Arvind Mills: From near bankruptcy to reinvention
Punit and Kulin Lalbhai were schoolboys, aged 16 and 13, when Arvind Mills came close to bankruptcy in 1998. The Lalbhai group flagship had piled up huge debts to finance capacity expansion, just at a time when demand for its main product, denim, went on a decline and managing director Sanjay Lalbhai was in negotiations with 85 domestic …