Vimal Shah
| Vimal Shah | |
|---|---|
| Born |
1960 Nyeri, Kenya |
| Nationality | Kenyan |
| Ethnicity | Kenyan Asian |
| Alma mater | United States International University Africa (BSc) |
| Occupation | Businessman, Entrepreneur and Industrialist |
| Years active | 1985 — present |
| Organization | Bidco Group of Companies |
| Awards |
 Moran of the Order of the Burning Spear (MBS) (2004) Chief of the Order of the Burning Spear (CBS) (2011) |
Vimal Shah is a businessman, entrepreneur and industrialist in Kenya, the largest economy in the East African Community. He is the Chief Executive Officer of Bidco Africa, a business conglomerate involved in the manufacture of edible oil, detergents, soaps, margarine and baking powder. He is reported to be one of the wealthiest individuals in Kenya.[1]
Background and education
He was born in Nyeri, Kenya in 1960.[2] His father, Bhimji Depar Shah (Born 1932), once owned a petrol station in Nyeri among other businesses. He later started a small cotton garment factory, which interested Vimal and his younger brother Tarun, in the potential of cotton seed. All three Shahs are business partners in the Bidco Africa.
Bidco Africa consists of three companies:
- Bidco Oil Refineries Limited, with head offices in Thika, Kenya.
- Bidco Uganda Limited, headquartered in Jinja, Uganda.
- Bidco Tanzania Limited, with headquarters in Dar es Salaam.
Vimal Shah attended the American International University, Nairobi Campus, graduating with the degree of Bachelor of Science in Business Administration and Finance.[3]
Work history
In 1985, the three Shahs decided to start a soap manufacturing business. When Kenyan banks denied them financing, they turned to family and friends instead. Growing cotton locally would take too much time, so they imported oil from Malaysia. When they finally made the soap, shopkeepers in Kenya were unfamiliar with it, so the brothers loaded up a van and delivered the soap to shopkeepers on consignment, getting paid only after the soap sold.
Eventually, customers and retailers caught on. The Shahs have since built a modern state-of-the-art soap factory in Thika, valued at US$12.7 million, financed 60% by banks and 40% by family and friends. Since then, the trio have built oil-processing factories for cooking oils as well as soap, bought land or contracted farmers to produce ingredients and made hundreds of brands for east Africa’s growing population of consumers. “We have a product for every pocket,” says Mr. Shah.[4]
Wealth
In November 2014, Forbes Magazine, estimated the net-worth of Vimal Shah's father, Bhimji Depar Shah, then aged 82, together with Vimal Shah, then aged 55, and Vimal's younger brother Tarun Shah, at US$700 million, making them the 33rd wealthiest individual or group in Africa in 2014. Forbes used their own methods to arrive at this figure, including the fact that BIDCO grossed US$500 million in sales in 2013. It has manufacturing factories in Kenya, Tanzania and Uganda. The Group's products are marketed to 13 African countries.[5] In April 2015, Vimal Shah announced plans to quadruple business volume before 2020, by building new manufacturing factories in Mozambique, Madagascar and Ethiopia in addition to existing operations in Kenya, Tanzania, Rwanda and Uganda.[6]
Other responsibilities
Vimal Shah is a married to Manda Shah and father of Soham (born in 1998). As of October 2014, he is the current Chairman of the East African Business Council. He is also the chairman of KEPSA. In March 2014 he was elected to the 3GF (Global Green Growth Fund) based out of Amsterdam.
See also
References
- ↑ Maina, Wangui (16 December 2013). "Who Are Kenya's Wealthiest?". Daily Nation Mobile (Nairobi). Retrieved 19 October 2014.
- ↑ Tumusiime, Abdulaziizi K. (28 October 2014). "Bidco’s Shah Started Small But Aimed Big". Daily Monitor (Kampala). Retrieved 29 October 2014.
- ↑ "About Vimal B. Shah: CEO BIDCO Group of Companies". Bidco Oil. Retrieved 19 October 2014.
- ↑ Manson, Katrina (20 April 2014). "Vimal Shah, Chief Executive of Bidco". The Financial Times (London). Retrieved 19 October 2014.
- ↑ Forbes, . (November 2014). "Africa's 50 Richest: #33 Bhimji Depar Shah & Family". Forbes Magazine. Retrieved 20 November 2014.
- ↑ Wachira, Charles (23 April 2015). "Kenyan Billionaire Shah Plans Expansion to Quadruple Sales". Bloomberg News. Retrieved 24 April 2015.