The year was 2015. Dewan Group stood as one of the most diversified and visibly ambitious business empires in Pakistan. With its roots embedded in textiles, cement, sugar, finance, real estate, logistics, and the automotive sector, Dewan Mushtaq Group had become a towering presence. But managing an empire sprawling across so many sectors brought with it a burden that few could shoulder — let alone under Pakistan's unpredictable political and economic climate.
At the center of it all remained Dewan Mohammad Yousuf Farooqui — a man both revered and reviled, a businessman turned minister turned visionary. With his return to full-time business operations following the end of his ministerial stint, Dewan Yousuf now faced the herculean task of stabilizing and synchronizing a complex, overstretched business empire.
Scene 1: Crisis in the Boardroom
In April 2015, at the Dewan House in Karachi, the group's executive leadership assembled for a quarterly performance review. The atmosphere was tense. Losses in the textile division were mounting, logistics was barely breaking even, and interest payments on bank loans consumed a hefty share of operating profits.
Present were:
Dewan Yousuf Farooqui, Chairman
Khalid Anwar, Group CFO
Batool Qureshi, COO of Dewan Motors
Danish Farooqui, Director of MyBank (sold to Summit Bank by now but still under audit)
Faraz Mahmood, CEO of Dewan Cement
Shahbaz Wasti, Independent Board Member
Khalid Anwar began the presentation with grim honesty.
"We're looking at a net loss of Rs. 850 million this quarter, mostly from the textile and banking liabilities lingering from the MyBank transition. Cement profits are stable, but the rest are dragging."
Yousuf listened silently, nodding occasionally. Then he turned to Faraz.
"How are cement exports faring in Afghanistan and Central Asia?"
"We're competitive, but transport costs are killing our margins. If Dewan Logistics had the full corridor, we could've reduced costs by 18%," Faraz replied.
Scene 2: Internal Friction
Post-meeting, small groups broke off to discuss specific challenges. Danish cornered Batool.
"Your team overspent by Rs. 200 million on the hybrid engine upgrade line. We told you to wait until the customs rebate was approved."
Batool shot back. "And I've already secured two fleet contracts from the Punjab government. Those hybrids will pay off by Q4."
Tensions weren't just departmental. Within the Farooqui family, differences were growing on succession planning, diversification strategy, and debt management.
In a rare private meeting between Yousuf and his younger brother Shehryar, who had stayed mostly out of the limelight, the topic of consolidation arose.
"We've overextended," Shehryar said. "Sell the sugar mills. Shut the fiber unit. Focus on cement and real estate."
Yousuf sighed. "We're not in the business of retreat. We're builders."
"Sometimes demolition is necessary to build anew," Shehryar warned.
Scene 3: Technology Integration
Dewan Group had grown the old-fashioned way — brick by brick, relationship by relationship. But to manage this new sprawl, digital transformation was essential.
Ahsan Mehmood, the Harvard-trained economist, now serving as group CTO, proposed a bold plan:
"We centralize operations through SAP. Create a unified enterprise resource planning system — real-time data, predictive analytics, integrated procurement, and performance monitoring."
The board approved a Rs. 600 million investment. Implementation began, though it met resistance from middle management still accustomed to paper ledgers and WhatsApp approvals.
Scene 4: A Meeting with the Banks
By mid-2015, the group's liabilities had triggered alarm at Allied Bank, HBL, and National Bank of Pakistan. A syndicate of creditors requested a restructuring plan.
In a high-stakes meeting, Dewan Yousuf addressed the syndicate personally.
"We built this empire with every rupee accounted for. Yes, we've faced market shocks — energy crises, tax regime shifts, global slowdowns. But our asset base is strong. Our people are committed. What we need is breathing room."
The lead banker, Muneer Ahmed from HBL, replied:
"Chairman sahab, no one doubts your intentions. But we need a guarantee. Mortgage Dewan Heights, or divest equity."
Yousuf paused. "I'll mortgage the land for Dewan City in Hyderabad. But not a single job will be cut."
Scene 5: Global Aspirations, Local Storms
Amid restructuring, Dewan was invited to a joint Pakistani-Turkish business summit. There, a deal was signed with Turkey's Otokar to assemble military-grade vehicles in Pakistan. Dewan Motors would provide the assembly line.
The news sent shockwaves through defense circles.
Rumors emerged that the military was not pleased. A local competitor tied to Fauji Foundation had already submitted a similar proposal.
A senior ISPR official privately advised:
"Stick to civil transport. Leave defense logistics to state-backed firms."
But Dewan wasn't backing down.
"If we want to be industrially sovereign, we must diversify technology. This isn't a challenge—it's a partnership," Yousuf said at a press conference.
Scene 6: Public Scrutiny and Media Trials
In the age of digital media, Dewan's name became a constant presence — not always positively. An exposé by The News International questioned loan write-offs from the early 2000s, tying them to political favors.
Talk shows speculated whether Dewan Group was headed for collapse like Ittefaq Foundries once did. Social media spun conspiracy theories about offshore accounts.
Dewan PR launched countermeasures — video documentaries of their schools, employee welfare programs, and industry contributions.
Scene 7: Strengthening the Core
By 2016, the internal audits paid off. The SAP system streamlined costs. Dewan Cement posted record profit. Hybrid cars began gaining traction with ride-hailing companies.
In an emotional internal town hall, Yousuf addressed 300 senior managers.
"We are not a story of survival. We are a story of belief. In country. In capacity. In character. Yes, we are managing chaos — but it is our chaos, and we will tame it."
Final Thoughts
Managing an expanding empire is not just about growth — it's about balance. Between vision and pragmatism. Between family and institution. Between dreams and deadlines. Dewan Group's saga was no longer just about building—it was about enduring.
Question for Readers: Can a family-owned empire truly professionalize and modernize without sacrificing the values that built it? Or must one give way to preserve the other?