Sanjay Ghodawat Group
An Indian diversified business group with operations spanning energy, aviation, consumer goods, agriculture, retail, education, real estate, textiles and related sectors.
Last updated August 31, 2026
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Overview
Sanjay Ghodawat Group is a privately controlled Indian conglomerate headquartered in Kolhapur, Maharashtra. Established in 1993, the group developed from an industrial and energy-oriented business into a multi-sector enterprise with interests in renewable power, wind-turbine manufacturing, agriculture, food and beverages, aviation, retail, education, real estate, textiles, chemicals, flexible packaging and entertainment. Its activities are organized through several operating companies and branded businesses rather than through a single consumer-facing master brand. Energy has been one of the group’s longstanding areas of activity. Through Ghodawat Energy and related entities, the group has developed and operated wind farms, manufactured turbine towers and participated in wind-turbine development. It expanded its wind-power presence through projects in Maharashtra, Karnataka and Rajasthan, and entered turbine manufacturing through a partnership with American Superconductor Corporation. The group’s energy operations have supplied electricity to state electricity boards and private industrial customers, while its manufacturing activities have served international and Indian turbine companies. The group broadened its agricultural interests through floriculture and high-value crops. Ghodawat Agro has cultivated flowers, ginger, herbs and vegetables in the Kolhapur region, supplying domestic markets and exporting a portion of its flower production to countries including the United Kingdom, Japan, the Netherlands, Germany, Australia and Greece. This agricultural platform complements the group’s interest in food processing and packaged consumer products. Consumer goods became a major growth area after the group entered edible oils in 2014. Ghodawat Consumer subsequently expanded into flour, pulses, rice, salt, snacks, namkeens, fruit- and vegetable-based products and non-alcoholic beverages. Brands associated with this portfolio include STAR, Fizzinga, Frustar, Coolberg and Rider. The company also pursued portfolio expansion through the acquisition of Coolberg in 2022 and the packaged-food brand To Be Honest in 2023. Its products are sold through general trade, modern retail and the group’s own retail network. Aviation is represented by Star Air, a regional airline launched in the late 2010s under India’s regional-connectivity program, commonly associated with the Ude Desh ka Aam Naagrik initiative. Star Air connects smaller and regional Indian cities with larger urban centers and has operated routes linking destinations such as Bengaluru, Mumbai, Delhi-region airports, Ahmedabad, Belagavi, Hubballi, Kalaburagi, Kolhapur, Nashik, Surat, Tirupati, Jodhpur, Hyderabad, Nagpur and other cities. The airline became one of India’s more prominent regional carriers during the 2020s. The group also operates Star Localmart, a supermarket chain concentrated in Maharashtra and Karnataka. Its education interests include Sanjay Ghodawat University, a state-private university established in 2017, offering programs in engineering and technology, pharmacy, architecture, science, liberal arts, computer applications, management and commerce. Real-estate holdings have included commercial property in Bengaluru, including an asset at Embassy Golf Links Business Park that was sold to The Xander Group in 2018. Through the Sanjay Ghodawat Foundation, the group supports education, healthcare, social welfare and disaster-relief programs. Foundation activities have included a girls’ educational institution, a blood bank, an old-age home, a school for blind students and relief work following floods and drought. The group therefore combines industrial operations, branded consumer businesses, regional infrastructure and philanthropic initiatives. Its broad diversification and private ownership make it an example of an Indian family-associated business house whose portfolio spans both business-to-business and consumer-facing sectors.
