Vimal Shah

Vimal Shah
Born	1959 (age 57–58) Nyeri, Kenya
Nationality	Kenyan
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 Chairman of Bidco Africa and is responsible for the company's growth into new markets and product ^[1] Bidco is 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.^[2]

Background and education

He was born in Muranga, Kenya.^[3] His father, Bhimji Depar Shah (born 1931), 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 Tanzania Limited, with headquarters in Dar es Salaam.
• Bidco Madagascar

In Uganda, Vimal and his family are minority shareholders in Bidco Uganda a joint venture with WIlmar and Josovina from Malaysia.

Vimal Shah attended the American International University, Nairobi Campus, graduating with the degree of Bachelor of Science in Business Administration and Finance.^[4]

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.^[5]

Wealth

In November 2014, Forbes dropped Vimal Shah from the list of Africa's 50 richest people.^[6] 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.^[7] In November 2014, Forbes dropped Vimal Shah from the list of Africa's 50 richest people.^[8] 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.^[9]

Ethical Issues

In March, 2017 after protracted battles with employees of Bidco in labour disputes, Vimal Shah was directed to appear before the Kenya National Assembly Labour and Social Welfare Committee. The lawmakers maintained that Mr Shah must appear in person to respond over claims that that the company mistreated workers, and employing foreigners for jobs that can be done by Kenyans. The MPs are investigating claims that the company’s workers are subjected to poor working conditions and most of them are employed as casual labourers, who do not benefit from statutory National Social Security Fund and the National Hospital Insurance Fund. Vimal Shah was also expected to respond to claims that workers who complain about the poor working terms are unfairly sacked and those injured at work are frustrated when seeking compensation. Bidco Africa has also been accused of warning its employees against joining the Thika-based Kenya Union of Commercial Food and Allied Workers.^[10] In April 2017, Vimal Shah stood down as CEO of Bidco Africa.^[11]

Other responsibilities

Vimal Shah is a married to Manda Shah and father of Soham (born in 1998). He is a past Chairman of the East African Business Council, the Kenya Association of Manufacturers and the Kenya Private Sector Alliance KEPSA. In March 2014 he was elected to the 3GF (Global Green Growth Fund) based out of Amsterdam.

See also

• List of wealthiest people in Kenya
• Economy of Kenya

References

External links

• BIDCO Official Website