B. R. Shetty
B. R. Shetty | |
|---|---|
| Born | August 1, 1942 Udupi, India |
| Occupation | Entrepreneur |
| Known for | Founder of NMC Health, Neopharma, BRS Ventures, Finablr |
Dr Bavaguthu Raghuram Shetty (born 1 August 1942), widely recognized as B.R. Shetty, is an Indian-born entrepreneur and former billionaire. He established and took over multiple enterprises headquartered in the United Arab Emirates, including Abu Dhabi’s NMC Health, Neopharma, BRS Ventures, and Finablr.
Beginning his business journey in 1975 with ventures in hospitals and hospitality, Shetty expanded his interests into pharmaceuticals, financial services, retail, advertising, and IT sectors. He featured on the Forbes list of India's 100 Wealthiest Individuals in 2015 and was ranked as the 42nd richest person in India by 2019.
In 2020, amid ongoing investigations, Shetty stepped down from all board roles. On 8 April 2020, NMC Health entered Administration in the UK due to governance issues and a drastic fall in its share price. His net worth dramatically declined from an estimated $3.5 billion after significant drops in stock value and pledged shares being used to cover debts. Consequently, Forbes excluded him from its billionaire rankings for 2020.
On 15 April 2020, Abu Dhabi Commercial Bank filed a criminal complaint regarding NMC Health with the UAE Attorney General’s Office. Indian authorities also initiated investigations to evaluate potential risks to Indian banking institutions. Later, on 27 April 2020, the Central Bank of UAE froze Shetty’s accounts and placed his companies on a blacklist.
Early life
Born on 1 August 1942 at Bavaguthu House in Udupi, Shetty hails from a Tulu-speaking Bunt family, the son of Shambhu Shetty and Koosamma Shetty. His native language is Tulu, and he attended a school where instruction was delivered in Kannada. He pursued pharmaceutical studies in Manipal, India, and held the position of Vice-Chairman of the Municipal Council in Udupi. Shetty is married to Chandrakumari Shetty and they have four children.
Career
Shetty relocated to the UAE in 1973 and initially worked as the nation’s first medical representative. In 1975, he founded New Medical Centre Health (NMC) with the goal of delivering affordable, personalized healthcare services. The company began with his wife as its sole physician and has since expanded into the largest private healthcare provider within the UAE. NMC now serves more than four million patients annually across 45 facilities spanning 12 cities and eight countries including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. It was notably the first healthcare firm from both the Gulf Cooperation Council (GCC) region and Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was once included in the FTSE 100 Index. However, following revelations of financial misconduct, NMC was delisted from the London Stock Exchange and removed from the FTSE 100.
In 1980, Shetty acquired ownership of UAE Exchange from founder Daniel Varghese with assistance from Emirati Abdulla Humaid Al Mazroei. By 2016, UAE Exchange had expanded operations to over 31 countries with around 800 branches worldwide, managing remittance and currency exchange volumes exceeding US$50 billion in 2014. Additionally, Shetty purchased foreign exchange company Travelex in 2014; Travelex operates approximately 1500 outlets and 1300 ATMs across 27 nations. In December 2020, he agreed to transfer his controlling interest in Finablr, which owns UAE Exchange and Travelex, to Prism Group AG along with Royal Strategic Partners.
In 2003, Shetty launched NMC Neopharma, a pharmaceutical manufacturing company based in the UAE that emphasizes modular production aligned with international standards. Neopharma incorporates an R&D division and focuses on producing cost-effective medicines while serving as a contract manufacturer for global pharmaceutical firms such as Merck, Pfizer, AstraZeneca, and Boots UK.
He led NMC through a $330 million initial public offering on the London Stock Exchange in 2012, which financed a specialty hospital located in Abu Dhabi’s Khalifa City. In June 2016, he revealed plans to establish Abu Dhabi’s inaugural medical university named after Sheikh Zayed and was appointed chairman of the Indian Business/Professional Group. That year also saw him announce a project via B R S Ventures to build a super-specialty hospital with a capacity of 400 beds in Udupi. His healthcare interests extend to facilities located in Alexandria, Nepal, and Cairo.
In August 2019, BRS Ventures unveiled a $5 billion investment strategy aimed at expanding healthcare infrastructure throughout India.
A Bloomberg report published in February 2020 raised concerns about Shetty’s asset holdings amid short-selling activity by Muddy Waters Research. This led to his removal from NMC Health’s board following a corporate governance scandal related to his shareholdings. Subsequently, on 8 April 2020, NMC entered administration proceedings under UK insolvency law.
Philanthropy
In May 2018, Shetty joined forces with three other prominent business figures based in Abu Dhabi to endorse The Giving Pledge, committing himself to allocate half of his fortune to charitable causes.
Other activities
B.R. Shetty, once an activist affiliated with the Jan Sangh (which later evolved into the BJP), was instrumental in facilitating Narendra Modi's visit to Abu Dhabi. He made investments in a healthcare institution located in Uttarakhand and established the Indian Pharmaceutical Association within the Emirates. Additionally, Shetty contributed as a member of the advisory boards for Dubai’s Economic Department and its Pharmaceutical Committee. Up until 2019, he held the position of chairman for both the Abu Dhabi Indian School and its Al Wathba branch; these responsibilities were subsequently transferred to UAE-based billionaire M. A. Yusuff Ali.
In August 2015, Shetty took on the role of chairman at UAE Exchange. From June 2016, he also led The Indian Business/Professional Group. By September 2016, Sheikh Mohammed bin Rashid al Maktoum appointed him as a member of the UAE medical council.
In April 2017, Shetty declared an investment of Rs 1000 crore (approximately $157 million) for producing a film adaptation of the novel Randamoozham, featuring Mohanlal in the lead role. The project targeted revenues of $1 billion but was ultimately discontinued in May 2019 due to creative disagreements.
Awards and recognition
Shetty was honored with the Abu Dhabi Awards in 2005, the highest civilian distinction in the Emirate, presented by Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, during its inaugural ceremony. That same year, he received the Distinguished Entrepreneur Award from the U.S. India Friendship Society.
In 2007, the Government of India bestowed upon Shetty the Pravasi Bharatiya Samman. Later, in 2009, he was awarded the Padma Shri by the President of India in recognition of his outstanding achievements in business and entrepreneurship.