The Lohia Legacy
By Aiden Jewelle Gonzales
It’s not about me,” Aloke Lohia, the Founder and Group CEO of Indorama Ventures tells me, his pipe in hand, when I meet him to get a peek behind the scenes at the company’s global headquarters in Bangkok. An industry titan and legendary entrepreneur who helped launch his family business from an idea to a global powerhouse in over 30 countries, Aloke is certainly larger than life; an unmatched presence and gravitas that pulls in everyone around him. When I tell him how eager I am to meet the entrepreneur behind the company that produces and recycles Polyethylene Terephthalate (PET) plastic worldwide, supplying their products to global brands such as Coca Cola,Pepsi,Johnson & Johnson, and more; he is quick to demur: “Everyone knows the basics of what Indorama Ventures does, but that is not its heart and soul,” he gently corrects me, impassioned. “We are a family business that started from nothing. Our aim is to give back to the community; to use our privilege to ensure that we help those around us, not just here in Thailand but around the world.”
As we speak, it’s clear that Aloke is inextricably interwoven with the Thai Indian community, recalling history and connections with mutual friends with ease. It is a journey of more than three decades, culminating in the India-Thai Chamber of Commerce’s Lifetime Achievement Award in 2024. Reflecting on the honour, he said the award “is a dedication to my family, friends, colleagues and peers who have mentored and supported me in Indorama Ventures’ journey, in particular my father Mohan Lal Lohia, my brother Sri Prakash ‘SP’ Lohia, and the indispensable role of my wife Suchitra and our children. In my speech, I recalled my father’s wisdom in choosing Thailand for me. I was 30 years old when I landed in Bangkok with a dream of building a chemical franchise for the family firm, which was then a modest textile business in Indonesia and India.”
As he deftly fills his pipe with quick, practiced motions, Aloke recounts their humble beginnings, tendrils of smoke adding intrigue as he lifts the curtain on a family business that de ed the odds to become a global success. “It all started with my father who came back to Thailand in 1958 and brought me here as an infant,” he begins. “In the 1960s, he started his first manufacturing company in Thonburi called Thonburi Lace Company, together with his business partner, Bhagat Singh Sethi, and he was here until 1966. Before that, we were in trading – buying and selling goods. My father lived in nine countries through the 50s to 70s, and he experienced true hardship in those days. In 1972, he landed in Indonesia, and that’s where the name ‘Indorama’ was coined: ‘Indo’ stands for Indonesia and ‘Rama’ is our mythological god. That’s where the main business started, and I joined it in 1978 after my education. My father was always very fond of Thailand because you could say this is where he began. In the 80s, Thailand was a ‘rising tiger,’ its economy growing fabulously.
The mandate he gave me was that even though we were a textile company he wanted me to do something else. So I ended up in the chemical business.”
Aloke pauses to emphasise the support of his larger family: “This wouldn’t have been possible without my parents and siblings. I’m the youngest in the family and their support was unique – there was no backseat driving. While my mandate was clear, they left it to me to choose the business, and they fully endorsed it as well as the growth afterwards.” This trust, he says with clear gratitude, included financial support. “When it comes to funding, parents normally cringe,” he says with a rueful smile. “It’s a big investment, but the larger family fully supported my ventures.”
Painting a vivid picture of someone who learned to forge his own path while keeping his family’s legacy close, Aloke emphasises that Indorama Ventures’ strength is working together as a family and keeping their values front and centre. “I got married in 1982 and I have three kids, all of whom are working in the company,” he says with unconcealed pride. “My wife Suchitra is Deputy Group CEO and each of my children have central leadership roles in key parts of the business.” Coming over almost emotional, Aloke takes a moment to reflect on his wife’s support over the decades: “She’s the strongest member of my family; my confidante, and the one I speak to about my fears and apprehensions. She was with the business from the beginning since 1990 and we’ve worked alongside each other the whole time. When things don’t go smoothly, like in any business, she’s the brave one who bolsters me and tells me to trust what’s written in our fate.”
As Aloke recounts the strong family bond and the vital role they all play in the business, a smile takes over his usual serious mien: “Aradhana runs our investor relations programme and has an added focus on our Fibers segment. Yash is Chairman of the ESG Council and is also embedded in our traditional Combined PET segment, while Anuj is building his experience in our newest Indovinya segment,” he points out. “I’ve been fortunate that all three kids have entrepreneurial zeal. Two of them are happily married, and their spouses are also strong pillars of support.” What’s important, he tells me, is “how we look at our soul, our continuity, and our professionalism, while at the same time bringing our values into the company.”
