Twenty eight years ago, a young and enterprising Harvard business school graduate from India, armed with the experience of working in his father’s chemical manufacturing business, arrived in Dubai. His venture back home, after a brief spell of success, has seen a downslide and he wanted to explore the desert city and its ‘greener pastures’. A generous friend invited him to his apartment in Bur Dubai where he was put up in the drawing room along with his wife and his year-old son. The couple had to rough it out. His wife took a Montessori course to work in a school while he pored over books in the library to research on the kind of business that would work for him in the UAE. It has been quite a journey for Dubai-based entrepreneur Yogesh Mehta, who started out from a shared apartment in Dubai to owning a successful chemical trading company Petrochem, and a bespoke lifestyle. He lives in a sprawling villa in tony Emirates Hills, while being surrounded by his family, art, music, laughter and friends.
‘Life has hidden formulas’
“It is good to know early in life if you like to work for someone or would like to be on your own. My temperament didn’t allow me to work under anybody,” says Yogesh Mehta, CEO of Petrochem. We are sitting in his office at Sheikh Zayed Road, which has a beautiful view of the Emirates Towers. He’s friendly, cheerful and bursting with energy. A picture of him and his wife Falguni at their 25th wedding anniversary adorns his mantle piece. There is another picture of their only son Rohan, an undergraduate student in the US.
Started in 1995, Petrochem Middle East FZE, has transformed the face of the regional business in the trade, having emerged as one of the largest independent chemical distributors in the Middle East. The company has state-of-the-art distribution terminals in Jebel Ali and Egypt, and the facility includes bulk storage sea- fed tanks, drum storage facilities, four fully automated drumming lines and a separate dry goods storage area. Globally Petrochem has offices in Dubai, Jebel Ali, Egypt, Shanghai, Antwerp and London and office and distribution facilities in Singapore, India and the UAE. Petrochem, which an annual turnover of $1 billion, is among the fastest growing chemical distribution firms in the world.
‘When you are young, you have blood in your eyes’
Mehta, who holds an MBA from Harvard Business School, wanted to pursue higher studies, when his father, who owned a chemical factory, asked him to run it. “I worked with him for a while but discontinued. I am a people’s person. I warm up to people and cannot function behind desk all day,” he explains. After dabbling in his own venture that saw great heights initially and a decline, he decided to come to Dubai. “When I came to Dubai, I was well-equipped with all the business concepts but had to study the market. I had a map but the route had to be figured out. I researched, inquired and soon found a potential investing partner in June, 1990, and the work started. I worked so hard that the moment my head touched the pillow – I was asleep the next minute,” he says. “When you are young, you have blood in your eyes. You are not afraid to take risks. I wasn’t, till I made my first million,” he adds. Does fear set in after that? “Yes, it does. Till you make your fortune, you have nothing to lose, but once you do, you have,” he says with disarming candour. However, he believes that a person can only become successful if he has a burning desire to succeed.
‘Tomorrow is Ours’
“My wife Falguni used to tell me that I lived like there is no tomorrow and I always told her that ‘there is tomorrow and it is ours”. Mehta has been an art patron and sponsors several events in Dubai, including the Gr8 Woman Awards held in April 2011, plays, musical concerts etc. “I have grown up in musical environs. Singer Parveen Sultana was a dear family friend. My father used to host Pandit Shivkumar Sharma, Ustad Amjad Ali Khan and other maestros. I was my dad’s side-kick during those times. We had two factories, one in Vapi in Gujarat and another one in Bangalore. I accompanied my father on road trips to these factories. He used to play music in the car and explain the nuances of the notes. It was a great experience. Which is why, I support the arts, theatre and music,” he adds. Also, it helps his branding. Yes, my brand is very important to me. If you google Petrochem, you would associate it with dance, drama and theatre. To me, it is fun, culture, aesthetics and enjoyment.”
‘Discipline is Sacrosanct’
However, he believes that to be successful, one must have a combination of discipline with education (not just by piling degrees, but by imbibing the lessons of life). “If you are a student, then it is important to attend to your studies — get up early, stay alert so that your mind absorbs what is required etc. Discipline lays the foundation for life. People earn money and don’t stay humane anymore. If you have self-discipline, you watch over yourself all the time. It helps you to rise over them.”
