ARMAN BANKLEY has worked grounds-up to become a visionary business leader committed to innovation, sustainability, and community impact in the manufacturing sector with his group, AR-Mine’s Industries
AR-Mine’s Industries is a partnership firm founded in 2009 by Arman Jitendra Bankley. Arman, a seasoned chemical engineer with over 30 years of industry experience, previously co-founded Dimac Organics Pvt Ltd. His expertise and dedication have propelled ARMine’s Industries to a position of respect and trust within the manufacturing and trading sectors.
Foundational Journey
Arman completed his Chemical Engineering from Bombay University in 1990. During his final year, he interned at various factories, igniting his ambition to establish his own enterprise. He began his career in a small MSME unit, where he handled multiple responsibilities for a modest salary of `750. Arman supplemented his hands-on experience with a part-time business management course, balancing work and study from early morning until midnight. After four years, Arman left his job to partner with three engineering colleagues to establish Dimac Organics. His initial foray into the Goa market began in 1995, where he identified a lucrative opportunity in manganese dioxide. This venture enabled him to develop a processing unit, which he established in Cuncolim in 1996, quickly becoming a leading supplier to the battery and chemical industries.
Establishment of AR-Mine’s Industries
Following the closure of mining operations, Arman separated from his partners, aiming to retain his workforce and initiate a new venture. Thus, AR-Mine’s Industries was born in 2009 in partnership with his wife, Avani. The firm initially focused on importing manganese ore from Indonesia and Singapore, establishing Arman as a pioneer in this field in India. Today, AR-Mine’s Industries boasts nine manufacturing units and continues to thrive.
Acknowledgments
Arman credits his success to the support of key individuals in Goa who believed in him during his early entrepreneurial journey. He expresses deep gratitude to influential figures like Ramakant Angle, Meghashyam Naik, and Sunil Gharse, as well as Kaisare, the former finance head of Maharashtra State Financial Corporation, who helped secure crucial funding for his first manufacturing unit, along with consistent business mentoring from Dr Jagat Shah, Rajkumar Kamat and Nitin Kunkolienkar.
Core Values and Strategic Vision
Guided by a philosophy of opportunity and a commitment to excellence, Arman identifies as an opportunity seeker.
Inspired by the teachings of Sri Sri Ravi Shankar, he approaches challenges with determination. Following setbacks from the mining sector’s closure, he successfully diversified into cement manufacturing, securing significant contracts, including for the new airport terminal at Dabolim Airport and other mega infrastructure projects in Goa.
From a single manufacturing unit in 2011, AR-Mine’s Industries has expanded to seven by 2019, diversifying its product range to include blocks, bricks, and ready-mix plaster, tiles adhesive, eco sand etc. Arman’s innovative approach has of positioned him among the first in India to manufacture readymix plaster, demonstrating
his commitment to a circular economy model. By leveraging synergies within his production processes, approximately 50% of his output serves as raw materials for other units.
In 2018, Arman further expanded his portfolio by acquiring a biofuels manufacturing unit in Kolhapur, establishing ARMine’s Biofuels. This venture exemplifies his strategy of backward integration, fostering sustainable growth while enhancing the efficiency of his manufacturing ecosystem.
Key Factors contributing to the success of AR- Mine’s
Arman says that under the mentorship of Dr Jagat Shah he has come to believe that successful business relationships are built on the principle that people do business with people first. This foundational belief emphasises the importance of personal connections, followed by the quality of the product and competitive pricing. “Throughout my journey, I have prioritised honesty, integrity, and ethics in all my business dealings. I recognise that the path of entrepreneurship is fraught with challenges, but maintaining strong ethical standards has been instrumental in cultivating lasting relationships with clients. Today, AR-Mine’s proudly supports over 400 prestigious clients across Goa, many of which have remained loyal since our inception in 2011,” says Arman.
This commitment to fostering genuine connections extends to his mineral division, where he initially partnered with a handful of chemical manufacturing units serving the battery industry. Even after 30 years, those early collaborations continue to thrive, underscoring the value of trust and reliability in business. Ultimately, this approach has not only facilitated growth but has also established a solid foundation for enduring partnerships.
