The anonymous letter behind Anu Aga's sleepless nights, Thermax's turnaround
The Indian Express | 1 day ago | 04-06-2023 | 11:45 am
The Indian Express
1 day ago | 04-06-2023 | 11:45 am
ALMOST 50 years ago, when Anu Aga moved to Pune from Mumbai with her husband and settled down on the Boat Club road, the city welcomed her with open arms — and lots of fish.“The Mula Mutha was a flowing water body with aquatic life. Back then, it was a pleasure to be located next to the river and see the boating, and fishermen catching fish. In fact, we used to buy small fish from those fishermen. Those were delicious,” says Aga.Today, 80-year-old Aga is better known as the former chairperson of Thermax, the sustainable energy solutions provider, and spends her time reading, travelling, sharing precious moments with family and friends, and contributing to various social causes — including saving Pune’s rivers.“Over the past many years, I have seen the city grow. I recall my husband and I occasionally rode bicycles to dinners from our house on Boat Club road to Aundh or Koregaon Park. After dinner, they would take a lift home from friends and have the cycles picked up the next morning. For cycling, I could wear only one dress and I used to call it my cycling uniform. Today, with the indisciplined traffic and lack of cycle tracks, it would be suicidal,” she says.“As far as safety is concerned, Pune was and is a relatively safe city and I felt comfortable driving back alone till midnight. But me being a bad driver, my family has forbidden me from driving at night — for the safety of others on the road,” Aga says with a smile.Company in crisis, sleepless nightsAga’s memories of Pune are also tinged with sorrow and stress. In 1966, when her husband passed away, the Thermax board insisted that she take over the role of Executive Chairperson. “Having been in HR prior to being the Chairperson, our employees knew me well and wanted me to succeed. Even the outside world was very supportive. In those days, there were employees who proudly stated that this was their first and the last job. But today, youngsters think that staying with any company for even five years brings down their market value,” she exclaimed.Soon after she took over — the company had gone public a year before her husband’s death — the economy went through a downturn. “Thermax’s performance started slipping and the share which was quoted at 400 tumbled to 36. I got an anonymous letter from a shareholder saying we had let him down. For the Aga family, ‘letting down’ anyone was a dirty word and I went through sleepless nights,” she says.She then convinced the board to engage Boston Consulting Group (BCG) to find the way forward. At the time, Thermax had diversified into many non-core businesses like IT, electronics, bottled water, which added to the top line but eroded profits. “We were, perhaps, the first company to enter IT but had no clue how to run those businesses. In order to come out of those non-core businesses, many divisions had to close down and several employees were asked to leave. Thanks to the graciousness of those employees, they left without bitterness. If I meet them even today, they do not hold a grudge against the company,” she says.Those were very difficult days, Aga says, but Thermax managed a turnaround. “Some of the most difficult decisions I had to make was to decide whether the family wanted to be board members or executives. Until this point, my daughter Meher and her husband Pheroz were in charge of businesses and were board members but it was decided that they had to choose one. They were very upset to be pushed to make this choice and decided to be board members. Today, they feel it is the best decision they have made for themselves and for the company,” she says.An unusual encounter on Main StreetAs for life in Pune, Aga has an unusual anecdote to share. During one of her visits to Main Street in the Camp area, she saw a group of young boys begging. “I had seen them doing this very often but on that day I asked them why they were not going to school. They gave a big yarn that their parents had forced them to bring a certain amount of money home every day and if given an opportunity, they would love to study. Two brothers even took me to their parents,” she said, pointing out that her own children were young at the time.“I explained the situation and the parents were delighted that they could stay with me and attend school. I gave the parents my address, took them home and enrolled them in a municipal school nearby since no private school would admit these kids who did not know how to read or write,” she says.Then came an unexpected twist. “They went to school for about a week. But one evening, they did not come home. The same day, their parents came to meet the children. Some of my friends, who were visiting, cautioned that it could be blackmail. But I intuitively knew it was a coincidence. I went to Main Street, found the two children there and returned them to their parents. A few days later, when I met the brothers again, I asked why they did not come back home that day. They replied that they valued their freedom more than anything — an answer that thrilled my husband,” recalls Aga.An end and a new beginningAccording to Aga, the family’s philanthropic journey started with an incident that involved her son, Kurush. “He returned to India after studying and working abroad for eight years. He was extremely keen that a substantial part of our earnings should go towards social causes. To make his point, he threatened that if I did not do as he wanted, he would go back abroad. I hated doing anything out of compulsion and calmly told him that he was free to leave. But later Kurush apologised, and the family agreed that now that they had dividend income, they should seriously look at giving. Soon after this conversation, Kurush died in a car accident at the age of 25,” she recalls.To honour Kurush’s wish, Aga started looking for NGOs she could associate with. Soon, she met Shaheen Mistri, the social activist and educationist, and was drawn by her passion for educating the underprivileged. “Meher and I were invited on the boards of Akanksha Foundation and Teach for India,” says Aga. “Thus started my philanthropic journey.”