Late Mr. Agarwal did his B.Tech in Chemical Engineering from IIT Kanpur in 1972. He obtained his MBA (Finance) from the University of Maryland in 1975. He joined a Washington based company of Ship Brokers dealing primarily with United States Government Food Aid Programs and became a partner in the firm in 1983. He founded a new ship brokerage company, Phoenix Chartering Inc. in Washington In 1991. He sold the company and retired in January 2005.