Building a fortune is no small feat, but doing so on foreign soil adds a layer of intrigue and admiration. In Africa, a continent known for its vast resources and untapped potential, several Indian billionaires have carved out remarkable success stories. These visionaries ventured beyond borders, blending their entrepreneurial spirit with Africa’s opportunities to create thriving businesses. Their ventures are not only impressive but also transformative, contributing to the economic growth of the continent.
Here are 18 Indian billionaires who turned Africa into their land of opportunity
Naushad Merali
Naushad Merali, a Kenyan businessman, founded Sameer Group, a conglomerate with interests in agriculture, construction, IT, and finance. Naushad Merali’s entrepreneurial journey began in the 1970s when he bought Ryce Motors in Nairobi at the age of 24, transforming it into a profitable business. He went on to achieve significant success, with one of his most notable ventures being the founding of Kencell, a mobile service provider, in partnership with the French media giant Vivendi. In 2004, he made $20 million profit from a corporate maneuver involving Kencell’s sale to Celtel. He later became a major shareholder in Bharti Airtel’s Kenyan operations before selling his stake in 2014. With a net worth of $370 million in 2015, Merali was ranked as the third richest man in Kenya and 48th in Africa by Forbes. His other business ventures included investments in Kenya Data Networks, Kenya Tea Company, and significant contributions to the hospitality industry, including the purchase of the Grand Regency Hotel. Merali also had a hand in opening various factories, including a $30 million milk processing plant in Nakuru and a macadamia plant in Kiambu. In 2015, his net worth was estimated at $370 million, and he was honored for his contributions to Kenya’s economy before passing away in 2021.
Sunil Vaswani
Sunil Vaswani, born in Jaipur in 1963, is the Nigerian billionaire and chairman of the Dubai-based Stallion Group. The group generates $4 billion annually and operates across multiple sectors including automobiles, food, and petrochemicals with operations across Asia, the Middle East, and Africa,. Vaswani took over his family’s Nigerian trading business at 21, expanding it into a global enterprise. Despite facing legal challenges in 2003, Forbes estimated his net worth at $1.6 billion in 2020, and by 2021, the Sunday Times Rich List valued it at £1.159 billion.
Narendra Raval Guru
Narendra Raval, known as “Guru,” is the founder of Devki Group, East Africa’s largest steel manufacturer. He moved to Kenya as a teenager and started a steel business in 1986. Under his leadership, Devki expanded into multiple industries, including cement. His success has earned him recognition as the 46th richest African, and 2nd richest Kenyan based on the 2015 Forbes list of Africa’s richest in Kenya, with Devki Group having a net worth of $650 million, and he is also a committed philanthropist, pledging to donate half of his wealth.
Bhimji Depar Shah
Bhimji Depar Shah, born in 1931 in Cairo, founded Bidco Africa in Kenya, which is now one of East Africa’s leading manufacturing groups. Initially starting with a petrol station, he shifted to soap production and later edible oils. By 1991, Bidco had expanded into consumer goods, generating over $500 million annually with operations in 13 African countries. In 2015, his net worth was estimated at $700 million, making him Kenya’s wealthiest individual.
Read also: 10 countries with the most populated billionaires in the world 2024
Manu Chandaria
Manu Chandaria, born in 1929 in Nairobi, is the senior member of the Comcraft Group, which has a presence in over 40 countries. The group, valued at $2.5 billion, produces steel, plastics, and aluminum products across 16 African countries, employing over 30,000 people. Chandaria’s success in business has been matched by his philanthropic efforts. He received numerous awards, including an Order of the British Empire (OBE) in 2003, for his contributions to Kenya’s industrial development.
Sudhir Ruparelia
Sudhir Ruparelia is the founder of the Ruparelia Group, Uganda’s largest conglomerate. His journey began with importing goods and later expanded into banking, real estate, and hotels. Initially, he entered the business world by importing beer and salt from Kenya, and later expanded into the foreign exchange market with his company, Crane Forex Bureau. His success in forex led to the establishment of Crane Bank in 1995, which grew rapidly to become one of Uganda’s top banks. Later, he organized his businesses under the umbrella of the Ruparelia Group, which allowed for better management and expansion.With an estimated net worth of $1.2 billion, he has had a profound impact on Uganda’s economy and has been recognized for his contributions to business and education.
