Kartar Singh Thakral

 

An Inspiration to Entrepreneurs

 

Thailand-born Kartar Singh Thakral was sent to Singapore as a teenager to help run a family business. How the tenacious and astute businessman turned a small textile shop into a multinational group of companies, the Thakral Group, is an inspiration for local entrepreneurs.

 

Kartar Singh lives by his mantra that, “if you can’t handle hardship, you shouldn’t do business”. He turned a small textile offshoot into a roaring homegrown distribution business and has enjoyed every moment of it.

Born in 1933, Kartar Singh Thakral is one of Singapore’s best-known businessmen today. When he was just 19 years old, his father, the late Sohan Singh Thakral, sent him from Thailand to Singapore to help his older son and Kartar Singh’s elder brother, the late Ajit Singh Thakral, who was then running a branch of the family’s textile business. Kartar Singh’s father had picked him to run the business in Singapore as the young man had displayed sharp business acumen. Once Kartar Singh had settled in, his brother left Singapore a year later, and he felt "very lonely". Singapore seemed entirely foreign to him, as he spoke limited English and not a word of Malay or Chinese dialects. Even the food took some getting used to. Kartar Singh recalled, “I missed my favourite Thai food. Here, all I could eat was chicken rice.”

The business began to do well in the 1960s, eight years after Kartar Singh arrived in Singapore. When many Asian countries banned trade with China, Kartar Singh astutely established a partnership with selected Chinese companies. He knew that the Chinese textiles were of high quality. “You could wash the fabrics till they tore, but the prints would still be there,” he explained.

Kartar Singh used Singapore as a distribution hub to import textile goods from China. He then exported the goods to Thailand, Indonesia and other neighbouring countries. By the late 1960s, the company was a leading distributor of Chinese textiles. “At that time, I was daring,” said Kartar Singh, his steadfast gaze tempered with a smile. He could barely converse with his Chinese suppliers but had no qualms asking for discounts.

When compulsory national service commenced in 1967, Kartar Singh said many businessmen he knew were reluctant to enlist their children. They left Singapore with their families. It was “scary” when the time came for the oldest of his four sons to enlist in national service, he said. But he said he decided to stay put as he “had already fallen in love with Singapore”. He explained that doing business in Singapore is straightforward, and he has “never had to pay any bribes”.

The Thakral Group shifted its headquarters to Singapore in the 1970s, and Kartar Singh became its chairman. Crucial business decisions had to be taken in those years as the Chinese were selling their textiles in massive volumes and it had affected the Thakral Group’s sales. Kartar Singh decided that they needed to diversify into consumer electronics. By the mid-1990s, the Thakral Group had such strong networks in China that major Japanese electronic firms like Panasonic, Sharp and Sony used the Thakral Group as their main distributor, especially for VCRs.

In 1994, the Thakral Group decided to take part of its distribution business public. Thakral Corporation, which combined the Group’s operations in Hong Kong, Japan and China, was earmarked as the public company. Kartar Singh was its executive director. The rest of the Thakral Group remained as a family-run private company. In 1995, Thakral Corporation was listed on the Singapore Stock Exchange. It was the largest listing that year, with a market capitalisation of over US$400 million at the initial share offer price.

Thakral Corporation soon diversified into real estate—a sector that Kartar Singh is passionate about. In the early 1990s, he set up a property firm, called Thakral Holdings, to manage the company’s Australian hospitality real estate assets. The company has been successful, and those who work with him said he has the intuition and ability to spot opportunities in the sector. Kartar Singh is currently focusing on assessing the Japanese market, comparing the commercial property prices in different cities.

In 2008, the business magazine Forbes ranked Kartar Singh as Singapore’s 30th richest person. Asked about his success, he said it was unexpected. He attributes it to “divine blessings”, and family support. His father and older brothers taught him how to run a business, he said, adding, “Money is not my goal. I am driven by the adventure and excitement of doing business. I am pleased when the business generates employment and career opportunities for people”.

Between 1994 and 1998, Kartar Singh was a board member of the Trade Development Board, which is now known as International Enterprise Singapore. His proudest moment was when he was named “Businessman of the Year 1995” at the Singapore Business Awards in in 1996. The Business Times wrote a glowing feature about him, saying, “being ahead has always been the name of Kartar Singh Thakral’s game”.

Kartar Singh is still active in his business after 60 years and continues to contribute to society. He believes that profitability and social responsibility can go hand in hand. Currently, he is a trustee of the Singapore Sikh Education Foundation and the Sri Guru Nanak Sat Sang Sabha, and patron of the Singapore Khalsa Association and the Sikh Welfare Council Singapore.

References

Fiona Smith, “$2bn Success all in the Genes – Thakral Chief,” The Australian Financial Review,
Sept 25, 1996.

“Kartar Singh Thakral,” History of the Sikhs, accessed March 2015,
http://www.sikh-history.com/sikhhist/personalities/kartar_singh_thakral.html

“Milestones,” Thakral Corporation Ltd, accessed March 2015,
http://www.thakralcorp.com/mile.asp

Interviews with Kartar Singh Thakral in March 2015, and Bikram Singh Thakral
via email in July and September 2015.

 

 

Kartar Singh Thakral
Thailand, b.1933