Impact of the COVID-19 pandemic on business strategies
With the arrival of the pandemic in 2020 which threw the world out of gear, Arman used the pandemic to his advantage. “Just prior to the COVID-19 pandemic, I was actively involved in the Vibrant Goa initiative as Co Founder and Honorary Secretary. In 2019, we hosted the Vibrant Goa Global Expo and Summit, which provided me with opportunities to travel for road shows and engage in B2B meetings, particularly in GCC countries. During these interactions, I observed advanced technologies and high-tech machinery utilized. in the ready-mix plaster sector –equipment that was surprisingly manufactured in Goa but not yet available in the Indian market,” he says. Motivated by these insights, Arman took the initiative to pursue this opportunity upon returning to India. Despite initial hesitations from the manufacturers regarding the risks involved, he was determined to invest in these machines. His approach has always been to embrace challenges head-on, embodying the philosophy of “jumping into the swimming pool and learning to swim.” This mindset has proven beneficial, allowing him to successfully implement these
machines in his operations, including the completion of significant mobile projects. As for the pandemic itself,
it unexpectedly became a catalyst for growth. “During this period, many of my longstanding clients in the mineral, match, and battery industries expressed a newfound urgency to source materials from India rather than China due to global supply chain disruptions. They approached me to explore alternative products, and I seized this opportunity to expand my offerings. Throughout the pandemic, I successfully developed 11 new products tailored for the match and battery industries. I sourced these products from India and facilitated their export to clients in over 16 countries. This diversification into merchant exports not only reinforced existing relationships but also established new ones, showcasing the quality and reliability of Indian products on the global stage,” adds Arman. In summary, while the pandemic posed numerous challenges, it ultimately opened doors for innovation and growth within Arman’s business, allowing him to adapt and thrive in a changing landscape.
Current trends in the manufacturing and trading sectors
Arman speaks on the current trends in the manufacturing and trading sectors. “In the miningsector, particularly regarding manganese, we have observed a significant downtrend over the past several years. The closure of many mines across India has severely impacted supply, with only one or two government operated mines currently active. In Goa, the manganese mining landscape has almost completely vanished. As a result, our operations now rely heavily on imported manganese from countries such as Indonesia, Gabon, and Brazil, leading to a substantial decline in volumes. Unfortunately, there are no immediate prospects for renewal in the local mining sector, which poses challenges for the future,” he laments.
Conversely, the cement products market is witnessing rapid evolution, characterized by a cycle of technological advancements every five years. Traditional materials like natural stone have given way to solid cement blocks, followed by the introduction of bricks, and now the rising popularity of lightweight AAC blocks. “In response to these trends, I recognized the opportunity to enter this niche market and subsequently established a partnership to launch a new unit focused on manufacturing lightweight blocks, branded as V-Lite, in Ratnagiri. This facility is performing well and has positioned itself as a forward-looking solution within the industry.We have successfully partnered with Godrej Company for the sole distribution of V-Lite products, which has further enhanced our brand’s market presence. Currently, our portfolio includes nine manufacturing units for cement products, along with two units dedicated to minerals and biofuels,” he says.
As the industry continues to evolve, AR-Mine’s remain committed to adapting to new technologies and innovations.
It is essential to stay agile and responsive to market changes to ensure sustained growth and competitiveness in their sector.
International export experience and future market targets
Currently, AR-Mine’s has established strong markets in Africa, GCC countries, and Nepal, with Africa serving as a primary base for their mineral exports, as well as products for the match and battery industries. Their cement products are primarily directed towards the GCC countries, where they have found a favorable environment characterised by lower competition and accessible market entry. “Looking ahead, we aim to diversify our export strategy by targeting Europe, Australia, and South Asia. While we are already familiar with markets in Vietnam, we are also exploring opportunities in Singapore, Malaysia, and Bangladesh. These regions represent significant potential for growth and align with our strategic objectives for expansion in the near future,” states Arman.
As AR-Mine’s continue to strengthen their international presence, their focus remains on leveraging existing relationships while exploring new partnerships that can facilitate their growth in these emerging markets.
