrum of responsibilities encompassing accounts and finance. Transitioning to Suzlon Energy, Kavita assumed the role of General Manager in Finance, contributing her expertise for over a year and a half. Subsequently, she embarked on a decade-long tenure at Patel Engineering, commencing as Vice President of Finance and progressively advancing to Joint CFO, then CFO and eventually, to her current role as Whole-Time Director and CFO.
Throughout her career, Kavita has shown remarkable resilience amidst both highs and lows. At Hindustan Construction, she led various financial initiatives over 14 years, navigating industry fluctuations with grace. Her adept handling of complex restructuring processes, including CDR implementation, showcased her effective problem-solving skills. Transitioning to Suzlon Energy during another industry downturn, she was actively involved in corporate debt restructuring efforts, highlighting her adaptability and strategic acumen. Despite challenges, she managed frequent travel and restructuring initiatives adeptly.
Joining Patel Engineering, Kavita Shirvaikar continued to excel, overseeing intricate restructuring endeavors like SDR and S4A, alongside coming in as a Whole Time Director. Her leadership played a crucial role in orchestrating equity raises and monetization efforts, showcasing her expertise in finance and operations. Kavita’s skill set spans finance, accounting, taxation, and project management, reflecting her comprehensive understanding of the business landscape.
Pioneering Infrastructure Solutions
Established in 1949, Patel Engineering Ltd is a leading force in India’s infrastructure and construction sector, boasting a diverse portfolio spanning dams, tunnels, hydroelectric ventures, transportation networks, and real estate developments. Renowned for reliability and innovation, the company excels in traditional methods as well as cutting-edge technologies. With end-to-end support and a strong local presence, Patel Engineering delivers tailored solutions, contributing to economic growth and societal advancement. Managed by seasoned professionals and trusted subcontractors, the company has completed over 250 projects, emphasizing quality, excellence, innovation, and community development.
Below infographic to change. Details to capture:
Over 15,000 MW Hydropower
Over 300 km of Tunnels
Over 5.5 lakh acres of land irrigated
Over 1200+ kms of Road.
Leading with Team Spirit
Kavita Shirvaikar’s leadership philosophy revolves around the power of teamwork and the importance of consistent effort. She firmly believes that success is achievable through collective effort rather than individual prowess, emphasizing the value of team spirit and motivation. Kavita’s ability to inspire and motivate her team has led to accomplishing seemingly insurmountable tasks, earning accolades such as the Best Finance Team award from esteemed forums. Her leadership mantra includes fostering a sense of unity within her team, breaking down complex tasks into manageable components, and maintaining consistency and persistence in pursuit of goals. Furthermore, Kavita acknowledges the pivotal role of her family’s support, particularly her parents, in-laws, husband and daughter, in enabling her professional development. Their encouragement has allowed her to fully dedicate herself to her work.
Navigating Challenges
Throughout her leadership journey in the construction industry, Kavita Shirvaikar encountered numerous challenges, each offering valuable lessons for growth. In a predominantly male-dominated field, she initially faced resistance in establishing herself and gaining acceptance in senior positions. Overcoming this initial hurdle required diligent effort and a demonstration of her capabilities in team building, motivation, consistency, and hard work.
Moreover, the nature of the construction industry, with its mix of organized and unorganized sectors, presented its own set of challenges. Kavita had to navigate frequent travel to project sites and interact with various stakeholders, including both organized and unorganized workforce. This dynamic environment demanded adaptability and the ability to engage with diverse groups of people effectively.
Milestones of Success
Kavita’s career is punctuated by significant achievements and milestones that have shaped her leadership trajectory. One notable accomplishment was successfully completing the Hindustan Construction Company Debt Restructuring (HCCDR), demonstrating her adeptness at navigating complex financial scenarios. This milestone not only showcased her ability to lead strategic initiatives but also solidified her reputation as a capable financial leader.
Transitioning to Patel Engineering, Kavita Shirvaikar spearheaded the implementation of complex debt restructuring including SDR, S4A and carving out part business and change in management in the carved out entity, which included reducing debt by selling non-core assets and raising equity through multiple channels such as Rights Issues and Qualified Institutional Placements (QIPs). These achievements not only strengthened the company’s balance sheet but also positioned it for future growth opportunities. Furthermore, Kavita’s leadership was instrumental in implementing project monitoring and control systems, enhancing operational efficiency and transparency within Patel Engineering. By leveraging her team’s collective efforts, Kavita successfully executed these milestones.
Driving Innovation
Kavita Shirvaikar underscores the critical role of technology in fostering innovation and driving sustainable growth within her team and organization. Embracing technological advancements has been pivotal in enhancing operational efficiency and transparency, exemplified by the implementation of SAP across major project sites. This digital infrastructure enables real-time monitoring and communication, empowering Kavita to oversee operations remotely and make informed decisions promptly.
Furthermore, Kavita highlights the importance of leveraging technology to drive innovation in project execution. For instance, Patel Engineering developed in-house, assembled and installed a concrete Tower Belt system for concreting at the Kiru project, incorporating automation to streamline processes and enhance productivity. This innovation not only optimizes resource utilization but also accelerates project timelines, showcasing the organization’s commitment to technological advancement and creative problem-solving.
