Indian Billionaire Sells Rs 12,478 Crore Company for Mere Rs 74

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Indian Billionaire Sells Rs 12,478 Crore Company for Mere Rs 74

| Updated: May 22, 2024 13:36

BR Shetty once owned multiple floors in the iconic Burj Khalifa

India boasts a growing number of billionaires, with their fortunes reaching astronomical heights. Among them, Mukesh Ambani stands out, commanding a net worth of $113.3 billion (approximately Rs 9 lakh 43 thousand crore), securing his place as the 11th richest person globally, according to Forbes and other reliable sources. Following closely is Gautam Adani, ranked 18th. However, not all wealthy Indians maintain their status indefinitely.

Enter Bavaguthu Raghuram Shetty, commonly known as BR Shetty. His journey from humble beginnings to billionaire status is remarkable. With just Rs 665 in hand, he ventured to the Gulf, where he built NMC Health—one of the UAE’s largest healthcare operators. At its peak, BR Shetty’s net worth reached an impressive Rs 18,000 crore. His business empire expanded beyond NMC Health, encompassing ventures like Finablr, BRS Ventures and Neopharma.

BR Shetty’s opulent lifestyle included owning multiple floors in the iconic Burj Khalifa (valued at $25 million or over Rs 200 crore), a private jet worth crores and luxury cars such as Maybach and Rolls Royce. His properties graced Dubai’s World Trade Centre and Palm Jumeirah.

However, in 2019, disaster struck. A UK-based investment research firm, led by Carson Block, accused BR Shetty of inflating cash flow to hide mounting debt. NMC Health’s shares plummeted, leading to a corporate crisis. Ultimately, BR Shetty was compelled to sell his company to an Israeli-UAE consortium for a mere Rs 74. His fall from billionaire status serves as a cautionary tale—one of the most significant corporate collapses in recent memory, shaking the business world to its core.

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