LM Thapar

Lalit Mohan Thapar's passing represents the end of an era, in more ways than one. One of the stalwarts of the old Delhi families that dominated the industrial scene in the days of the licence-permit raj, the personable Thapar's business fortunes mirrored those of India Inc. before and after economic liberalisation. The youngest of four brothers, sons of a scion who made his fortune in the jute, textiles, paper and engineering industries in Kolkata, the sprawling and highly diversified Thapar empire was typical of Indian business houses of the time. In an environment in which political influence played a significant role in business success, Thapar, like many of his contemporaries, did not hesitate to leverage business, social and political connections to maintain the competitive advantage of his paper empire, Ballarpur Industries (BILT). In the early days of economic liberalisation, LMT, as he was popularly known, was a vocal member of the "Bombay Club," the unofficial grouping of Indian business houses that resisted the opening up of the economy to competition.

Ultimately, the old techniques failed. In the early nineties, LMT, like his brothers and other "old economy" Delhi business giants, the Shrirams and Modis, struggled to come to terms with the new paradigms of business. Random diversification into everything from shoes to media came to nothing, even as newer companies thrived in these businesses. A major effort to influence industrial policy and stall the entry of the Indonesian paper giant Sinar Mas proved fruitless. Significantly, BILT eventually bought Sinar Mas's Indian operations in the mid-nineties after LMT's nephew, Gautam, had taken charge and changed the fortunes of the company. Indeed, Gautam's track record has proved a potent demonstration of the old order giving way to the new. By pulling out of unrelated diversifications and cleaning up the group's finances, Gautam was able to transform group flagship BILT from a potentially sick company into India's largest, and one of the top 15 paper producers in the world.

For the past decade or so, LMT has played only a limited role in the group of companies that he inherited. Reclusive but with a strong sense of style, LMT was a bachelor and took time out to indulge a passion for bridge, poker and ghazals. His picturesque house on the edge of the Ganga in Rishikesh, where he once famously entertained former Indonesian President Megawati Sukarnoputri, also became a favoured weekend retreat. In fact, the government called on him to leverage his formidable contacts in south-east Asia. When the CEO of a leading Indian software company was arrested overseas, it was Thapar who embarked on "track two" diplomacy to free him. Vested with abundant charm and with a large appetite for life, LMT was an engaging representative of a generation of Indian businessmen whose time has passed.