Leadership style and evolution
Over the years Arman’s leadership style has undergone a vast change. “If you had asked me about my leadership style 15 or 20 years ago, I would have described myself as more reserved and back-of-the-room oriented. However, my experiences over the years, particularly during my tenure as a senior director in BNI, have significantly shaped my approach to leadership. I have been fortunate to work under the mentorship of esteemed individuals like Rajkumar Kamat and Nitin Kuncolienker. Their guidance and the opportunity to collaborate with them across various organisations have played a pivotal role in my development as a business leader,” he says with gratitude.
Today, as the President of the Vibrant Goa Foundation and the State General Secretary for Laghu Udyog Bharti and being part of GSIA, GCCI, Arman’s leadership style has evolved to emphasize active engagement and community involvement. “My commitment to contributing to the betterment of Goa has allowed me to build a robust professional network. I believe in giving 100% to every initiative I undertake, which has been consistently recognized and appreciated by the teams I work with,” asserts Arman. His organisational skills and dedication to excellence have proven fruitful in his leadership journey, enabling him to foster collaboration and drive positive outcomes in all his endeavours.” Arman’s unmatched passion had always been business beyond boundaries and thus he co- founded the Goa Exports Group under Vibrant Goa and till date he has successfully mentored 40+ Goan MSMEs and aided them in the export-import trade which inspired them to diversify and thrive, thus making them an integral part
of the global trade in India.
of India to Nepal, at a meeting in Kathmandu
Involvement with BNI-Goa and Business Growth through Networking
Arman is an active part of BNI-Goa and resonates with the idea that his network is his net worth. “As a Senior Director – Business Growth for Business Network International (BNI) in the Goa region, I have had the opportunity to connect with key stakeholders involved in major commercial and residential projects across Goa. This involvement has been instrumental in my professional journey, enhancing my visibility and enabling significant growth in my business.I am proud to share that I currently rank second in the BNI-Goa region in terms of referrals generated for fellow members. Being part of the BNI Mathgram Chapter has allowed me to foster a spirit of collaboration, where I focus on creating opportunities for others, embodying the principle that what goes around comes around,” he says with a smile.
One notable example of how this networking has paid off is Arman’s role in securing the Mopa Airport project. During the pandemic, he organised several online business showcases, including a business conclave that featured prominent leaders from various ongoing projects in Goa. Sanjay Kulkarni, the Vice President of Procurement for GMR Mopa Airport, attended this event. “Despite the challenges of the pandemic, he remembered our engagement and reached out to me when Mopa Airport activities resumed several months later. Following this, Kulkarni visited my factory, approved our products, and we secured a significant supply contract for cement products, including blocks and plasters, for the Mopa project. I take immense pride in the fact that our materials contribute to this landmark development, and I can truly say that every brick and plaster used at Mopa reflects our commitment to
quality and excellence.”
Involvement of the next generation in the Business
Arman’s son Dhanish like his father has the entrepreneurial spirit in him and has recently joined the family business bringing his own entrepreneurial vision to the table. His journey into the food industry began during the pandemic when Arman faced challenges with rental income from a shop he had invested in at Umiya Mercado Mall in Margao. While Dhanish was completing his final year of studies in Chennai, he developed a keen interest in the food industry.
entrepreneur under the mentorship of his
father, Arman Bankley
Recognising an opportunity in Goa’s market for Bombay style fast food and snacks, he proposed starting a venture together with his father. “We decided to take on the master franchise for an Indore-based company that specializes in popular chaat items. We launched our first outlet under the name ‘ChaatDi Hatti’ and ‘London Shakes,’ which received an enthusiastic response from the community. There was a clear demand for the Bombay-style fast food cuisine that was previously missing in Goa,” says Arman. Since then, father and son have expanded to nearly 12 ChaatDi Haati outlets across Goa. Inspired by this success, Dhanish has also initiated his own franchise called ‘Ida Food Ventures,’ which features a curated selection of milkshakes, desserts, healthy smoothies and innovative food offerings. He has ambitious plans to expand Ida Foods beyond Goa, with ten outlets already launched across India in Mumbai, Hyderabad, and Jaipur. One of his flagship locations, Rose Café, is situated in Margao near Fatorda. Dhanish is passionate about developing quick-service restaurant concepts and aims to take his ventures pan-India. His entrepreneurial spirit and vision are commendable, and Arman is excited to see how he continues to grow both the family business and his own ventures in the food industry.
