India Inc's top turnaround stories

India Inc's big names share how they steered their companies through tough times and emerged stronger.

Anu Aga, Director and former chairperson, Thermax

The Case:
Revenues and profits had stagnated in the early 2000s

The Strategy:
Restructured Thermax into six core businesses. Brought in professional top management.

Arvind Uppal, president, Asia Pacific, Whirlpool

The Case:
Competition from new Asian rivals had pushed Whirlpool into the red

The Strategy:
Boosted employee morale. Focused on strengths such as people and product innovation.

Bhavarlal H. Jain, founder of Jain Irrigation Systems

The Case: 
Needless diversification had left Jain Irrigation on the brink

The Strategy:
Roped in a PE investor. Retired debt. Bolstered working capital. Exited non-core businesses

Govind Shrikhande, MD, Shoppers Stop

The Case:
The 2008 slowdown hit consumer sentiment, hurting Shoppers Stop

The Strategy:
Shut unprofitable formats. Right-sized stores. Controlled costs. Repositioned the brand.

Himanshu Kapania, Managing Director, Idea Cellular

The Case:
Idea faced pressure from stiff competition and a tough regulatory environment

The Strategy:
Mobilised finances, built capacity, expanded nationwide, improved customer service.

Nitin Paranjpe, CEO & Managing Director, HUL

The Case:
HUL faced pricing pressure in 2008 and had to make its brands competitive

The Strategy:
Focused on consumers. Invested in processes and technology. Controlled costs.

N. Srinivasan, Vice Chairman & MD, India Cements

The Case:
Bought companies with debt. Could not repay when cement prices crashed

The Strategy:
Opted for a corporate debt restructuring scheme. Cut costs. Sold some assets. Went in for a GDR issue.

Peter Mukerjea, former CEO of STAR India

The Case:
STAR India needed to attract more viewers across the country

The Strategy:
Launched mega shows such as KBC. Provided content in Hindi
and other languages.

Rakesh Jain, MD of Aditya Birla Nuvo

The Case:
ABNL needed to bounce back after being pushed into the red by the 2008 economic crisis

The Strategy:
Rationalised costs. Infused capital. Reduced debt. Restructured some businesses

Sanjay Lalbhai, Chairman and Managing Director, Arvind Ltd

The Case:
Arvind had to overcome Rs 500 crore in losses and Rs 2,700 crore in debt

The Strategy:
Diversifed into new segments. Restructured some businesses. Monetised surplus land.

Sunil Duggal, CEO, Dabur India

The Case:
Despite high demand for consumer products, Dabur was not able to grow

The Strategy:
Outsourced non-core businesses. Entered new categories. Targeted
rural India. Expanded overseas.

Sunil Pahilajani, MD & CEO, Greaves Cotton

The Case:
High production and manpower costs pushed it into the red

The Strategy:
Focused on core business. Cut costs. Sold surplus assets. Moved from stock push to demand pull.

Sanjiv Goenka, Chairman, RP-SG Group, & Vice Chairman, CESC

The Case:
CESC was deep in the red. It needed to raise tariffs, increase generation
capacity and end load shedding.

The Strategy:
Took legal recourse. Set up a power plant. Improved distribution efficiency. Increased service quality.

Mahendra Mohan Gupta, Chairman & Managing Director, Jagran Prakashan

The Case: 
JPL needed to fend off rivals, retain market share and talent, and ride out the 2008 crisis.

The Strategy: 
Differentiated content, offerings and innovation. Controlled costs. Kept team members motivated.