Running a company that is on the brink of liquidation is never easy. It requires unmatched leadership qualities and a different psyche to accept the challenge and work for the revival of such firms. But, there are people like Pawan Kumar Ruia, who enjoy transforming sick companies. He loves doing what others can’t do, that too in a subtle manner.
According to PK Ruia, there is no fixed formula for transforming sick companies as every company comes with a different challenge altogether. One should be able to handle the difficult situations related to labor, technology, machines, environment, market, suppliers, etc. There are many other challenges that come at different stages. A big heart is required to keep up the own spirit and spirit of the employees, even in the toughest phases of revival. It is not possible to run these companies without having the right mindset and attitude.
For Ruia, taking up such challenges has been a norm, starting with the acquisition of 200-year-old company in the infrastructure engineering space. Ruia Group not only took over the old heritage institution in the form of Jessop and Co Ltd, but made sure that the company started functioning as quickly as possible. The ailing giant was in dire straits, when PK Ruia decided to acquire the company. It manufactures railway coaches, wagons, cranes, road rollers, etc. The scenario has changed and till Ruia was the MD, the company constantly earned profits without any roadblocks.
The turnaround tycoon soon acquired the tyre manufacturing companies, Dunlop India Ltd and Falcon Tyres Ltd. At that time, experts had written off Dunlop, but Ruia led the charge and addressed the problems one after another. With all the manufacturing plants in different parts of the country, Dunlop has re-established itself in India.
PK Ruia invested Rs 1,300 crore in Falcon Tyres. The company was down and out when Ruia took control and within a short span of time, Falcon started to provide products to multiple 2-wheeler makers, including Hero Moto Corp, Bajaj Auto, Royal Enfield, and many more.
Ruia Group has also acquired overseas companies like Schlegel Automotive Europe Ltd in Leicestershire, UK, Draftex Automotive GmbH in Dusseldorf, Germany and Gumasol Rubber Tec GmbH in Germersheim, Germany. It has made a huge difference with a will to become an undisputed market leader in the future.
It is the vision and entrepreneurial grit of P.K Ruiathat these sick companies are making a comeback. Under his leadership, the future certainly looks bright for the Ruia Group.