Dubai: The new generation at the Al Maya Group is adapting well to the dyn-amics of the marketplace as well the internal ones.
"From the time we took over the day-to-day operations in 2005, it was clear we shared the same vision of where we wanted the group to go," said Usha Bahirwani, who along with her brother Deepak and brother-in-law, Kamal Vachani, represent the new guard.
"That was a big help because that translated into each of us pooling together for a common goal. The results from the last four or five years attest to that this arrangement has worked well — for us and the group."
Such a generational change is hardly unique to the Al Maya Group within the universe of family-owned businesses based in the UAE and even across the Gulf. During the better part of the last decade, the entrepreneurial baton was passed on to the new standard bearers at some of the leading privately-owned business houses. But not all of them have been the smoothest of transitions.
At some, it was felt by the new guard that they would be better off to go their separate ways rather than work together. Such partings have often been painful and accompanied by extreme rancour.
Clear strategy
At the Al Maya Group, such emotions are completely out of place, said Vachani. "The founder had laid down a clear marker. And the best part of it was that the new generation of which I am part found that there was no need to make dramatic changes to that.
"What has worked for the group in the past will clearly work in the future. There might be some alterations, but that has got to do more with the times we are in rather than a full-scale overhaul.
Major decisions
"Even then, my father-in-law is intimately involved in all the major decisions that have to be taken. In fact, we would not want it any other way. And the one thing I can say about him is his fantastic memory and remembrance of the smallest details from the past. That's a fantastic asset for us to draw on."
Having itself emerged through a split, will the Al Maya Group remain closed the possibility to future alliances with other business groups, even one that might extend to equity?
"I may not recommend it, but I would leave it to the children to take a final decision on any such approach," said Lachmandas Pagarani. "I may be open to looking at any such approaches that could come. But no decision will be taken without giving it serious consideration and based on its merits. Also, it should relate in some way to our existing business, which is food.
"I have made a career out of taking decisions that were not dictated by emotion. In fact, I would say that's a virtue in any business activity. It has paid off for me, and no reason why it shouldn't for the new generation.
"Keeping an open mind works best, doesn't it? Even at 80 years, it's this mindset that continues to work best for me. I am not going to change that now, am I?"
