Page 58 - MASALA Magazine Vol.15 Issue 8 | December - January 2025

The Tom Yum Kung Crisis, for example,
taught us not to put all our eggs in one basket,
and it pushed us to diversify and go overseas,
setting the stage for our global reach.
By embracing change, we’ve turned
challenges into opportunities.” Here, Aloke
stops to give a wry chuckle and acknowledge,
“It’s easy to say every crisis is an opportunity,
but a crisis is still a crisis, and you have to
deal with it!”
For example, when the industry peaked
in 2022, he tells me that they realised
it wouldn’t stay that way. “There were
many supply chain disruptions because of
COVID-19 but because we were a ‘local’
global manufacturing company – the reason A secure Lohia family legacy.
we have factories all around the world –
we weren’t affected by these disruptions. Our aim is to give back
However, we recognised that it wouldn’t management team, and an executive team to the community; to
last, and by 2023, when we saw our numbers that has, “full ownership, accountability, and
sliding, we prepared for it and made some responsibility of the business,” is instrumental use our privilege to
bold decisions.” And here, I discover, is when in Indorama Ventures’ success. For younger ensure that we help
Indorama Ventures, unencumbered by ego readers, Aloke emphasises the importance
or fear, announced that they would close of leadership. “Management has a big role those around us
six factories and take an impairment of over in success. Our success is not only because
USD 1 billion. “We had to consider hard of the Lohia family; it’s also the leadership
questions like, ‘Are we admitting to having and management.” large supermarket like Walmart, a CEO of a
made mistakes and buying the wrong assets?’ waste management company, and a feedstock

and ‘Will the banks now lose trust in us?’” Another secret, he con des to me, is preparing CEO, and we’re discussing how to reduce
Aloke reveals. “Ultimately, we agreed that for crises by keeping what he calls “dry our carbon footprint together. You get to sit
we had done the right things at the right powder.” “Your balance sheet should be in at that table only because you have the scale
time. I got us to where we were, and now order all the time. This gives comfort to all to contribute.”
that times were changing, we needed to your stakeholders – whether it’s your lenders
adapt. You must make these bold decisions or your customers.” What has been your experience as part of
because you don’t want to carry unnecessary Financial stability is vital in a challenging the Indian diaspora in Thailand?
weight on your shoulders, which will only industry like plastics. “There are many threats With pride and nostalgia, Aloke re ects on

bog you down.” And now, Aloke tells me, to plastics, and we must keep innovating and the Indian community’s integration into Thai
their market valuation is considerably better nding new ways of making lower-carbon society. “Over the decades, we’ve built deep

than their industry peers, despite the worst products. In Milan, we have a specialist unit ties, contributing signi cantly to Thailand’s

downturn in their industry’s history. doing that – Indorama Ventures Investments growth,” he says. “Indians now hold
What are your key tenets to success, & Holdings (IVIH). Why Milan? Because prominent roles in Thailand’s private and
launching your family business to a global Europe is at the forefront of sustainability, and public sectors, including positions as senators,

powerhouse? And how do you sustain that they’re the guys leading the charge.” top of cials, and leading entrepreneurs. The
legacy? Indorama Ventures is investing heavily in future lies in mutual growth, and I urge my
fellow Indians to build bridges that bring our
“Ultimately, Indorama Ventures’ success sustainability, particularly in developing two nations closer and help the Thai business
comes down to three things: an bio-circular raw materials to replace fossil- community to contribute to, and bene t from,

entrepreneurial family, a management team based inputs. “I like to think that we are the the Indian economy’s enormous potential.”

with a growth mindset who are brilliant at only out t in our industry who does this,”
execution, and the ability to adapt to change,” Aloke states. This investment in innovation He also urged foreign business leaders to
Aloke lists. Moreover, he highlights the strengthens their relationship with customers, embed new business ventures within the
importance of meaningful engagement with who are major household brands. “It’s not local Thai community and culture from

your customers, which he tells me is the only only about manufacturing ef ciency and the start, mirroring how Indorama Ventures’
way to grow. “If your customers believe in cost-competitiveness but also about what new management worked diligently in the early
your product, your competitiveness, and products you are rolling out at that R&D level. days to adapt to the local context – a practice
your word, then they’ll stay with you,” he The pressure is on everyone. The Walmarts the company continued to apply as they
says with conviction. “I like to believe that of the world are concerned about plastic on expanded into other countries.
our relationship with our customers is the shelves. Those plastics are coming from
more personal, more long-term, and more the brand owners, and they look to us for help.” VIEW VIDEO/
strategic. That’s how we’ve been able to The company’s global scale, he explains, IMAGE GALLERY
grow,” he says. This synergy between an makes it easier. “There are times where
entrepreneurial family, a high-performing I’m sitting with a brand owner, a CEO of a

| MASALA MAGAZINE DEC JAN