Nurturing Leadership
Kavita Shirvaikar emphasizes the pivotal role of mentorship in shaping effective leaders and fostering a culture of growth within her team. A key aspect of her leadership philosophy is identifying and harnessing the strengths and weaknesses of each team member, ensuring they are placed in roles where they can thrive. Kavita’s mentorship approach extends beyond mere oversight; she actively motivates her team to take ownership of their tasks, instilling a sense of accountability and dedication.
Reflecting on her career, Kavita recalls a particularly challenging task of implementing a complex restructuring within a tight timeframe. Her team’s relentless dedication and commitment to the goal underscored the importance of fostering a culture of ownership and motivation. Her leadership style encourages her team to give their utmost effort, assuring them of support and guidance, even in the face of mistakes.
Furthermore, Kavita acknowledges the need for adaptive leadership strategies tailored to different team members’ needs and levels. Whether motivating workers on-site or inspiring higher-level executives, she employs a mix of approaches to ensure maximum engagement and productivity. While she believes that her leadership demeanor can sometimes be regarded as assertive or pushy, she remains committed to nurturing her team’s potential and driving them to success.
Strategic Decision-Making
In navigating complex or high-stakes situations, Kavita Shirvaikar adopts a balanced approach to decision-making that combines assertiveness with receptiveness to input from her team. While she acknowledges her role as a leader with a decisive demeanor, Kavita values the perspectives and suggestions of her team members. When faced with challenging decisions, she encourages open dialogue and evaluates alternative viewpoints, recognizing that the best solutions often emerge from collaborative efforts.
Balancing Vision and Adaptability
Kavita Shirvaikar maintains an equilibrium between leading with vision and adaptability by embracing a continuous learning mindset. In an ever-evolving regulatory landscape, she recognizes the importance of staying abreast of changing requirements and compliance standards. Kavita emphasizes the strategic approach of learning, unlearning, and adapting to new circumstances, acknowledging that flexibility is essential for organizational success. As regulations evolve and environmental factors shift, Kavita advocates for a proactive approach that involves both embracing innovation and letting go of outdated practices. She stresses the need to remain flexible and adaptable, even if it means relinquishing past strategies that are no longer relevant.
Guiding Principle
Kavita Shirvaikar offers a profound piece of guidance rooted in her faith and belief in divine providence. She advocates for approaching life with a strong intention, underlined by goodness and persistence toward one’s goals. Kavita emphasizes the importance of trusting in a higher power and embracing the notion that every challenge and setback serves a purpose, ultimately leading to personal growth and learning. She attributes her success to God’s guidance and believes that staying true to good intentions and diligently pursuing goals will inevitably lead to fulfillment.
Embracing Support
As a woman leader in the industry, Kavita Shirvaikar has been supported and encouraged by her family and colleagues. Despite societal expectations, She was fortunate to receive equal treatment and opportunities. She attributes her success to the supportive environment fostered by her family and colleagues at Hindustan Construction Company (HCC), Suzlon Energy, and Patel Engineering.
Throughout her career, Kavita worked with understanding and supportive bosses who facilitated her professional growth, particularly crediting her success to the support of her CMD at Patel Engineering, Mr. Rupen Patel and also Mr. Praveen Sood, ex CFO of HCC. His faith in her abilities and encouragement to take the initiative empowered Kavita to navigate challenges confidently. Additionally, Kavita expresses appreciation for the people surrounding her. This includes her dedicated team and supportive seniors, whose mentorship and encouragement have contributed to her growth and success.
Striving for Balance
Kavita Shirvaikar advocates for a structured approach to achieving work-life balance, dedicating weekdays to professional commitments while reserving Sundays for quality time with family. Despite the demands of her career, prioritizes being present and fully engaged with her loved ones during her designated family time.
While Kavita acknowledges the inherent challenges of achieving perfect balance, she emphasizes the importance of making a concerted effort to meet the needs of both her career and her family. Recognizing that complete equilibrium may be elusive, she relies on understanding and mutual support within her family to navigate the complexities of modern life.
Pioneering Social Responsibility
At Patel Engineering Ltd, corporate responsibility transcends mere policy, becoming an integral aspect of its operational ethos. The company actively engages with humanitarian and charitable causes, underscoring its commitment to social impact and community welfare. This dedication extends beyond philanthropy, influencing the company’s approach to projects, clients, and collaborators. Embracing the belief that responsible business practices yield positive societal outcomes, the company integrates social responsibility seamlessly into its business strategy.
Eschewing “checkbook philanthropy,” Patel Engineering seeks sustained and engaged partnerships for effecting positive change. Through a methodical approach, the company identifies enduring community challenges and mobilizes its resources to deploy strategic solutions. This commitment is exemplified through ongoing programs supporting education, employment opportunities, and societal empowerment. Driven by the conviction that societal transformation is imperative, Patel Engineering remains steadfast in its mission to create safer, more accountable, and sustainable communities.
Forward Vision
Looking ahead, Kavita Shirvaikar envisions a transformative trajectory for her leadership role, transitioning from her current finance-focused position to one that encompasses operational responsibilities. With a keen eye on contributing to the growth and development of her country, Kavita aims to leverage her expertise and experience to drive meaningful change within her industry and community.
“Kavita exemplifies visionary leadership, transforming challenges into opportunities with unparalleled resilience and strategic foresight.”
