Kasturbhai Lalbhai was an Indian industrialist. He was widely perceived as a nationalist businessman akin to G. D. Birla. He co-founded the Arvind Mills along with his brothers and several other institutes.
Background
He was the descedant of Shantidas Jhaveri, a royal jeweller of Akbar. Khushalchand (1680–1748), the grandson of Shantidas paid ransom to the Marathas to save Ahmedabad from plunder in 1725. Khushalchand's son Vakhatchand (1740–1814) was also a noted businessman. His grandfather Dalpatbhai Bhagubhai was also in cotton trading business in 1870s. His father Lalbhai Dalpatbhai (1863-1912) established Saraspur cotton mill in 1896 addition to the traditional business of precious gems. It became a part of the swadeshi movement in India.
Career
He joined Raipur Mill as a chairman in 1912. He joined the board of directors of Raipur mill in 1918. Later he established Ashoka Mills in 1920s. He expanded business by investing in or acquiring five mills between 1924 and 1938 ncluding four belonging to relatives. These includes establishment of Arvind Mills and Nutan Mills in 1931, Aruna Mills in 1928, Ahmedabad New Cotton Mills in 1938. In 1952, he started Atul Limited (literally, 'incomparable'), India’s first modern dyestuff manufacturer, in collaboration with American Cyanamid Company. He was elected in Central Legislative Assembly in December 1923. During his three year term, he was involved in lobbying for Indian industries including repeal of excise duty on textiles. He held several important positions after independence of India, including Advisory Committee on Fundamental Rights, Minorities and the Administration of Tribal and Excluded Areas in 1947, chairmanship of the Economic Committee of the Ministry of Finance in 1948, chairmanship of Central Public Works Department Industry Committee in 1952, chairmanship of National Research Development Corporation, member of Council of Scientific and Industrial Research, trustee of Gandhi Smarak Nidhi, member of Indian Investment Centre. He also became the trustee and chairman of Mahatma Gandhi Memorial Fund. He also served as a member of Minorities Sub-committee as a representative of Jainism.