Abstract:

It is believed by many that the business context in India does not permit the kind of restructuring actions that are necessary for radical improvement in corporate productivity and performance. The case describes how IOL Ltd., the 60 year old Indian subsidiary of UK's BOC Group, improved its market capitalisation from rupees 45 crores in 1989 to rupees 450 crores in 1993 through a radical rationalisation process that involved disposal of large businesses, closure of many plants and more than 50% reduction of its workforce. In this process, however, growth had to take a back seat, causing some frustrations among its managers and other employees. The case also describes how the company was preparing itself in 1994 to address these challenges of people revitalisation and top line growth.

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