Incorporating sustainability at AR-Mine’s Industries
At AR-Mine’s Industries, sustainability is a fundamental principle guiding their manufacturing processes. “We are proud to identify as a circular economy industry, where our focus is on creating eco-friendly products that minimize waste and promote recycling,” says Arman
Their product lines, including fly-ash bricks and concrete blocks, are designed to utilise byproducts from steel and power plants, preventing these materials from being buried in landfills. This innovative approach not only conserves natural resources but also contributes to reducing the environmental impact of their operations.
“In our ready-mix plasters, we utilise artificial sand produced from slag waste generated by the steel industry. We have developed a proprietary eco-sand that can be processed and used in various applications, including plaster.
This initiative is currently unique to our operations in Goa, positioning us as a leader in sustainable practices within the region,” adds Arman.
By continuously seeking innovative solutions, ARMine’s Industries are committed to advancing sustainable manufacturing and contributing to a greener future.
Managing Work-Life Balance
Arman’s son Dhanish is a key partner in his business and together they navigate the many responsibilities that come with managing ARMine’s Industries, as well as his involvement in BNI and various community roles. Arman is deeply passionate about his work, and finds fulfillment in the diverse projects he engages in. “While my dedication
often means that work takes precedence, I do prioritise family time, especially on Sunday evenings, which I reserve for family. My family has been incredibly supportive, allowing me the flexibility to pursue both my professional and social interests,” he says. Arman has always been inclined to multi-task, and this has enabled him to take on multiple leadership roles, including serving as the President of the Gujarati community in Margao, his role as Goa state General Secretary of the Laghu Udyog Bharti committee, and the President of Vibrant Goa Foundation and many more “Balancing these commitments with my business responsibilities has been rewarding, and I find that my social initiatives align with my passion for giving back to the community,” says Arman with a glint of pride. Ultimately, this blend of work and social engagement satisfies his drive for both professional success and personal fulfillment.
Advice for Young Entrepreneurs
Arman often shares insights with college students and aspiring entrepreneurs, emphasising the importance of gaining experience before venturing into business. He believes that working in a job provides valuable discipline and practical knowledge that can serve as a strong foundation for future entrepreneurial endeavours.
“One crucial piece of advice I offer is to endure the first thousand days of your business; this period is often the most challenging, but if you can navigate it successfully, the path forward becomes significantly easier. If you have a promising idea or vision, don’t hesitate to take the plunge – embrace the opportunity and learn as you go,” opines Arman.
Today, Arman says, there are numerous mentors available to guide young people, and obtaining financial support is more accessible than it has been in the past. The current environment is favorable for those looking to start their own ventures. “Integrity and ethics are paramount in business. Building trust with your clients and partners is essential; when people see you as a reliable and trustworthy individual, much of the work is already accomplished. Maintaining that trust will help you navigate the inevitable ups and downs of entrepreneurship. Focus on gaining experience, be prepared to persevere through the initial challenges, and always prioritise integrity in your relationships. These principles will set you on the path to success,” summarizes Arman.
Legacy Aspirations with ARMine’s Industries
As he reflects on his journey with AR-Mine’s Industries, Arman is profoundly grateful to his employees, who are integral to the success of AR-Mine’s Industries. “Their dedication and commitment have been vital to our achievements, and I view our progress as a collective effort rather than an individual endeavour,” he says.
Operating in a rural area has allowed Arman to build a team that is not only skilled but also deeply committed. “I have found that this commitment often surpasses what can be found in urban settings. My goal is to continue growing AR-Mine’s Industries while prioritizing sustainable practices and creating meaningful employment opportunities,” he adds.
Currently, he employs around 150 individuals, and he aims to expand this number to over 200. He is passionate about exploring innovative projects and taking on new challenges, and is actively working on several promising
initiatives. “I look forward to launching these new products in the near future, which I believe will further enhance our impact and legacy. Ultimately, I aspire to leave behind a legacy of teamwork, innovation, and sustainability, ensuring that AR-Mine’s Industries not only thrives but also contributes positively to the community and the environment,” exclaims Arman with a hope to make a difference.
