Mehul Parekh - Managing Director - Formura
With rapidly evolving industries, the demand for high-quality engineering solutions is increasing, especially in the power transmission and oil & gas sectors. As technology advances, the need for innovative and dependable engineering services becomes more critical. Companies are seeking partners who can not only meet their current needs but also anticipate future challenges and opportunities. This is where FORMURA steps in.
FORMURA, one of the fastest-growing firms, provides complete engineering solutions, including engineering, designing, manufacturing, and testing. Under the leadership of Mr Mehul Parekh, the company has thrived by adhering to a philosophy that “optimum design can only be achieved by paying major attention to minor details throughout the project,” the company is dedicated to partnering with clients for their product development needs. From their roots in Gujarat, India, to offices in Qatar, Singapore, and the USA, FORMURA Group consistently exceeds industry demands with innovative solutions.
Mehul’s journey in the business world began in 2017 when he returned to his hometown of Anand, Gujarat, after losing his job in Dubai. With limited funds and uncertainty about his future, he was inspired by his elder brother, Mr Nilesh Parekh, who was successfully running a business. Guided by his brother’s advice, Mehul started a trading company dealing with gear couplings for industrial applications.
Mehul recalls, “In 2017, I won a dealership from ESCO Couplings. However, until 2018, I struggled to establish myself in the market while also searching for a better job.” During this period, his friends suggested Mehul to explore business opportunities related to Jacking Systems for offshore rigs, leveraging his extensive experience in the field.
One day, Mehul received a call from a friend asking him to manage the fabrication of some parts. Uncertain but determined, he reached out to an ex-colleague, Jay Parmar, whose father, Mr Dilip Parmar, ran a machine shop. After successfully delivering the fabricated parts and receiving positive feedback, Mehul was motivated to pursue this path further.
Mehul recalls, “I discussed the situation with my father, and that marked the beginning of FORMURA, with my father, Mr. Satishchandra Sharma, and my wife, Mrs Dipal Parekh, as directors. With the support of Mr Dilip Parmar and Mr Dipak Patel, we successfully delivered newly manufactured small components used in Jacking Systems on Jack-up Rigs offshore. My confidence grew, but the COVID-19 pandemic soon caused a significant setback.”
Despite the challenges, Mehul and Jay decided to start a new company, FORMURA OFFSHORE SERVICES PRIVATE LTD. (FOSPL). They soon secured an order for special tools from Derek Conrad Sequeira in Qatar, which energised their growth plans. They set their sights on achieving API-Q1 certification from the American Petroleum Institute (API), a prestigious milestone in the oil and gas industry. Mehul shares, “We worked diligently on our Company Quality Management System, and with the help of Mr. Daxesh Prajapati, whom I hired as a marketing executive and later promoted to QA/QC, we achieved this certification. This milestone boosted our confidence and opened new doors for us.”
Not long after, FORMURA faced the pandemic’s challenges. However, they persevered. Mehul says, “Jay and I gathered unused old stocks from various dealers, refurbished them, and obtained approval from the American Bureau of Shipping (ABS) for use in the oil and gas industry. We also got FOSPL ISO 9001:2015 certified and successfully achieved the API-Q1 certification after rectifying several non-conformities. These approvals not only boosted our confidence but also set us on a new path.” Mehul’s and Jay’s vision extended beyond these achievements. “Sky is not the limit,’ they say. I dreamt of opening offices in the Middle East, Asia Pacific, and the USA. We opened FORMURA ENERGY TRADING AND SERVICES LLC in Qatar in the year 2022, and our offshore services business began developing in the Middle East and India. Frequent travel and attending various conferences and exhibitions expanded our business contacts.”
In 2023, Mehul opened an office in Singapore, FORMURA OFFSHORE ENERGY PTE LTD, and later, in the USA, FORMURA OFFSHORE ENERGY LLC. Reflecting on his journey, Mehul expresses his gratitude, “I am very much grateful to all our employees for the trust they have in FORMURA GROUP. I hope to keep up the good work and meet the expectations of my employees and customers.”