When I point out that few Indian family businesses have achieved the acclaim of Indorama Ventures despite their abundance in Thailand, he highlights the importance of having a global vision, not being afraid of the grind and seeing crises as opportunities. “When I came here, we were not the wealthiest family. We had our ups and downs, but we’ve improved with every crisis that we’ve weathered. What’s also important is instilling values in your children, leading the business ethically and giving back to the community.”
Indeed, when I ask Aloke about whether he sees his grandchildren joining the company, he doesn’t miss a beat: “Undoubtedly. We’re a close-knit family, and because we do business together it automatically becomes a part of their lives. The next generation is not so different from my generation. There are three brothers; we’ve all done well and are happily married, and all my brothers’ children are in the family business as well. My children look up to their cousins, who are all older than them, and see that continuity there. That doesn’t happen everywhere, but we’ve been fortunate in that sense.” This, he tells me, is how they stay grounded and connected: “Our roots as a family business are important in balancing our ambition as a growth company with humility,” he explains. “My children have grown up with Indorama Ventures they can remember our humble beginnings and have shared in both the successes and the challenges. We still have lunch together at the office, as I did with my parents and siblings. In fact, my father instilled the values we live by today.”
His respect for what both Indonesia and Thailand has given him shines through as Aloke shows me sepia-toned pictures of bygone days, including one of them standing outside their business as King Rama IX’s entourage walks by. “They asked who the Indian business owners were and gave us gold coins,” he reminisces fondly, paying homage to the late King Rama IX’s support over the years. Even so, he holds his Indian roots dear, revealing that most of his family still hold Indian nationality. It’s this balance of roles that underscores to me the multifaceted aspects of this man: respectful of Thai culture but still proudly Indian; an industry leader and a family man; someone with the drive to create a global footprint but with family and community at his core.
After our meeting, I walk through the company’s 360 Gallery at their head office in Asoke – a modern, interactive display of Indorama Ventures’ history, businesses and products, from becoming the world’s largest producer and recycler of PET resin and packaging to a global supplier of hygiene products and diapers, to producing flame- retardant firefighter suits and even shirts for the Japan Climbing Team in the 2024 Summer Olympics in Paris. It strikes me that while the company’s unparalleled success is clear, it’s harder to fathom its heart and soul: to pay back the privilege that they were given. Aloke describes more of their family history; the lesser known but impactful social programmes that fly quietly under the radar, and the Lohia family legacy that he hopes to continue.
What is the ‘heart and soul’ of Indorama Ventures?
When asked this pivotal question, Aloke reflects with quiet passion on what drives Indorama Ventures: “It’s the family values – continuity, trust, and responsibility – that are embedded in our DNA. These values extend to our employees and the communities we touch.”
With pride, he explains that the company thrives as an extension of the Lohia family, where ethics and purpose are paramount.
“Our reputation is tied not just to our name but to the relationships we build and the contributions we make to society. That is the heart and soul of Indorama Ventures.”
What kind of community work does Indorama Ventures do?
“It’s not just about doing business; it’s about giving back,” Aloke says. “From spearheading global recycling education initiatives to supporting underprivileged communities in Thailand, the company’s impact is far-reaching. We are deeply rooted in the belief that business must serve a higher purpose,” he adds.
While showing me pictures of the incredible community work that Indorama Ventures has been doing for years, each of which speaks a thousand words, Aloke walks me through their Corporate Social Responsibility (CSR) and sustainability programmes. These initiatives, he explains, are central to the company’s purpose of ‘reimagining chemistry together to create a better world.’ I ask him if this includes his recycling initiatives and global waste management programmes, of which there are plenty, and he kindly corrects me: “Recycling is our job. But what we do for the community is beyond our business of recycling and waste management.”
His team, who have joined the conversation, describes with no small amount of awe, the company’s CSR programmes, which help communities that surround the company’s many sites, both local and global. In Texas, where some of their largest plants are found, their “Fish-o-Rama” events raised USD 750,000 in 2023 to support local scholarships in Science, Technology, Engineering, Arts, and Mathematics (STEAM) education. In Rayong, the company found a creative solution to manage the surplus of mangosteens and rambutans produced by local farmers. The site team buys the excess produce, distributes it to employees, and ensures the community benefits from additional revenue. “It’s a simple and effective way to support livelihoods, reduce waste, and give back to our people,” Aloke explains.
His team also outline the work of the separate IVL Foundation, a non-profit organisation co-founded by Aloke and his wife, which they describe as “pure philanthropy – helping for the sake of helping. It serves those who are extremely underprivileged, poor, and abused,” they tell me with pride.
