In a developing country like India, there are industries and niches that need out-of-the-box thinking and business acumen to flourish. The tyre industry and heavy equipment industry, both fall under the same category.
With very much to do, and a very few takers present in the market, the future of these industries in the country was dependent on foreign players. However, a name that changed the entire sector with his far-sightedness was PK Ruia.
A classic case of how it’s done, Pawan Kumar Ruia (Ruia Group MD) has been setting up examples since the day he started working. With his foray into the business arena being as recent as 1995, Ruia has been making headlines for his entrepreneurial mindset.
The man who began with a charted accountancy firm initially, went on to opening Ruia Cotex, a textile manufacturing company, which was an Rs 10-cr project. After the establishment of his first company. In just 2 years, the Ruia Group MD set up Kamplapur Sugar Industries, a project worth Rs 80-crore.
Making a mark in the entrepreneurial orbit, Pawan Ruia made a bold move when he acquired Jessop and Company. A 220-year-old engineering company, which was at that time facing a downfall, was turned around into a profitable organization by the mastermind. From negative balance sheets, Jessop had a net profit of Rs 100 million in 2 years. The example set by Ruia silenced all those who thought of the acquisition to be a bad move.
The journey Pawan Kumar Ruia started, took major turns and his success march led him to taking over two of the biggest names in the tyre industry. Dunlop Tyres and Falcon Tyres, which were once high-grossing companies, were at their lowest.
After the acquisition by Ruia Group, gradual changes started happening in both the companies. All the 4,000 employees that Dunlop had were re-employed, the labour was secured, the legal glitches were resolved and the production began.
Today, both these organizations showcase the result of PK Ruia’s determination and hard work. What many people were skeptical about a few years back, was turned into a profitable business by the man who had the courage to rebuild these falling tyre manufacturers.
Settled in Kolkata, Ruia’s ventures and business success has earned the city a special reputation. Along with the heritage that it speaks of highly, the name Pawan Kumar Ruia is an extension to the city’s name.