Mr. S.P. Sharma (23 November 1949 – 6 May 2021) was a dynamic and pioneering leader whose vision marked the course of FORMURA’s journey. Known for his sterling qualities and commitment, Mr Sharma saw progress not as a distant dream but as a series of milestones, each leading to the next. With this belief, Mr Sharma founded FORMURA in 2018, focusing initially on power transmission products. The company quickly established itself as a significant player in the industry. However, Mr Sharma’s ambitions extended beyond mere success. He envisioned FORMURA as a transformative force capable of delivering high-quality and competitively priced products. This vision led him to expand FORMURA into the petroleum and natural gas sectors—industries that demand a high degree of technical expertise and specialised knowledge.
Despite numerous challenges, Mr Sharma, supported by his expert team, led FORMURA to global recognition. The company’s journey is never-ending. With continued support from their team and clients, Mr Sharma was confident that FORMURA would continue to achieve milestones of excellence for years to come.
FORMURA is dedicated to providing high-quality, custom-designed power transmission solutions. Their vision is to contribute significantly to the development of effective and sustainable industrial, transportation, and energy supply applications, becoming the reference partner for connecting rotating equipment that makes the world a better place.
Their core values encapsulate their commitment:
F-Focused: Committed to quality and client satisfaction.
O-Optimism: Turning ideas into reality with an optimistic approach.
R-Reliability: Maintaining reliability in all business operations.
M-Motivation: Drawing strength from clients’ motivation to lead further.
U-Unity: Building strength through unity within the FORMURA family.
R-Realistic: Exceeding client expectations with a realistic approach.
A-Accessibility: Ensuring accessibility while rendering services.
FORMURA specialises in the repair, overhaul, maintenance, and servicing of jacking systems, skidding equipment, drilling equipment, and crane components for the oil and gas industry. They also manufacture and supply spare parts for these systems and equipment. FORMURA’s reputation is built on robust support for product development, delivering end-to-end services with unmatched precision. Their skilled engineers bring extensive experience in mathematical modelling, engineering design, process engineering, control engineering, product validation, and material science.
By integrating manufacturing, testing, and designing processes under one roof, FORMURA ensures seamless operations, making them a trusted partner in the industry. Their clientele includes prominent names like Aban Offshore (India), ADES (Saudi Arabia, Egypt), GDI (Qatar), Seafox (Dubai, Qatar), Dynamic Drilling (India), Sun Petro (India), Global Offshore & Marine (Singapore), and Faith Energy (USA), among others.
Mehul explains, “We place a strong emphasis on producing high-quality products at competitive prices, which sets us apart from our rivals. Our commitment is to deliver reliable products that can withstand normal wear and tear while maintaining the highest standards of quality and compliance.” FORMURA stands out by involving leading industry bodies in facility audits and earning accreditation from prestigious institutes. They ensure high standards of quality and customer satisfaction through its dedicated QA&QC department. Accredited with ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health & Safety), FORMURA maintains consistent management systems within the oil and gas industry.
Mehul notes, “This, combined with strategic sponsorships of major oil and gas events like IADC, IDEC, OJME, and MOQ, has significantly increased our presence globally.” To further ensure high customer satisfaction, FORMURA actively seeks feedback from clients on their services. Mehul adds, “This feedback is invaluable as it helps us continuously refine and enhance our skills and services.”
Discussing the hurdles within the industry, Mehul highlights four major challenges, including managing inventory, operating costs, market volatility, and health & safety.
Here’s how they address it:
Managing Inventory: FORMURA uses distribution management systems for real-time visibility of inventory levels, tracking movement, and automating replenishment. This optimises levels, reduces costs, and ensures adequate supply. They also source materials globally to ensure customer satisfaction.
Operating Costs: Using ERP systems, FORMURA tracks costs and maintains separate budgets for OpEx, CapEx, marketing, employee benefits, and bonuses. All in-house departments collaborate to improve cost control, efficiency, and reliability.
Market Volatility: FORMURA’s marketing and business development teams build strategies to explore opportunities in various verticals within the oil & gas industry and beyond.
Health & Safety: FORMURA continuously improves health and safety conditions by establishing risk prevention requirements and identifying operational hazards before starting work. They also offer industry-related courses from accredited institutes for employees who travel offshore.
