Taking over companies that are struggling to survive is no mean feat. It not only needs courage, but a vision to get those companies out from the precarious situation, and change the fortunes of workers and stakeholders associated with it.
The journey of Pawan Ruia, the MD of Ruia Group, has always been about grabbing the bull by its horns rather than running away from it. He started it all with the acquisition of Jessop in 2003, the company known for the construction of iconic Howrah Bridge. With his unmatched wisdom and determination, Ruia entered into a joint venture with the Government of India to make Jessop run again.
“We knew about our capabilities, and confident that we could make this company run again,” says Pawan Ruia. An engineering company, Jessop, manufactures railway coaches and wagons, cranes, road rollers and hydraulic equipment. It is the only company in Asia to have an integrated test facility for testing power roof support and Hydraulic items. Taking into account the internal and external factors associated with the company, Ruia Group has streamlined the functioning of the company.
The juggernaut of PK Ruia didn’t end there, as he looked on to take some of the famous brands out of trouble, including Dunlop India Ltd and Falcon Tyres in 2005. These companies were in doldrums, but the turnaround king was confident of getting the company out of an unpleasant situation.
Dunlop was being written off, and had closed down for some time. But Ruia led the charge and addressed the problems one after another. He went for a complete refurbishment of the company and reemployed all the 4,000 employees of the Dunlop factory.
“The industry may be old, but the brand is never old. It has factories, infrastructure and trained manpower ready to start the production,” explains PK Ruia. He worked his way with the same mindset and Dunlop India Ltd started to make profits from the very first day.
On the other hand, Ruia Group also invested Rs 1,300 crore in Falcon Tyres to increase its production capacity to 2.7 million units per month. Falcon started to thrive even in the toughest of circumstances. It has been providing products to multiple 2-wheeler makers, including Hero Moto Corp, Bajaj Auto, Royal Enfield, and more. It only adds to the list of companies revived by the turnaround tycoon.
With an unwavering confidence and a courage to take the risks, Pawan Kumar Ruia has made a huge difference, and changed the outlook of certain companies and industries within no time.