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Six Extraordinary Accounts of Company Resurgence and Strategic Revival.
Turnaround management is one of the toughest challenges that business planners, economists and managers are faced with. In a volatile global business environment it is fast emerging as a critical area of organizational research and analysis.
In Turnaround Excellence: Six Studies of Corporate Renewal, Sunil Maheshwari, professor at Indian Institute of Management, Ahmedabad, looks at six Indian companies that returned from the brink of bankruptcy and extinction. Despite their diverse backgrounds, these companies, including blue-chip giants like BOCIL and TCIL and public sector undertakings like Scooters India Limited, have one thing in common: each of them overcame myriad challenges--financial losses, falling market share and changing technologies, bureaucratic interference and/or governmental apathy, and intransigent trade unions--to make spirited comebacks.
Maheshwari examines the reasons why these firms deteriorated, the social, psychological, economic and political consequences of such failure within and outside the organization, and what it took to turn them around into profitable ventures. Addressing issues like organizational inertia, leadership credibility, manpower rationalization and problems associated with retrenchment, the author provides a framework for a sound theoretical base to guide further initiatives on the subject.
With its detailed and analytical case studies, Turnaround Excellence is a classic discourse on corporate degeneration and rejuvenation for practising managers, management students and professionals.