There are certain industries in India that require innovative solutions and exemplary vision to make an everlasting impact. Many leaders and entrepreneurs have treaded on these uncharted paths from time to time, aiming to climb the ladder to get the desired recognition.
However, there are certain individuals who intend to change the landscape of industries, while working away from the limelight. One such individual is Pawan Kumar Ruia, the chairman of Ruia Group. He never worked to make his presence felt or get the recognition, but always aimed to contribute and impact the lives of his fellow countrymen.
The man who started his career with a charted accountancy firm decided to change the course of his journey for a greater good. With a lot to do and very few takers present in the market, Pawan Ruia made a bold decision to take on the heavy equipment and tyre industry amidst a challenging time.
The future of these industries was in jeopardy and foreign players were ruling the roost. Pawan Ruia stepped up to play his part in changing the fortune of the entire sector. He started by acquiring a 220-year old engineering company known as Jessop and Company, which was facing a downfall and the negative balance sheet had all but hampered the progress of the firm.
Pawan Ruia made headlines by turning around Jessop into a profitable company. From negative balance sheet, the company made a net profit of Rs 100 million in 2 years. As a result, the acquisition turned many heads around by setting a great example in an unfavourable market scenario.
After climbing the ladder in heavy equipment industry, Pawan Kumar Ruia went onto acquire two of the biggest giants in the tyre industry. It was a time when both these players were at their lowest, presenting yet another opportunity to Pawan Ruia, who cashed in big time and successfully turned the ailing companies around.
Having solved the legal glitches, both the companies resumed production. All the 4000 employees, who were unsure of their future were re-employed by Pawan Ruia. This is when he earned the name of ‘turn around tycoon’, which is testament to his extraordinary vision and zeal. Although he managed to fulfil his dream of impacting the lives of his fellow countrymen, Pawan Ruia’s determination to work hard has only grown with time.