From failed steel to soul: Vinay Rai’s dubious reset and redemption
Rai, an MIT engineering graduate and scion of the Usha group—which was led by his father Kulwant Rai, a modest industrialist from Uttar Pradesh—surfed the wave of economic reforms of the nineties. But while his vision was grand, his capabilities and intent were somewhat suspect. The Ispat group’s initial rise was meteoric. From a modest