Mehul describes FORMURA as “a progressive organisation where growth and innovation are central to their goals.” Embodying its slogan, “Turning ideas into reality,” FORMURA emphasises excellence and employee development. The company fosters a culture of continuous learning, supporting its young workforce with training in management, engineering, and quality systems. Mehul highlights, “We emphasise continuous learning and development, not just for our employees but also from them.”
Collaboration and teamwork are key drivers within FORMURA, which maintains a high-pressure, goal-oriented environment dedicated to outstanding results. This commitment to a dynamic work culture helps FORMURA attract top talent in the industry. By showcasing its company culture, values, and dedication to employee development, FORMURA positions itself as a desirable workplace aligned with professionals’ career aspirations.
FORMURA utilises targeted recruitment campaigns, job postings, and professional networking events to engage potential candidates. Their LinkedIn presence highlights company achievements, employee spotlights, and participation in industry events. Mehul adds,
“We also share content about our commitment to professional development, including training programs, mentorship initiatives, and opportunities for skill enhancement.”
Discussing their achievements, Mehul proudly shares, “In a very short span, we’ve achieved significant milestones, including accreditation from prestigious bodies like ISO, ABS, DNV, and API. Notably, we are the only organisation in India to achieve DNV and API-Q2 certifications, which is one of our highest accomplishments.”
FORMURA has rapidly expanded its presence with new offices in Qatar, Singapore, and the USA within four years. Some notable developments include a major expansion of their head office in Anand, Gujarat, from a 98 sq. m. machine shop in 2018 to a 14,000 sq. m. facility with modern amenities. Additionally, their Qatar operations have grown from a 65 sq. m. office to a 250 sq. m. warehouse with office space.
FORMURA is dedicated to managing its social, environmental, and economic impacts in line with customer expectations. Mehul emphasises, “We actively encourage our employees to use resources efficiently, reducing waste and conserving natural resources like water, energy, and raw materials.”
FORMURA integrates sustainability and social responsibility by investing in research and development to discover eco-friendly technologies and processes. By setting clear sustainability goals, embracing circular economy principles, managing supply chains responsibly, investing in renewable energy, and engaging stakeholders, FORMURA drives toward a sustainable future. Mehul adds,
“We believe that both individuals and teams must be responsible for achieving our sustainability goals. As we say, ‘Quality is never an accident. It is always a result of intelligent effort.’ We focus on quality, not quantity, in our pursuit of sustainability.”
Mehul notes, “Currently, our team is engaged in three different projects across various locations in India and the Middle East. Despite the challenging conditions, including the monsoon in India and the extreme heat in the Middle East, our offshore engineers and technicians continue to work diligently.” FORMURA takes pride in their proactive approach to achieving customer satisfaction and making significant strides in the industry.
Advising young entrepreneurs, Mehul shares, “Always focus on providing the best service possible. It’s not “all” about money. Understand the difference between entrepreneurship and business. People are willing to pay a premium if your service quality is top-notch. Concentrate on meeting customer needs at a competitive cost.” He continues, “While some risks may not pay off, the experience and lessons learned are valuable assets. Learn to assess and mitigate risks with a solid strategy. Surround yourself with positive influences—whether friends, family, or other business owners. Strive for personal growth by attending industry events, practising time management, and improving your people skills.”
“Maintain good health, as it impacts both your personal life and business. Be a good listener, and remember, patience and calmness are essential for success,” concludes Mehul.
“I’m truly grateful to the Almighty for guiding me throughout my journey. Without the blessings of my parents, I wouldn’t be where I am today. My family has always been my backbone, supporting me through all my risky decisions and tough times, and I cherish their support deeply.
I also want to thank our management team—Mr Bhavin Parekh, our Group CEO; Mr Jay Parmar, our Executive Director; Mr Derek Conrad Sequeira, our Regional Director; and Ms Daphne Dsouza, our AGM Finance & HR. Their support and decisive actions have been crucial in achieving our company’s goals.
Our dedicated staff, both in our offices and workshops globally, ensures that FORMURA Group continues to excel in delivering high-quality parts and materials. Our talented team of offshore engineers and technicians are the key to our global recognition in providing top-notch inspection and maintenance services in the energy sector.
I look forward to continuing this wonderful journey with our team, who I consider family.” - Mehul Parekh.
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