Almost a decade and a half ago, the winds were far from favourable for Ashwin Muthiah (AM), a third-generation business leader navigating one of the most testing phases in the Group’s history. Built over generations and enjoying deep brand recall among farmers, professionals and industrial customers, the Group possessed formidable manufacturing assets. Yet its financial foundations were under strain. Capital was scarce, policy uncertainty cast a long shadow over fertilisers and chemicals, and earlier diversification bets had weighed heavily on the balance sheet. Today, the picture is different. Following a carefully-executed turnaround under AM’s leadership, the Group stands on firmer ground—financially stronger, operationally leaner and strategically clearer about its path ahead.The journey from turnaround to steady expansion, says Muthiah, has been anchored in a principle: leveraging the institution’s inherent strengths to correct its weaknesses, without losing sight of values. As chairman and founder of AM International—the holding company overseeing a roughly $2-billion portfolio spanning fertilisers and petrochemicals—he has sought to blend prudence with purpose.The AM Group comprises four listed companies—Southern Petrochemical Industries Corporation Ltd (SPIC), Manali Petrochemicals Ltd (MPL), Tamil Nadu Petroproducts Ltd (a joint venture), and Tuticorin Alkali Chemicals & Fertilizers Ltd—along with other operating entities. “The brand and bones were always strong,” Muthiah states. While brand equity and manufacturing capabilities provided a solid base, what needed fixing was the financial structure and strategic focus. With external funding scarce, the turnaround had to be internally driven—sharpening priorities, bringing in professional talent, and using resources efficiently. Over time, cash generation improved, leverage declined, and confidence returned among lenders, partners and employees.Rather than chase diversification, the Group doubled down on brownfield expansion, unlocking potential within existing assets. “We found untapped potential within the Group,” Muthiah says. The results are visible across businesses, with higher volumes, stronger margins and healthier internal accruals, reducing reliance on excessive leverage. Over the next 24 months, the Group plans around `2,000 crore of capital expenditure, largely in Tuticorin, with some investments in Manali and Gujarat.At Tuticorin Alkali Chemicals & Fertilizers (TFL), innovation has been central, including development of one of the world’s first net-zero soda ash products. At flagship SPIC, the long-awaited transition to gas proved transformational, enabling competitiveness and brownfield urea revamp upgrades. Greenstar Fertilizers, Tamil Nadu Petroproducts and Manali Petrochemicals have also expanded capacities and market reach, both domestically and overseas.Muthiah believes diversification must follow internal strength. The current expansion cycle, he says, should meet demand for the next decade, with major new directions left to the next generation. Having recently turned 60, Muthiah sees the coming decade as a mentoring phase. His two daughters—Devaki Ashwin Muthiah and Alagu Ashwin Muthiah—are involved at the board level and keen to carry forward the family legacy. “They are connected to the values of the family and respectful of what earlier generations built,” he says. “I am confident they will take this forward.” Equally important, he stresses, is ensuring the institution is strong enough for professionals to lead alongside family members. “We have always been a professionally driven group,” he notes. “That blend is always critical.” “We’ve learned to take calculated risks, and to grow within our capabilities. If the next generation can build on this foundation, then the legacy has truly been institutionalised.”
