A gentleman who always “took the long term view”, “hugely ethical”, one who “never compromised on quality”, “a rare human being”... This is how those who knew Manikam Ramaswami, Chairman and Managing Director, Loyal Textiles Group, describe him.

The death on Monday of the industrialist has left his peers and associates devastated. They were unanimous that his demise was as much a personal loss to each of them, as it was to the business community.

Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds, recalls working with Ramaswami in the CII Tamil Nadu State Council and says, “...I can feel Ramu’s razor-sharp mind, thoughts and speech straight as an arrow, a fearless adherence to duly felt convictions, and an awe inspiring discipline in terms of preparedness.” He said Ramaswami had this never-ending quest to set right public policy issues, especially those relating to the textile industry. An impatience for results and a sense of perfection made him a powerful force at work and public policy matters. Also, Ramaswami had a deep interest in culture, values and art, which made him the “truly quintessential gentleman”, he said.

P Ravichandran, President, Danfoss Industries, and Chairman, CII – Tamil Nadu State Council, who had known Ramaswami over the last several years, described him as a “holistic person with the solidity of the old generation and the enthusiasm of the new,” always willing to innovate. He was also a philanthropist, keen on social causes, particularly education.

As an industry representative and closely associated with the CII, Ramaswami always focussed on measures that would deliver sustainable benefits, he said.

RG Chandramogan, Chairman and Managing Director, Hatsun Agro Product Ltd, said Ramaswami was a “rare human being in business” whose loss will be felt by all. “ Ramaswami was an exemplary businessman to whom values and ethics were at the core. He had a no-nonsense approach to business and never compromised on quality,” Chandramogan said.

CK Ranganathan, Chairman, Cavinkare, felt the industry and the country had lost a person who always kept the cause of general good ahead of individual profit.

A person who when needed spoke out against policies that were adverse to industry, set an example by always passing on the benefit of cost to his customers ,and was “hugely ethical and value-oriented”.

Ramaswami was the third generation of his family at the helm of the Loyal Group. The flagship Loyal Textile Mills is a BSE-listed ₹1,100-crore company with a wide product range spanning yarn, fabric, garments and home textiles. The Loyal Group includes the 168-year-old watch retail company P Orr & Sons. Ramaswami took over the family business in 1976 when the business was about Rs ₹2.5 crore. Today, it is worth about ₹1,500 crore.

“Manikam Ramaswami never hesitated to speak up, no matter who the opposition was,” reminisced Karumuttu T Kannan, his cousin and an industrialist.

Ramaswami worked closely with the State and Central agencies on policies related to textiles, foreign trade and ease of doing business.

Ramaswami’s achievements include removing duty on yarn in the 1990s. He took up the issue with then Finance Minister P Chidambaram to do away with excise duty on yarn. Kannan said, “He was a severe critic of anti-dumping duty on polyester.”

ME Manivannan, Senior Vice-President - Operations, Loyal Textile Mills, says: “He had this huge hunger for technology upgradation and automation. He was always the first to buy a new technology and test it out.”

“For many companies in the technology space, Loyal was a gateway into market,” he said.

TS Balaji, an ex-employee who had been with Loyal Textiles for more than two decades, said that “He was a fair employer and a mentor”

AL Rangarajan, another employee, recounts his time at P.Orr and Sons, where he was in charge of accounts and audit, as one of the best times. “He was sincere, man of perfection and hard working,” Rangarajan said. Ramaswami was the first to lend a helping hand when someone was in need, be it personal or professional.

Ramaswami, a mechanical engineer from IIT-Madras, is survived by his wife Valli Manikam Ramaswami and daughter Vishala Ramswami.

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