‘Happiness is being at peace’
“To bring in happiness and harmony, you need peace. To me, peacefulness describes happiness, when the heart, mind and soul are one. I don’t go to temples (my wife and son are), but I’m in harmony with the chants of Om. I am spiritual in thought, word and action. I believe that if you don’t reach out to people as a human being, you have failed in your duty.”
‘A Simple Life’
“In my younger days, I travelled to 22 countries in a year. Today I travel seven days a month and two countries. I opt for a simple life,” he says. Mehta prefers his home-cooked food and comfortable Indian wear, even while he is globe- trotting. A complete family man, he reminisces about his courtship days. “My parents found out of my affair with Falguni, and were not keen that I marry at 24, but later became supportive. It helped because they themselves had a love marriage. Today, my father is 84 and like my son. When I was growing up, I would look at him in the eye. My son, though, is like a friend to me.”
‘We all need a mentor’
“I believe that by the time you are 40 years and not made it, it is a tough ride after that. I run motivation classes in my company. I ask my people if I were them, how they would grow their businesses? The logic comes easy because you have been there, done that. It is very important to plan ahead. We all need ideals to look up to, to learn from and improve ourselves all the time. If my candle is lit, I can light yours too.”
‘You learn from your mistakes’
“Before Internet took over our lives in 1990, fax machines were everywhere and I didn’t know how to operate them. Once, I prepared 40 faxes with the name and address and told the operator that I wanted a copy, blissfully unaware that fax machines would retain the copy you sent anyway. There have been times that I have forgotten to remove the label of a Marks and Spencer’s tie. I was from the middle class and not ‘with it’, but I learnt.
‘I didn’t envision this kind of success’
“Someone asked me if I envisioned this life when I started my company. Frankly, it is bigger than what I ever imagined. By the time I was 41, I had made enough money for my family and children – then I got bored. So I started addressing things that appeal to my soul too. I play bridge every Monday, for the last 21 years with my friends of 14 years. We are eight guys, who have been together from the time we arrived in Dubai.
‘Indians in the UAE make us proud’
One in five persons in the UAE is an Indian. The older generations of Indians came in the 50s, then came the educated entrepreneur Indians, then banker Indians and then there was a wave of migrant labourers as well. “We are pillars of the UAE economy and the UAE economy is the pillar our success.”
‘Rich is a Relative Term’
“Someone asked me once what do you do with your money? Are you overwhelmed? I believe that money is relative. There are people in India who donate Rs 50 crore to Tirupati temple and there are people like Bill Gates who donates $28 billion to charity. When I was in Mumbai, I took the unlimited bus so that I could save 30 paise. I believe money has a subjective value. What a million is to you could be a lot more or lot less to another person. What about more money? It is a chase, and then it becomes greed and overweening greed. My wealth is in moments — to meet up with friends, have a nice chat, get together, watch a show and have fun!”
‘Technology Brings Us Closer’
“My wife and I text each other when we are on different floors of the same house. Typically, a text message would read, ‘Ready for dinner? Or ‘call me’. We always have lunch or dinner together. Also our laptops are everywhere around the house because I need to be constantly connected to the market. I access internet on my phone only when I am travelling.”
‘Food, music, art, literature ….’
“Literature fascinates me, so does philosophy. I loved Gregory David Robert’s Shantaram and his view of India. I have been a part of the lectures that J Krishnamurthy delivered at the JJ School of Art in Mumbai in my younger days. I have also attended his lectures at Arundel in the UK. I am of mixed parentage. My father is a Gujarati and my mother was a Sindhi. So we love both cuisines, though, we are vegetarians at home but there is an outhouse, where all my Sindhi friends send me mutton! In Dubai, Rajdhani and Ajanta serve great food.”
‘Good Parenting is Key’
“You have to lead by example and set the precedent for children. We have one son and he is well turned out. I have always told him that his burden is that he has a great platform. Many things are expected from him, and he has to do it himself. You come back only to yourself and have to face your conscience. The ‘hard work principle’ is part of the family.”
