At the helm of a failing textile business, Ruia’s transformation of his family’s company into a booming retail and real estate empire is remarkable.
The story begins in 1994, a year marked by significant struggle for the Ruia family. Their once-thriving textile business, Phoenix Mills, was struggling with mounting labour issues and rising production costs. The company, established in 1905, was on the brink of collapse.
Armed with an education from the prestigious Wharton School at the University of Pennsylvania, Ruia went on a bold journey to revitalise Phoenix Mills. His strategy was innovative: transform the failing mill into a high-end retail space. This visionary move began with the redevelopment of 33 lakh square feet of mill area into a modern shopping destination. By the late 1990s, Phoenix Mills had become a magnet for top brands, breathing new life into the once-struggling enterprise.
The transformation did not stop at retail spaces. In 2007, Ruia expanded the venture by opening a luxurious five-star hotel within the Phoenix Mills compound. This addition further cemented the property’s status as one of Mumbai’s most sought-after locations. Under his leadership, Phoenix Mills grew to encompass over 17.5 million square feet of real estate, spanning retail, commercial, residential, and hospitality sectors.
Ruia's portfolio is impressive, featuring notable properties such as the Courtyard Marriott in Agra and the St. Regis in Mumbai. These high-profile investments highlight his knack for identifying and seizing lucrative opportunities in the real estate market.
By 2019, Ruia had successfully transitioned from his role as managing director of Phoenix Mills, leaving behind a legacy of transformation and success. Today, his net worth stands at approximately 340 crores USD, as reported by Forbes. His journey from textile troubles to real estate is a powerful reminder of how vision and determination can turn even the most daunting challenges into gigantic successes.
Atul stepped down as Phoenix Mills' managing director in December 2019, but he still serves as chairman.