History
Sanjay Ghodawat Group was established in 1993 in Maharashtra by Sanjay Ghodawat. During its first decade, it expanded across industrial and commercial activities and reportedly reached turnover of approximately ₹3.25 billion. Its early diversification included wind energy, high-technology agriculture, chemicals, flexible packaging, edible oils, real estate and fast-moving consumer goods. In 2006, the group partnered with the PVG group through STAR-PVG Exports and developed wind farms with more than 50 MW of capacity across Maharashtra, Karnataka and Rajasthan. The project represented a major expansion of the group’s renewable-energy platform and involved reported investment of approximately ₹2 billion. In 2008, Ghodawat Industries entered wind-turbine manufacturing through a partnership with American Superconductor Corporation. The following year, Ghodawat Energy commissioned the Ghodawat 1650 prototype at Kaledhone in Satara district. The prototype received approval from the Centre for Wind Energy Technology and was registered under the Clean Development Mechanism. The group also experimented with media and entertainment. In 2009 it collaborated with Percept Picture Company on Hindi and Marathi film production. The resulting slate included Jail, Carry On Pandu, Bumm Bumm Bole and Jai Jai Maharashtra Maza, released between 2009 and 2012. Agriculture became another operating pillar. Ghodawat Agro entered floriculture in 2009 and later developed production of flowers, ginger, herbs and vegetables near Kolhapur. By the mid-2010s, the subsidiary was reported to supply hundreds of thousands of flower stems daily, with a portion exported to international markets. Its crop portfolio included Chinese cabbage, iceberg lettuce, tarragon, ginger, chives and oregano. In 2014, the group entered branded FMCG through edible oils. Ghodawat Consumer later extended the portfolio into atta, pulses, rice, salt, snacks, namkeens, fruit- and vegetable-based crunchies and beverages. This move gave the group a larger consumer-facing presence and established STAR as one of its principal product brands. The consumer business subsequently added beverages such as Fizzinga, Frustar, Coolberg and Rider. It acquired Coolberg in November 2022 and To Be Honest in January 2023, using acquisitions to broaden its packaged-food and beverage offering. Education became a formal institutional activity with the creation of Sanjay Ghodawat University, approved as a state-private university in April 2017. The university offers undergraduate, postgraduate and doctoral programs across technology, pharmacy, architecture, science, liberal arts, computer applications, management and commerce. The institution has received a NAAC A grade and has programs accredited by the National Board of Accreditation, according to the referenced material. The group entered aviation through Star Air. Although the airline was founded in 2017, it began scheduled operations in 2019 under India’s regional-connectivity scheme. Star Air focused on connecting underserved regional airports with larger cities and later served a broad network of Indian destinations. By August 2023, it was described in the reference material as India’s largest regional airline. The group’s retail presence is represented by Star Localmart, a supermarket chain operating mainly in Maharashtra and Karnataka. By June 2023, it had approximately 80 stores, including company-operated and franchise locations. In real estate, the group sold a 250,000-square-foot Bengaluru property at Embassy Golf Links Business Park to The Xander Group in February 2018; the group had acquired the property in 2003. The Sanjay Ghodawat Foundation coordinates much of the group’s social activity. Its initiatives include girls’ education, a blood bank, an old-age home, support for blind students and emergency relief. The foundation has provided aid after floods in Kerala and Karnataka, contributed to drought relief for farmers in Maharashtra and supported families of soldiers killed in the 2019 Pulwama attack. It received CSR and social-impact recognition in 2022, including the Ahimsa International Award and the Mahatma Award. The group has also been involved in significant regulatory litigation. In the 2004 Ghodawat Pan Masala Products and Others v. Union of India case, manufacturers challenged Maharashtra restrictions on gutka, pan masala and flavoured tobacco. The Supreme Court’s ruling addressed the classification of these products as food and the respective authority of state and central governments to prohibit their sale. The case remains one of the most notable legal matters associated with the group’s historical business interests.
- 2023
To Be Honest acquired
[1]Ghodawat Consumer acquired the packaged-food brand To Be Honest.
- 2022
Coolberg acquired
[1]Ghodawat Consumer added the non-alcoholic beverage brand Coolberg to its portfolio.
- 2019
Star Air begins operations
[1]The group’s regional airline began scheduled services under India’s regional-connectivity program.
- 2018
Bengaluru property divested
[1]The group sold a large commercial property at Embassy Golf Links Business Park.
- 2017
Sanjay Ghodawat University established
[1]The institution was established as a state-private university in Maharashtra.
- 2014
Entry into branded FMCG
[1]The group entered packaged consumer goods through edible oils and later expanded into staples, snacks and beverages.
- 2009
Wind prototype commissioned and floriculture expanded
[1]Ghodawat Energy commissioned the Ghodawat 1650 prototype, while Ghodawat Agro developed commercial floriculture and specialty crops.
- 2008
Entry into wind-turbine manufacturing
[1]Ghodawat Industries partnered with American Superconductor Corporation in the wind-turbine sector.
- 2006
Wind-farm partnership with PVG group
[1]STAR-PVG Exports developed wind farms exceeding 50 MW across three Indian states.
- 2004
Pan-masala litigation reaches the Supreme Court
[1]The Ghodawat Pan Masala Products case challenged state restrictions on gutka and related products.
Products and positioning
A diversified Indian business group combining industrial infrastructure, renewable energy, regional aviation, packaged food and beverages, agriculture, retail, education and social-impact initiatives.
Renewable energy and wind-turbine manufacturing · 1993
Ghodawat Energy
Ghodawat Energy develops and operates wind-power assets and has manufactured wind-turbine towers and related equipment. Its activities have included wind farms in Maharashtra, Karnataka and Rajasthan, prototype development and supply of power to state utilities and private industrial customers. The business has also worked with international technology and component suppliers and served turbine companies including Suzlon, Vestas and Enercon.
Floriculture and specialty agriculture · 2009
Ghodawat Agro
Ghodawat Agro operates in floriculture and high-value agriculture around Kolhapur. Its reported output has included large volumes of flower stems, ginger, herbs and vegetables such as Chinese cabbage, iceberg lettuce, tarragon, chives and oregano. Part of its flower production has been exported to markets in Europe, Asia and Australia.