I learn that their compassion extends to helping prisoners in Thailand, especially female convicts who find themselves in dire straits. And in Bangkok, they provide essential medical supplies such as wheelchairs and crutches to people who lack the simplest necessities. Meanwhile, in Hua Hin on the Burmese border, they brought light – literally to a government school with no electricity. Installing solar panels not only powered the school but also allowed students to use their government-provided computers for the first time. They also built the school’s first library, a treasure trove of knowledge for 200 students.
Listening with admiration to their initiatives that span continents, I learn that in Ghana they promote STEM education using kits that allow children to build windmills. Closer to home in Thailand, another project provides life-saving surgery for kids with cleft palates, while the organisation has supplied clean water to countless villages across the country. Their response to the devastating floods in 2011, which submerged much of northern Bangkok, is particularly moving.
Aloke recalls how the team acted swiftly In Lopburi, where their PET and wool sites as well as employees’ homes were underwater. Despite the devastation and immense losses to their own operations, Suchitra flew in to help build kitchens and supply twice-daily free meals for months. In an extraordinary gesture, all employees received their salaries until the floodwaters subsided and the factories were rebuilt. In more recent years, the company sponsored the ultramodern cycling track around Suvarnabhumi International Airport, a multi-million-baht investment that is purely about giving back to the community. Aloke hands me a gold-framed picture of the cycling track’s inauguration, replete with now King Rama X alongside Indorama Ventures representatives.
The company’s CSR efforts extend to supporting activities that help position Thailand on the world stage. This year, they sponsored the Thai Amateur Weightlifting Association, which contributed to Thailand’s medals haul at the 2024 Summer Olympics, and they regularly sponsor Bangkok’s annual International Festival of Dance & Music.
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 qualifications 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 reflecting on Indorama Ventures’ purpose to ‘create a better world’, Aloke echoes his wife’s sentiment: “We are an Indian family who has made Thailand our home. Our adaptability is part of our DNA and is reflected in how we manage cultures. We communicate through the shared language of Indorama Ventures, creating a cohesive and adaptable organisational culture that is embedded throughout the company.”
What were the turning points in Indorama Ventures’ journey?
Looking back on Indorama Ventures’ remarkable growth journey, Aloke gives a rich account of pivotal moments that shaped the company. “Every crisis presented an opportunity,” he recalls, from global financial crises to bold acquisitions that redefined its trajectory. “With every challenge, we emerged stronger by leaning into change.”
“This is a story spanning more than 30 years, and for the first 15 years we operated with many constraints,” he recalls. “While my family in Indonesia helped support the company financially in the rst 5-7 years, we were entirely self-funded from 1995, with every dollar we generated reinvested into the business. In those early years, we were careful and measured because we had to be. But 2003 was a turning point when an opportunity arose to acquire a PET plant in the US. It was a moment of reckoning because I didn’t have the cash to make it happen. That’s when my brother, SP, stepped in as a partner and supplied half the equity for the acquisition. That set us on a path to global expansion.”
“As we went overseas, we realised that change is a constant,” Aloke continues. “It’s one of our philosophies and why we have a growth mindset. We realised that change is a given, but if you don’t control how you change, then you’ll change for the worse.”
Another pivotal milestone, Aloke tells me, was listing on the Stock Exchange of Thailand (SET) in 2005 followed by the eventual listing of Indorama Ventures in 2010. “Listing gave us access to public funds and allowed us to accelerate our growth plans. It wasn’t easy,” he says, gravitas underscoring the difficulty of the decision, “Listing as a foreigner meant we were at the bottom of the valuation, but it gave us the financial muscle to grow.” He stops to drop a gem of advice to other entrepreneurs, a charming trait that I noticed he is wont to do: “If you have strong growth plans, then it’s important to involve public shareholders. It’s a difficult process and can take years but don’t get distracted. For example, I wasn’t too bothered by our low valuation because we weren’t selling our shares, and I knew that we could always do follow-up issuances. Every time we had a growth plan, we approached our shareholders, balancing equity and debt. We also focused on becoming the number one or number two in our industry – I believe it was Jack Welch who that said, ‘If you’re not number one or two in your industry, leave it, and we took that to heart.”
However, he emphasises to me, “That is easier said than done. You must identify what you want to acquire or build, and you must execute to perfection. And that is where an excellent management team comes in. You must buy the right businesses at the right time and price. Out of the more than 50 acquisitions we have made, we didn’t overpay for any of them. Each was an underperforming asset that we transformed into a pro table venture. This gave our stakeholders and lenders con dence, which enabled us to dream bigger and bigger.”
