Sudhir Ruparelia

Sudhir Ruparelia (born 17 January 1956) is an Indian-origin Ugandan business magnate and investor. He is the chairman and majority shareholder in the companies of the Ruparelia Group.[4] His investments are mainly in the areas of banking, insurance, education, broadcasting, real estate, floriculture, hotels, and resorts.

Ambassador
Doctor

Sudhir Ruparelia
Born (1956-01-17) 17 January 1956[1]
Kabatoro, Kasese, Uganda[2]
NationalityUgandan
EducationA-Levels (United Kingdom)
OccupationBusinessman, entrepreneur, investor
Years active1986 - present
Net worthUS$1.2 billion (2019)[3]
Spouse(s)
Jyostna Ruparelia
​
(m. 1977)​
[2]
ChildrenMeera, Rajiv Ruparelia, Sheena

According to Forbes in 2019, he was the wealthiest individual in Uganda, with an estimated net worth of US$1.2 billion.[3] On 20 October 2016, the Bank of Uganda, which regulates all banks in Uganda, took control of Crane Bank, the largest subsidiary of the Ruparelia Group, due to a significant decline in capital and potential run on the bank.[5]

Background

Ruparelia was born in Kabatoro, Kasese District in the Western Region of Uganda to an upper-middle-class Indian Gujarati family.[2] His great-grandfather reached Mombasa, Kenya in 1897 from India and set up a trading store there before coming to Uganda in 1903. His grandfather was born in Uganda in 1908 and his father in 1932.

Ruparelia has two sisters and one brother. He attended Bat Valley Primary School in Kampala, from P1 to P6, then Jinja Main Street Primary School in Jinja for P7 and Jinja Secondary School. In 1971, he joined Kololo Senior Secondary School.

He fled to the United Kingdom with his parents in 1972 at the age of 16, when the dictator Idi Amin expelled all Asians from Uganda.

He returned to Uganda in 1985, with US$25,000 earned from several casual jobs including working in supermarkets, factories, and butcheries. Ruparelia started selling beer and spirits imported from Kenya.

In 1989, beer importation was banned to encourage local brewing of alcohol and he realized he could not make beer. But since his customers, who were mainly foreigners, paid him in foreign currency, he started Crane Forex Bureau, the first in Uganda. With his profits, Ruparelia ventured into other businesses, including forming Crane Bank in 1995. Later, he organized his businesses under the umbrella of the Ruparelia Group.[2]

In 2007, Sudhir Ruparelia was awarded an honorary Doctor of Laws degree in business, by the Uganda Pentecostal University, in recognition of his contribution to Uganda's economic growth.[6]

Family

Ruparelia is married to Jyotsna, since 1977.[7] Together, they are parents to three children. Meera Ruparelia, the oldest, is married to Ravi Kotecha since 2014. Rajiv Ruparelia is their only son, and Sheena Ruparelia is the younger daughter.[8]

Diplomatic roles

In February 2020, Sudhir Ruparelia was appointed as honorary Consul of the Republic of Nepal to Uganda, by Bidhya Devi Bhandari, the president of Nepal. On 17 March 2020, Ambassador Sudhir presented his credentials to Samuel Kutesa, Uganda's foreign minister. Sudhir will report to the nearest substantive Nepalese embassy, in Cairo, Egypt.[9]

See also

References
  1. Kanaabi, Michael (2011). "From A Cab Driver, He Now Owns A Business Empire". New Vision Mobile. Archived from the original on 4 January 2014. Retrieved 8 June 2014.
  2. Daily Monitor Online. "Ugandan Asians: The making of Ruparelia Group". Daily Monitor. Retrieved 18 November 2014.
  3. Andrew Irumba (15 May 2019). "Forbes Releases 2019 List Of Top 10 Richest People In Uganda And Their Net Worth, Sudhir Still On Top!" (Quoting Forbes Magazine). Kampala: Spyuganda.com. Retrieved 18 March 2020.
  4. Ruparelia Group. "The Companies of the Ruparelia Group". Ruparelia Group of Companies. Retrieved 8 July 2014.
  5. Mark Keith Muhumuza (20 October 2016). "Bank of Uganda takes over Crane Bank, suspends all managers". Daily Monitor. Retrieved 18 March 2020.
  6. Stephen Wandera & Agness Nandutu (24 October 2007). "Uganda: Sudhir Awarded Honorary PhD" (via AllAfrica.com). Daily Monitor. Kampala. Retrieved 18 March 2020.
  7. Timothy Bukumunhe (11 February 2004). "Jyotsna, Sudhir Make 27". New Vision. Kampala. Retrieved 22 April 2020.
  8. Owen Wagabaza (1 September 2016). "How Sheena Ruparelia's Sh5b Wedding Went Down". New Vision. Kampala. Retrieved 22 April 2020.
  9. Lydia Nabakooza (17 March 2020). "'Ambassador' Sudhir presents credentials, officially starts work as Nepal's consul to Uganda". Kampala. Retrieved 18 March 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.