The heavy oak doors of Dewan House creaked open on a cloudy Karachi morning in mid-2022. Inside, the family patriarch Yousuf Dewan sat with his sons and a circle of senior executives. The ink on the restructuring agreement with banks was barely dry, but already the urgency of the next steps hung over the room like a storm cloud.
For the first time in decades, the Dewan empire was no longer master of its destiny. Oversight committees, creditor scrutiny, and media suspicion had eroded the group's autonomy. Yet beneath the gloom, a seed of determination remained. If survival required reinvention, then reinvention would come.
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Scene 1: The Family Council
Yousuf Dewan:
"Gentlemen, we cannot keep looking backward. Restructuring bought us time, not redemption. We must ask ourselves: what is the future of Dewan?"
Son 1 (cautious):
"Father, our empire is overextended. The banks are watching every rupee. We must shed weight—sell loss-making assets and focus on what still has strength."
Son 2 (impatient):
"Selling is weakness. Every sale will be splashed in the newspapers as another nail in the coffin. We need boldness—alliances, joint ventures. If we cannot carry the load alone, let others carry it with us."
The room grew tense. Both approaches had merit, but neither guaranteed revival.
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Scene 2: The Consultant's Report
On the polished table lay a thick report prepared by an external consultant from Ernst & Young, hired under pressure from the banks. It outlined the group's realities with brutal clarity:
Cement plants were underutilized, running at 40% capacity.
The automotive arm, Dewan Farooque Motors Limited (DFML), was practically dormant, but still held valuable licenses and land.
Textiles had shrunk dramatically, unable to compete with nimble exporters like Nishat Mills.
Real estate ventures were fragmented and often encumbered with debt.
At the bottom of the executive summary, in bold, the consultant had written:
"Survival depends on consolidation, strategic alliances, and reputation repair."
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Scene 3: The First Sparks of Strategy
Yousuf Dewan (reading aloud):
"Consolidation, alliances, reputation repair. Words are easy. Action is not."
Consultant (calmly):
"Sir, you still hold assets others want. Your land in Sindh, your automotive licenses, your cement plants. With proper structuring, you can attract partners. The key is to show discipline. No more empire-building—only sustainable ventures."
Son 1 (nodding):
"He is right. Let us sell the weaker textile units, lease part of our land, and use that capital to restart DFML. The market for vehicles is rising again."
Son 2 (leaning forward):
"And we do not go alone. We approach foreign partners—Hyundai, Kia, even Chinese investors. They want a foothold in Pakistan. We can give it to them."
Yousuf Dewan (sighing):
"Perhaps. But do you think they will trust us after years of headlines about defaults?"
The consultant responded quietly:
"They will trust results, not history. Deliver the first phase successfully, and partners will follow."
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Scene 4: Approaching Potential Allies
Within weeks, emissaries of the Dewan Group were dispatched to Seoul and Shanghai. Meetings with representatives of Hyundai Motor Company reignited old discussions from the late 1990s. Hyundai had left Pakistan amid financial instability but still sought reentry into the market.
In a private meeting in Seoul, Son 2 spoke passionately:
Son 2:
"We know our past is complicated. But Pakistan is ready for new vehicles, and the government is offering incentives under the Auto Development Policy. Let us be your local partner once more."
Hyundai Executive (measured):
"Your facilities are outdated, and your financials fragile. Why should Hyundai take this risk?"
Son 2 (firm):
"Because we hold the land, the licenses, and the political understanding of Pakistan. You bring technology, we bring access. Together, we can succeed where others have failed."
The executive leaned back, silent, weighing the proposal.
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Scene 5: Rival Eyes Watching
Back in Pakistan, word of Dewan's attempts at revival leaked into the press. Competitors like Indus Motors (Toyota) and Lucky Motors (Kia) took notice.
At a gathering in Karachi, Ali Habib of Indus Motors was overheard telling colleagues:
"The Dewans are trying again. But this time, we won't let them play with fire unchecked. We'll use the media to keep their every move under scrutiny."
Meanwhile, Lucky Cement's owners, the Tabba family, quietly began lobbying policymakers in Islamabad:
"Why give concessions to defaulters when stable groups like ours can deliver more?"
The battle for influence had begun before the first car rolled off a restarted assembly line.
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Scene 6: Repairing Reputation
Realizing that no investor would come on board without reputation repair, the Dewans hired a PR firm in Karachi to manage the narrative.
PR Consultant:
"We need to reframe the story. Instead of defaults and bailouts, we highlight your contributions to employment, your resilience, and your willingness to restructure responsibly."
Son 1:
"And how do we erase decades of headlines?"
PR Consultant (smiling):
"You don't erase. You replace. We push new headlines—'Dewans to Restart Auto Plant,' 'Foreign Investors Eye Partnership.' The public forgets quickly when the story changes."
Advertisements were placed in leading newspapers showcasing the group's industrial legacy. Interviews were arranged with journalists emphasizing job creation and national growth. The strategy was simple: rebrand as survivors, not defaulters.
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Scene 7: The Bankers' Skepticism
Despite the PR push, skepticism persisted in banking circles. At a follow-up meeting with the creditor consortium, an HBL banker scoffed:
HBL Banker:
"You talk of alliances and restarts. But where is the capital? Where is the guarantee?"
Son 2 (confidently):
"Negotiations with Hyundai are progressing. We expect partnership agreements within months."
NBP Representative (coldly):
"Expectations don't pay interest. Bring signed agreements, or we will assume this is another delay tactic."
The words stung, but they reflected the reality: without proof, strategy was just talk.
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Scene 8: The Internal Divide
Back at Dewan House, the family debate grew sharper.
Son 1:
"We must move cautiously. Too much noise before deals are signed will backfire."
Son 2:
"Caution is death. The world must know we are not finished. Investors want ambition, not silence."
Yousuf Dewan (raising his hand):
"Enough! We cannot fight among ourselves while the world watches. Each step must balance ambition with credibility. We cannot afford another collapse."
The room fell silent. Even in his weary state, the patriarch's voice carried weight.
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Scene 9: A Breakthrough
By late 2022, after months of discussions, whispers began to circulate that Hyundai was indeed considering a cautious reentry with Dewan as a local partner. Nothing was finalized, but the possibility was real enough to stir hope.
At a small dinner in Karachi, a senior Hyundai representative raised a glass with Son 2:
"If this works, we write a new chapter together. But remember—this time, discipline must be your foundation."
Son 2 (smiling):
"Discipline will be our new legacy."
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Scene 10: The Public Reveal
In December 2022, the Dewan Group held a carefully orchestrated press conference in Karachi. Flanked by banners of "Revival, Resilience, Renewal," the family announced plans to restart DFML operations, explore foreign alliances, and divest non-core assets.
Journalist (from Dawn):
"Mr. Dewan, how do you respond to critics who call this another attempt to delay debt repayment?"
Son 1 (calmly):
"We respond with results. Judge us not by the past, but by what we deliver now. The Dewan Group is not asking for favors—we are offering partnerships and jobs for Pakistan's future."
The cameras clicked, the headlines rolled, and for the first time in years, the Dewan name was linked not to collapse, but to possibility.
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Closing Reflection
That night, back in his study, Yousuf Dewan sat quietly. The new strategy was fragile, the future uncertain. Rivals were circling, creditors remained skeptical, and politics could shift overnight.
Yet for the first time in years, there was direction. A plan. A spark.
He whispered to himself:
"Perhaps this is not the end after all. Perhaps, just perhaps, we rise again."
The words lingered in the dim light, carrying both hope and the weight of unfinished battles.