Page 57 - MASALA Magazine Vol.15 Issue 8 | December - January 2025

Education is another big part of the
company’s programme, such as its
collaboration with Chadchart Sittipunt,
who, as the Bangkok governor, has more than
400 public schools under his jurisdiction.
At Chulalongkorn University, the
company provides scholarships supporting
graduates in polymer sciences and other
quali cations that help to develop Thailand.

“Moreover, we have endowed MIT Sloan
School of Management a sum to serve all
of ASEAN through their new branch in
Thailand,” Aloke reveals. Close partnerships
with other vaunted academic institutions
include Singapore Management University
and the Asian Institute of Technology,
demonstrating the company’s commitment
to education and nurturing the region’s
future leaders.

In re ecting on Indorama Ventures’ purpose
to ‘create a better world’, Aloke echoes his
wife’s sentiment: “We are an Indian family Aloke and Suchitra Lohia at work
who has made Thailand our home. Our
adaptability is part of our DNA and is
re ected in how we manage cultures. We then you’ll change for the worse.” Change is a given.

communicate through the shared language
of Indorama Ventures, creating a cohesive Another pivotal milestone, Aloke tells But if you don’t control
and adaptable organisational culture that is me, was listing on the Stock Exchange of
embedded throughout the company.” Thailand (SET) in 2005 followed by the how you change, then
eventual listing of Indorama Ventures in you’ll change for the
What were the turning points in Indorama 2010. “Listing gave us access to public funds
Ventures’ journey? and allowed us to accelerate our growth plans. worse.
Looking back on Indorama Ventures’ It wasn’t easy,” he says, gravitas underscoring

remarkable growth journey, Aloke gives a the dif culty of the decision, “Listing as a
rich account of pivotal moments that shaped foreigner meant we were at the bottom of

the company. “Every crisis presented an the valuation, but it gave us the nancial into a pro table venture. This gave our

opportunity,” he recalls, from global nancial muscle to grow.” He stops to drop a gem of stakeholders and lenders con dence, which

crises to bold acquisitions that rede ned advice to other entrepreneurs, a charming enabled us to dream bigger and bigger.”

its trajectory. “With every challenge, we trait that I noticed he is wont to do: “If you
emerged stronger by leaning into change.” have strong growth plans, then it’s important Nevertheless, Aloke warns us of the danger of
to involve public shareholders. It’s a dif cult resting on one’s laurels. “By 2010, we achieved

“This is a story spanning more than 30 years, process and can take years but don’t get a USD 3 billion valuation, and that’s when I
and for the rst 15 years we operated with distracted. For example, I wasn’t too bothered initially thought that we had done it all. In

many constraints,” he recalls. “While my by our low valuation because we weren’t 2002, when we were only a hundred-million-
family in Indonesia helped support the selling our shares, and I knew that we could dollar company, we set an internal target to

company nancially in the rst 5-7 years, always do follow-up issuances. Every time be a billion-dollar company by 2010. Even
we were entirely self-funded from 1995, with we had a growth plan, we approached our then, we laughed at what we thought was
every dollar we generated reinvested into shareholders, balancing equity and debt. We a pipe dream, but we told ourselves, what’s
the business. In those early years, we were also focused on becoming the number one the problem with dreaming big? However,
careful and measured because we had to or number two in our industry – I believe it when we reached and surpassed even that
be. But 2003 was a turning point when an was Jack Welch who that said, ‘If you’re not aspirational goal, I thought it was enough,
opportunity arose to acquire a PET plant number one or two in your industry, leave it, until external consultants pushed us to think
in the US. It was a moment of reckoning and we took that to heart.” bigger, and we set our sights even higher.”
because I didn’t have the cash to make it
happen. That’s when my brother, SP, stepped However, he emphasises to me, “That is The result? By 2022, Indorama Ventures was
in as a partner and supplied half the equity easier said than done. You must identify a USD 20 billion company. Of course, Aloke
for the acquisition. That set us on a path to what you want to acquire or build, and is quick to caution that one cannot expect

global expansion.” you must execute to perfection. And that exponential growth to continue inde nitely,
is where an excellent management team and it’s important to prepare for disruptions
“As we went overseas, we realised that change comes in. You must buy the right businesses and downturns. “Throughout our journey,
is a constant,” Aloke continues. “It’s one of at the right time and price. Out of the more we’ve navigated major crises — the Tom Yum
our philosophies and why we have a growth than 50 acquisitions we have made, we KungCrisis in 1997, the SARS epidemic, the
mindset. We realised that change is a given, didn’t overpay for any of them. Each was an 2008 Financial Crisis, and the COVID-19
but if you don’t control how you change, underperforming asset that we transformed pandemic. Each crisis taught us to adapt.

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