Ruia Group’s PK Ruai gives takeovers a new dimension
The announcement of Dunlop Tyres reopening on the Durga Pooja of 2006 was a sigh of relief for the 4,000 workers who would get their jobs back. Ruia Group’s confident takeover of tyre companies Dunlop and Falcon was a news that generated quite a few headlines.
Dubbed as the ‘turnaround tycoon’, Pawan Kumar Ruia, started with Ruia Cotex, his first venture, a textile manufacturing company in 1995. Within two years, he set up Kamalpur Sugar Mill, and then thought to acquire companies. Thus started his love for acquisition.
What brought PK Ruia back in the news was the decision to take over the ailing Jessop in 2003. The PSU, Jessop and Company, was suffering losses, and the amount stood at around Rs 4crore per month. The heavy-engineering railway wagon manufacturer at that time had ver...