Dhiren Chandaria
Dhiren Chandaria is a successful Kenyan entrepreneur known for his work in manufacturing. After 24 years in North America, he returned to Kenya and acquired Orbit Chemicals, now Kenya’s largest contract manufacturer. Orbit serves prominent multinational companies such as Unilever, Colgate, Reckitt, PZ Cussons, Henkel, and L’Oreal. He is also the owner of Ariel Foods, a leading manufacturer of therapeutic food for malnourished children. Ariel Foods, with facilities in Kenya and Nigeria, is one of the major suppliers of ready-to-use therapeutic food to the World Food Programme. He is involved in improving food security and nutrition through his business and philanthropic initiatives.
Mayur Madhvani
Mayur Madhvani is the leader of the Madhvani Group, Uganda’s largest sugar producer. The family’s flagship company, Kakira Sugar Works, is Uganda’s largest sugar producer, manufacturing around 165,000 metric tonnes of sugar annually, which accounts for about 47% of the country’s sugar production. In addition to Kakira, the Madhvani Group also owns Kinyara Sugar Works, the second-largest sugar producer in Uganda. The Group has expanded its operations to include power generation, hotels and resorts, security services, and other ventures, with annual revenues exceeding $500 million. The Madhvani Group’s success continued under Mayur’s guidance, with major developments including the establishment of a co-generation power plant at Kakira, which generates 52 megawatts, and an ethanol distillery with a capacity of 60,000 liters per day.
Ramesh Hathiramani
Ramesh Hathiramani is the founder of Dana Group, a prominent Nigerian conglomerate with diverse interests spanning aviation, pharmaceuticals, industrial chemicals, and automobile distribution. The group also owns a steel rolling mill in Katsina state, located in Nigeria’s northern region. Hathiramani began his entrepreneurial journey in the early 1970s with general merchandise trading before expanding into pharmaceutical manufacturing in the mid-1980s. Dana Motors, the group’s auto distribution arm, is the exclusive distributor of Kia vehicles in Nigeria. Additionally, Dana Group owns Dana Air, a well-known commercial airline.
Vinay and Ratan Mahtani
Vinay and Ratan Mahtani are the sons of Ishwardas Mahtani, the founder of Churchgate Group, which was established in 1968. Initially, Churchgate was a textile manufacturer, large-scale importer, and distributor of essential commodities. However, in 1995, the company pivoted its focus after the Nigerian government lifted protections for the local textile industry, which allowed the importation of textiles. As a result, Churchgate ceased its textile operations and shifted to leasing excess space in its office and warehouse properties and focusing on real estate development. Under the leadership of Vinay and Ratan, Churchgate has expanded into residential, commercial, and mixed-use projects. The company is now recognized for its real estate ventures, having completed several large-scale projects. Among its notable holdings is The World Trade Center in Abuja.
Vivian Reddy
South African businessman Vivian Reddy is best known for founding the Edison Power Group, one of South Africa’s largest electrical engineering service providers. With additional interests in casinos, healthcare, financial services, and property development, Reddy has built a diverse empire, including the multimillion-dollar Ocean Mall in Durban. Starting with a small electrical firm, Reddy’s Electrical, he grew it into Edison Power, securing large contracts, including a significant deal with the City of Johannesburg. Though some of his business dealings have faced scrutiny, he remains influential in South Africa’s business landscape. Reddy is also noted for his philanthropy, contributing to community projects and charities.
Ylias Akbaraly
Ylias Akbaraly is the Chairman and CEO of Groupe Sipromad and President of the Board of Thomson Broadcast. Over the past 20 years, he has successfully transformed the family business into one of the most influential companies in Madagascar and the Indian Ocean, growing from 20 to over 3,000 employees. His group has expanded internationally with a diverse portfolio spanning industries such as renewable energy, real estate, technology, aviation, tourism, and finance. Through the acquisition of Thomson Broadcast in 2018, the company has further cemented its global ambitions, operating in countries including Kazakhstan, Ghana, and France. A recipient of numerous prestigious awards,including the Pravasi Bharatiya Samman Divas Award 2009, the highest recognition from the Indian Government to a Non Resident Indian (NRI) and the National Order of Madagascar, Akbaraly is dedicated to making Madagascar a regional economic powerhouse, exemplified by his ambition to build the tallest tower in the Indian Ocean.
