A success story
p. 39 · Read in the full issue
By Sudesh Kissun
HARD work and a deep faith in reli gion has guided Lautoka hotelier Yanktesh Permal Reddy, over the last 25 years to become one of Fiji’s out
standing businessman.
Reddy, known to friends simply as “YP”, is the managing director of Reddy’s Enterprises Limited which owns the Tanoa International Hotel, Skylodge Hotel, Waterfront Hotel, Rakiraki Hotel and Tanoa Apartment Hotel.
Recalling his entry into the family busi ness in 1954, Reddy Construction Company, YP said the company was pri marily a home-builder and run by his two elder brothers.
When YP entered the business he was given a driver’s job and was expected to work on job sites as a labourer when not driving.
In 1956, YP left for New Zealand for further studies and returned the following year to accept an offer to become a junior partner in the family business.
With his new ideas YP transformed the company into a leading construction firm building offices and flats, homes and estates.
In 1963 YP became chairman of Reddy Construction, which had now become a
liability company.
Two years later, YP and his brothers formed Reddy’s Enterprises Limited and leased a piece of land overlooking the Nadi International Airport.
In May, 1965, the Tanoa Hotel perched on a hill opened its doors for business.
YP said the hotel then consisted 20 rooms without air-conditioning, a small dining room and no swimming pool.
He said the swimming pool and an additional 20 rooms were built a few months later. .
"We started in a small way unlike some developers who start big and expect to start getting their money back immediate ly,” he said.
"It doesn’t happen that way. Build what you can afford and keep ploughing your gradual profits back to improve the invest ment.”
After the success of Tanoa, YP and his company secured further investments which saw the opening of the other hotels in the western division.
The latest acquisition was the Tanoa
International Hotel, which was known as Nadi Travelodge until its sale two years ago.
YP said the early days were hard days and called for sacrifices.
“Our early jobs were completed on a shoe string budget and liquidity was scarce,” he said.’
“Pay days were the most dreaded days and sometimes quite embarrassing”.
“There were times when we had to ask our employees to wait for a few days before we could pay them.”
YP said the situation improved when the company received more jobs in Lautoka and established a branch there.
Reddy’s Construction job list includes the Korolevu Hotel, Globe Theatre; the Prince Charles Park grandstand and Fiji Sugar Corporation’s sugar bulk shed.
Apart from his business activities, YP has taken keen interest in cultural, educa tional and social organisations.
Currently, he is chairman of Fiji Girmit
Council, president of The Then India Sanmarga Ikya Sangam and National Federation Party management board chair man.
YP is also a member of University of South Pacific council and Fiji Hotel Association life member.
YP has also served the Fiji Jaycees and Rotary Club of Lautoka.
On Monday (Oct 9) YP received the Companion of the Order of Fiji from the President, Ratu Sir Kamisese Mara.
YP also serves on the board of Asha Investments Limited, Fiji Meats Limited, Clyde Equipment Pacific Limited and National Insurance Company. He is also a current member of the Fiji National Provident Fund.
He has previously served on prominent
boards like the Fiji Electricity Authority,
Fiji Development Bank and Fiji National
Training Council. ■