Fast-moving consumer goods · 2014
Ghodawat Consumer
Ghodawat Consumer is the group’s packaged-food and beverage business. It began with edible oils and expanded into atta, pulses, rice, salt, snacks, namkeens, fruit- and vegetable-based products and beverages. Associated brands include STAR, Fizzinga, Frustar, Coolberg and Rider. The company has used acquisitions to expand its premium and non-alcoholic beverage categories.
Regional aviation · 2017
Star Air
Star Air is a regional Indian airline operated by the group. It was created to serve shorter domestic routes and began scheduled flying in 2019 under the country’s regional-connectivity program. Its network has included regional airports and cities such as Belagavi, Bengaluru, Kolhapur, Kalaburagi, Mumbai, Ahmedabad, Hyderabad, Tirupati, Jodhpur and other Indian destinations.
Supermarket retail
Star Localmart
Star Localmart is the group’s supermarket chain, focused primarily on Maharashtra and Karnataka. The format sells groceries, staples, packaged foods and other everyday consumer products through a combination of company-owned stores and franchise outlets.
Higher education · 2017
Sanjay Ghodawat University
Sanjay Ghodawat University is a state-private university in Maharashtra. It offers undergraduate, postgraduate and doctoral programs in technology, pharmacy, architecture, science, liberal arts, computer applications, management and commerce. The university is reported to hold a NAAC A grade and to have programs accredited by the National Board of Accreditation.
Controversies
2004
Ghodawat Pan Masala Products v. Union of India
A group-associated pan-masala business challenged Maharashtra restrictions on gutka, pan masala and flavoured tobacco. The Supreme Court addressed whether the products were legally treated as food and held that, under the relevant framework, only the central government could prohibit sale of a food item. The case is significant because it connected the group to a major dispute over public-health regulation and tobacco-related products.
Marketing campaigns
- 2019Drought-relief support for farmers
India
The foundation contributed ₹5.1 million to support farmers affected by drought in Maharashtra.
Outcome. The contribution was presented to Maharashtra Chief Minister Devendra Fadnavis for drought-relief efforts.
- 2019Pulwama martyrs’ family assistance
India
The group, together with employees, faculty members and associated contractors, donated ₹5.1 million to families of soldiers killed in the Pulwama attack.
Outcome. The donation provided financial assistance to affected military families.
- 2018Kerala and Karnataka flood relief
India
The Sanjay Ghodawat Foundation distributed food packets, clothing and essential medicines following severe flooding in Kerala and Karnataka.
Outcome. The initiative provided emergency assistance to affected communities.
Brand decisions
2023
Acquire To Be HonestM&ABackground
The consumer division was seeking to strengthen its premium packaged-food offering.
Action taken
Ghodawat Consumer acquired the packaged-food brand To Be Honest.
Aftermath
The acquisition broadened the group’s branded packaged-goods portfolio.
2022
Acquire CoolbergM&ABackground
Ghodawat Consumer was expanding its beverage portfolio and seeking additional consumer brands.
Action taken
The company acquired the non-alcoholic beverage brand Coolberg.
Aftermath
Coolberg became part of the group’s broader packaged-beverage portfolio; transaction terms were not disclosed in the reference material.
2019
Launch scheduled Star Air servicesProduct launchBackground
India’s regional-connectivity policy created opportunities for airlines serving smaller cities and underserved airports.
Action taken
Star Air began scheduled regional passenger operations.
Aftermath
The airline developed a network spanning numerous Indian regional and metropolitan destinations.
2017
Create a private universityStrategyBackground
The group had developed education and social-impact interests and sought a formal higher-education platform.
Action taken
Sanjay Ghodawat University was established as a state-private university in Maharashtra.
Aftermath
The university expanded the group’s institutional presence across technical, professional and liberal-arts education.
2014
Build a branded FMCG businessStrategyBackground
The group sought to extend its agricultural and edible-oil activities into consumer-facing packaged products.
Action taken
It entered FMCG through edible oils and later added staples, snacks, beverages and other packaged foods.
Aftermath
Ghodawat Consumer became a major operating arm and expanded its portfolio through the STAR brand and later acquisitions.
2008
Enter wind-turbine manufacturingStrategyBackground
The group already operated in wind power and sought to participate further up the renewable-energy value chain.
Action taken
Ghodawat Industries entered wind-turbine manufacturing through a partnership with American Superconductor Corporation.
Aftermath
The move led to prototype development and turbine-tower manufacturing activities.
2006
Expand wind generation through a PVG partnershipStrategyBackground
The group was broadening beyond its initial industrial activities and seeking scale in renewable power.
Action taken
It partnered with the PVG group through STAR-PVG Exports to develop wind farms in Maharashtra, Karnataka and Rajasthan.
Aftermath
The partnership produced wind projects exceeding 50 MW of capacity and strengthened the group’s energy platform.
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