Amirali Karmali
Amirali Karmali, also known as Mukwano, was a Ugandan entrepreneur and industrialist who founded the Mukwano Group of Companies in 1986. His conglomerate is diverse, with interests across banking, real estate, plastics, agro-processing, logistics, and the manufacture of fast-moving consumer goods. Under his leadership, the Mukwano Group became a major player in East Africa, with a yearly revenue exceeding $230 million. Karmali’s flagship company, Mukwano Industries, produced leading products like cooking oils, soaps, cosmetics, and detergents. He was also a significant landowner in Uganda, owning 17,000 acres in the Masindi district. In 2011, he received Uganda’s prestigious Order of the Nile (Class One) Medal for his contribution to industry and enterprise development. At the time of his death in 2019, Karmali was one of Uganda’s wealthiest individuals, leaving a legacy that continues under his son, Alykhan Karmali, who now leads the company.
Ramesh Valechha
Ramesh Valechha is the chairman of Milan Group, a business conglomerate in Nigeria. He founded the company four decades ago as a commodity trading firm, later transforming it into a diversified multinational corporation with operations in several African countries, as well as Dubai, India, the UK, Geneva, and China. Milan Group’s diverse portfolio includes automobile distribution, shipping, transport, hotels, consumer goods imports, and real estate. The company also distributes tires, vehicle batteries, and lubricants, and it owns the prestigious Lagos Continental Hotel. However, in 2024, the Asset Management Corporation of Nigeria (AMCON) initiated bankruptcy proceedings against him.
Iqbal Surve
Iqbal Survé, a South African billionaire and former medical doctor, is the chairman of Sekunjalo Investment Holdings, a diversified group involved in various sectors including oil, energy, healthcare, biotechnology, media, and financial services. Founded in 1997, Sekunjalo has over 200 investments, predominantly in Sub-Saharan Africa. Survé is also the chairman of Independent Media, one of South Africa’s largest media companies. His personal fortune is estimated at $1 billion, and he has been involved in several high-profile disputes, including issues with the Public Investment Corporation (PIC). However, he has also earned recognition for his philanthropic efforts, including donations to disaster relief and support for black-owned businesses.
Benoy Berry
Benoy Berry is the founder and Chairman of Contec Global Group, established in 1984, which has become a leader in security technology, particularly in biometric identification. The company has a long-standing partnership with the Nigerian government to develop secure technologies for passports and resident cards. Benoy’s work spans multiple sectors, including energy, hospitality, and infrastructure development, with a growing focus on alternative energies. One of his significant contributions is overseeing the Combined Expatriate Residence Permit and Alien Card project in Nigeria, which began in 1999 to improve foreign resident identification. Benoy, a naturalized Nigerian citizen, has previously worked with companies like Morgan Stanley and Philip Morris International.
Raj and Alok Gupta
Raj and Alok Gupta are the driving force behind African Industries, a prominent Nigerian conglomerate with diverse business interests, including mining, steel manufacturing, chemicals, and real estate development. The company, recognized as the largest steel producer in Nigeria, employs over 4,000 people from more than 10 countries. Under the mentorship of their father, Mr. Pk Gupta, the brothers have successfully expanded African Industries’ operations internationally, significantly boosting revenue and assets. Raj Gupta serves as the Chairman of African Industries, while Alok Gupta, his younger brother, holds the position of Managing Director.
Bashir Currimjee
Bashir Currimjee is a key figure in the Currimjee Group, a diversified Mauritian conglomerate founded by his grandfather, Currimjee Jeewanjee, who emigrated from Gujarat, India, to Port Louis in 1884. Initially starting a small business in 1890, trading livestock feed, rice, oil, and pulses, the family business has evolved into a major player with interests spanning telecom, media and IT, real estate, hospitality, energy, food and beverages, and more. The Currimjee Group owns Emtel, Mauritius’s second-largest mobile telecom operator, and MC Vision, the country’s leading digital pay TV provider, alongside a range of other businesses in the region.
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