Turnaround of an Indian Construction Company in Singapore
The Situation
A major Indian construction company was facing major cash problems in its subsidiary in Singapore, due to mismanagement.
Customer relationships had completely broken down after a series of broken promises.
Projects were not moving forward.
The staff were completely demoralized and the organization was hit by very high attrition.
The subsidiary was in financial distress, which was this in turn threatening the stability of the parent company in India.
The Solution
To turn around the subsidiary, we deployed a highly reputed interim CEO with longstanding relationships with key customers.
The interim CEO took the following steps to turn around the company:
Initiated judicial management for protection against lawsuits. As a result, a judicial manager was appointed to scrutinize the issuance of cheques.
Took charge of pending projects and personally supervised their completion.
Increased salaries to retain staff.