Nevertheless, Aloke warns us of the danger of resting on one’s laurels. “By 2010, we achieved a USD 3 billion valuation, and that’s when I initially thought that we had done it all. In 2002, when we were only a hundred-million-dollar company, we set an internal target to be a billion-dollar company by 2010. Even then, we laughed at what we thought was a pipe dream, but we told ourselves, what’s the problem with dreaming big? However, when we reached and surpassed even that aspirational goal, I thought it was enough, until external consultants pushed us to think bigger, and we set our sights even higher.”
The result? By 2022, Indorama Ventures was a USD 20 billion company. Of course, Aloke is quick to caution that one cannot expect exponential growth to continue indefinitely, and it’s important to prepare for disruptions and downturns. “Throughout our journey, we’ve navigated major crises — the Tom Yum Kung Crisis in 1997, the SARS epidemic, the 2008 Financial Crisis, and the COVID-19 pandemic. Each crisis taught us to adapt.
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 we have factories all around the world – we weren’t affected by these disruptions. However, we recognised that it wouldn’t last, and by 2023, when we saw our numbers sliding, we prepared for it and made some bold decisions.” And here, I discover, is when Indorama Ventures, unencumbered by ego or fear, announced that they would close six factories and take an impairment of over USD 1 billion. “We had to consider hard questions like, ‘Are we admitting to having made mistakes and buying the wrong assets?’ and ‘Will the banks now lose trust in us?’” Aloke reveals. “Ultimately, we agreed that we had done the right things at the right time. I got us to where we were, and now that times were changing, we needed to adapt. You must make these bold decisions because you don’t want to carry unnecessary weight on your shoulders, which will only bog you down.” And now, Aloke tells me, their market valuation is considerably better than their industry peers, despite the worst downturn in their industry’s history.
What are your key tenets to success, launching your family business to a global powerhouse? And how do you sustain that legacy?
“Ultimately, Indorama Ventures’ success comes down to three things: an entrepreneurial family, a management team with a growth mindset who are brilliant at execution, and the ability to adapt to change,” Aloke lists. Moreover, he highlights the importance of meaningful engagement with your customers, which he tells me is the only way to grow. “If your customers believe in your product, your competitiveness, and your word, then they’ll stay with you,” he says with conviction. “I like to believe that our relationship with our customers is more personal, more long-term, and more strategic. That’s how we’ve been able to grow,” he says. This synergy between an entrepreneurial family, a high-performing management team, and an executive team that has, “full ownership, accountability, and responsibility of the business,” is instrumental in Indorama Ventures’ success. For younger readers, Aloke emphasises the importance of leadership. “Management has a big role in success. Our success is not only because of the Lohia family; it’s also the leadership and management.”
Another secret, he confides to me, is preparing for crises by keeping what he calls “dry powder.” “Your balance sheet should be in order all the time. This gives comfort to all your stakeholders – whether it’s your lenders or your customers.”
Financial stability is vital in a challenging industry like plastics. “There are many threats to plastics, and we must keep innovating and finding new ways of making lower-carbon products. In Milan, we have a specialist unit doing that – Indorama Ventures Investments & Holdings (IVIH). Why Milan? Because Europe is at the forefront of sustainability, and they’re the guys leading the charge.”
Indorama Ventures is investing heavily in sustainability, particularly in developing bio-circular raw materials to replace fossil-based inputs. “I like to think that we are the only out t in our industry who does this,” Aloke states. This investment in innovation strengthens their relationship with customers, who are major household brands. “It’s not only about manufacturing efficiency and cost-competitiveness but also about what new products you are rolling out at that R&D level. The pressure is on everyone. The Walmarts of the world are concerned about plastic on the shelves. Those plastics are coming from the brand owners, and they look to us for help.”
The company’s global scale, he explains, makes it easier. “There are times where I’m sitting with a brand owner, a CEO of a large supermarket like Walmart, a CEO of a waste management company, and a feedstock CEO, and we’re discussing how to reduce our carbon footprint together. You get to sit at that table only because you have the scale to contribute.”
What has been your experience as part of the Indian diaspora in Thailand?
With pride and nostalgia, Aloke reflects on the Indian community’s integration into Thai society. “Over the decades, we’ve built deep ties, contributing significantly to Thailand’s growth,” he says. “Indians now hold prominent roles in Thailand’s private and public sectors, including positions as senators, top officials, and leading entrepreneurs. The future lies in mutual growth, and I urge my fellow Indians to build bridges that bring our two nations closer and help the Thai business community to contribute to, and bene t from, the Indian economy’s enormous potential.”
He also urged foreign business leaders to embed new business ventures within the local Thai community and culture from the start, mirroring how Indorama Ventures’ management worked diligently in the early days to adapt to the local context – a practice the company continued to apply as they expanded into other countries.