Arman Bankley, a first-generation entrepreneur and chemical engineer, has carved a distinguished path from his beginnings in Mumbai to become a pivotal figure in Goa’s industrial sector. Born and raised in Mumbai, Arman relocated to Goa at 24 to embark on his entrepreneurial journey. Leveraging his extensive experience in the manufacturing industry, he founded his first venture in 1994, focusing on manganese ore processing.
Today, Arman Bankley is a celebrated name in Goa, renowned for his contributions to various prestigious organisations and associations. He serves as the Director of Armines Group and holds the position of Nominated Director at the Goa Industrial Development Corporation. Additionally, he is the Senior Director of Business Growth at BNI Goa, Co-Founder and Trustee of Vibrant Goa, and the Honorable Secretary of the Kacoda Industrial Association. Arman is also a Co-Founder of the Goa Exports Group.
When Arman Bankley arrived in Goa, he had nothing but a modest amount of capital and a big dream. “I had saved one lakh rupees, which was my initial capital investment into the business, but that alone was not sufficient to set up the industrial shed with all the required machinery,” he recalls. Fortuitously, he met Mr Kaisare, the head of MSME in Goa. “I approached him for a loan, and he saw some spark in me, helping me secure a business loan of 13 lakhs. That amount was sufficient in those days to set up the manufacturing unit with machinery. The business did so well that the loan, which was meant to be paid back in eight years, was repaid within just two.”
Mr Bankley’s determination was complemented by serendipitous encounters with the right people at the right time. “Soon, I connected with Mr. Ramakant Angle and Mr. Maghashyam Nayak, who were in the mining business. They supported me with the raw materials, such as manganese ore and minerals, which are crucial ingredients for producing battery raw materials,” he explains. Major brands like Eveready, Novino and Nippo became his customers. “We were the largest suppliers of raw materials to them, and within a few years, I managed to set up more than five manufacturing units in Goa.”
In 2007, Arman Bankley faced a significant downturn in his business due to the closure of mining operations. “I had five units and over a hundred employees, and our production plummeted from one thousand tons a month to a mere hundred tons,” he recounts. Unwilling to lay off his staff, he sought a solution amidst rising overheads. “I noticed that Goa’s construction and real estate industries were booming. This inspired me to pivot to manufacturing cement products, utilizing my existing manpower and facilities. Though I had no prior knowledge in this field, divine intervention and business acumen guided me.”
During this period, the construction of the new Dabolim Airport terminal building was underway. “I was the first in Goa to start manufacturing cement blocks which was replacing the laterite, as there was also a ban on laterite stone mining due to the mining closure. I secured the contract to supply cement blocks for the new Dabolim Airport,” he shares. This strategic move established his company as a one-stop shop for all types of cement products needed for the construction industry in Goa.
Recognizing the burgeoning opportunities in the booming real estate market, Arman Bankley strategically diversified his product line. “The construction industry needs sand, plaster, tiles, adhesives, and more. This inspired me to develop and manufacture additional products in-house,” he explains. Today, his company offers a wide range of cement products essential for the construction industry, including lightweight blocks, eco sands, tiles, adhesives, and ready-made plasters. “I kept adding new products until 2015, when I met my mentor and guru, Mr Jagat Shah, who transformed my vision and expanded my horizons.”
Mr Shah played a pivotal role in guiding Arman to extend his business beyond Goa’s borders. “The opportunity to become part of Vibrant Goa also came through Mr. Shah. His expertise in exports and business mentoring opened new avenues for me,” Arman shares. “Through the Vibrant Goa platform in 2019, I had the chance to visit GCC countries, Vietnam, and other Southeast Asian nations. Observing global advancements and recognizing areas where I was lagging, I ventured into exports and expanded my business internationally.”
According to Mr. Bankley, the pandemic turned out to be a blessing for his business. “All my clients, to whom I previously supplied only manganese, are leading manufacturers of batteries and safety matches. With many countries banning trade with China, they turned to me for their raw material needs,” he explains. This shift led him to source a variety of chemicals in addition to manganese, expanding his product line significantly. “Currently, I am exporting to more than sixteen countries with eleven products. Now, I have nine manufacturing units spread across Goa, Kolhapur, Ratnagiri, and Belagavi,” he adds.
Today, Mr. Bankley collaborates with all the leading brands in Goa. “I have all the top builders in Goa as my clients and the business is doing very well with the grace of God,” he shares. This success has allowed him to engage more in social networking and become part of various associations and organizations. “I started my business at the age of 22, and today, at 52, after a thirty-year journey that began with my own funds, I have built a substantial empire with nine manufacturing units and a net worth exceeding thirty crore rupees. God has always been kind, and we now have over two hundred employees across our nine units. I want to give back to society in any way I can.”
Mr Bankley’s son has also joined the family business while managing his own ventures in the hospitality sector. “My son runs a chain of franchise outlets in the food industry across Goa, with over a dozen locations, including our main outlet in South Goa. I believe he has already proven his capability in a very short span of time,” Mr. Bankley proudly states.
Speaking about his plans, Mr Bankley mentioned that he now wants to concentrate on his parent company, ARMines. “My focus is more on exports. I am concentrating on expanding to other countries that have a demand for my products, and things are moving in the right direction,” he concluded.
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