List of richest Kenyan billionaires of Indian descent, businesses they own
tuko.co.ke
Nov 12, 2021 7:47 AM
Kenya has over 90 Ultra-High Net Worth Individuals (UHNWIs) who have a net worth of at least KSh 3.2 billion
Among the top richest are Kenyans of Indian descent who have built business empires across the country
Philanthropist Manu Chandaria who runs Comcraft Group of Companies tops the list of the richest Kenyans of Indian descent
Knight Frank's 2021 Wealth Report showed Kenya has over 90 Ultra-High Net Worth Individuals (UHNWIs) who have a net worth of at least KSh 3.2 billion.
Among the top richest are Kenyans of Indian descent who have built business empires across the country.
TUKO.co.ke lists the top Indians who have made it big in business in Kenya.
1. Manu Chandaria
Kenyan philanthropist Manu Chandaria was born on March 1, 1929, to an Indian merchant who moved to Kenya in 1915 to start a provisions shop along Biashara Street in Nairobi.
The 92-year-old grew up in Ngara, Nairobi county, and assisted his father in his shop.
Since his father was semi-illiterate, he made sure Chandaria went to school to gain knowledge to run the family business.
After completing his master's degree in engineering from the University of Oklahoma in the United States in 1951, Chandaria returned to Kenya to run Comcraft Group of Companies, which started from a small shop.
The company is now worth over KSh 269.5 billion. Chandaria's net worth is estimated at $1.7 billion (KSh 183.2 billion), making him one of the richest men in Kenya.
2. Narendra Raval
Kenyan billionaire tycoon Narendra Raval is ranked among Africa's wealthiest people according to a 2015 Forbes ranking.
He has an estimated net worth of $500 million (KSh 56 billion)
Raval serves as the chairman of Devki Group of Companies behind the production of steel, cement and iron sheets.
At the height of the COVID-19 pandemic in April 2020, the 58-year-old became a darling of the people when he stopped steel production to produce oxygen that was given to public hospitals for free.
The donation valued at KSh 100 million was collected from Devki Steels Mills branches in Mombasa, Ruiru and Athi River.
3. Bhimji Depar Shah & family
Bhimji Depar Shah founded Bidco Africa in 1985.
Depar's son, Vimal, has been the face of the manufacturing conglomerate that produces edible oil, hygiene, baking, detergents, margarine, animal feeds and other products.
According to Forbes, Bidco has a 49% share of the edible oils market in Kenya and annual revenues of more than $500 million (KSh 53.9 billion).
The company has established a presence in 13 African countries.
4. Merali family
Naushad Merali was born on January 2, 1951.
His ancestors reportedly came to Kenya from the state of Gujarat in India.
Merali who died on Saturday, July 3, aged 70, was best known as the owner of Sameer Africa, one a tyre manufacturer in the East Africa region.
He also had shares at NCBA Bank which he left to his widow Zarin Merali.
In November 2015, Merali’s net worth was estimated at KSh 37 billion by Forbes, putting him among the top 50 richest people in Africa.
5. Popat family
Abdulkarim Popat was the patriarch of the Popat family.
He eft shares worth KSh 3.4 billion in privately owned firms after his death in 2013.
His three sons Azim, Alnashir and Adil and widow Guzar have been fighting for the control of his wealth.
Adil Popat is the executive chairman of Simba Corporation, according to his LinkedIn profile.
Vimal Shah: Profile, Education and Wife of Bidco Africa Chair Whose Company Makes Over KSh 50b
Simba Corporation deals in motor vehicle distribution, hospitality, real estate, investment and financial services.
Adil is the owner of the famous luxurious Villa Rosa Kempinski Hotel in Nairobi.
He also owns Olare Mara Kempinski hotels and Hemingways Holdings Ltd-35% shareholding.
Other businesses the family owns.
Deluxe Motors.
Regal Properties.
Bouganvillea Properties.
Assets in Canada, Portugal, Spain, Gibraltar, Guernsey, British Virgin Islands, Dubai, Switzerland and England.
6. Baloobhai Patel
Baloobhai Patel owns Transworld Safaris Limited.
The 83-year-old founded the travel company more than 30 years ago and serves as its managing director.
The business mogul has shares in Carbacid Investments, Barclays Bank Kenya, Safaricom, Bamburi Cement and Diamond Trust Bank Group.
He also has a stake at Pan African Insurance, where he is its largest non-institutional shareholder.
His shares in companies listed at the Nairobi Securities Exchange are worth over $45 million (KSh 5 billion)
Manu Chandaria of Comcraft Group of Companies, Narendra Raval and Depar Shah family who founded Bidco Africa top the list of the wealthiest Kenyan Indians.
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