UAE-based Indian billionaire B.R. Shetty: The man who built the NMC empire

UAE

Friday, February 28, 2020

Gold / Forex

UAE

UAE-based Indian billionaire B.R. Shetty: The man who built the NMC empire

From a humble start, sheer determination led him to build a multibillion-dollar group

Published: February 11, 2020 09:19 Anjana Kumar, Senior Web Reporter

1 of 12

Dr B.R. Shetty — HUMBLE START: With just eight dollars (Dh29) in his pocket, a dream to succeed and his mother’s blessings, Dr. B.R. Shetty first set foot in Abu Dhabi on May 3, 1973. Image Credit: Supplied

2 of 12

brshettyoldpic — THROWBACK: Here is a little throwback to B.R. Shetty, who pioneered private healthcare in the UAE. His first day in the UAE, however, was not without some major snags. His luggage was lost in transit. So, the first thing he did after leaving the airport was go shop for clothes and personal items," Shetty said in an interview to Gulf News. He checked into his accommodation when it finally dawned on him, he was in a foreign land. Image Credit: Supplied

3 of 12

Dr-B-R-Shetty-in-the-laboratory — LAB WORK: Dr. B.R. Shetty in a laboratory at the first NMC. Within a year of coming to the UAE, in 1974, Dr. Shetty was itching to do more in the country. “'What’s next?' was the big question looming in my head. Around the time, I came across articles in newspapers where the late Shaikh Zayed Bin Sultan Al Nahyan was advocating a need for quality healthcare at affordable rates in the capital. With his vision in mind, I decided to start New Medical Centre (NMC) in 1975," said Dr Shetty told Gulf News in an earlier interview. “I took a floor on lease in a building on Hamdan Street. I lived two floors below in a one-bedroom apartment. My wife, Dr. Chandrakumari Raghuram Shetty, was the first doctor to be hired in the hospital. We had three patients on the first day we opened the clinic,” said Dr. Shetty. Image Credit: Supplied

4 of 12

1.888109-1770093983 — GOAL-ORIENTED: In this file picture, former Gulf News sports editor Suresh Menon and Dr B.R.Shetty of NMC at the release of 'Sachin' magazine. Dr. Shetty in an earlier interview with Gulf News said he did not let this shaky start discourage him from pursuing his goal of making a living in the UAE. He said: “I could not afford to let that die. There was a loan my family had taken in India and I came here to help them repay it. The plan was to settle the loan and return home. As time would tell, that never happened and my world changed magically.” Image Credit: Gulf News Archive

5 of 12

br shetty — NET WORTH: In August 2018, Forbes set B.R. Shetty's personal net worth at a whopping $4.2 billion. The multi-billionaire non-resident Indian (NRI) has dedicated a large part of his life building an empire of healthcare facilities and other companies in the country. Image Credit: Ahmed Kutty/ Gulf News

6 of 12

1.2242450-2528460744 — LIFETIME AWARD: Indian Minister of State, Ministry of Information and Broadcasting and Ministry of Youth affairs and Sports, Colonel Rajyavardhan Rathore, founder and editor-in-chief of Republic TV, Arnab Goswami presented the Lifetime award to industry icon, Dr BR Shetty. On Tuesday, February 11, NMC Health continues to keep its shareholders on edge with doubts now forming over promoters’ actual controlling stakes. And then came the revelation about potential bids for the UAE’s most profitable hospital operator, with one offer reportedly in the range of 2 billion pounds. Image Credit: Supplied

7 of 12

e0a3162f-d211-4f25-a217-6773fafa79fe — Dr B.R. Shetty arrives to attend a special event in Dubai. Image Credit: Virendra Saklani/Gulf News

8 of 12

TAB 190528 PMMODI5 AD-1559039659757 — TAKEOVER INTEREST: On Tuesday, February 11, analysts at Align Research, who has an exposure in NMC, said it was not surprising the UAE-based firm - which was worth about 8.5 billion pounds at the share price peak in 2018 - has drawn takeover interest now that it’s capitalized at just 1.6 billion pounds. Image Credit: Gulf News Archive

9 of 12

1.2038130-4079335157 — 'THEY STARTED COMING BACK TO US': Dr B.R. Shetty with Indian ad and film director VA Shrikumar Menon and Indian actor Mohanlal. Starting out NMC, he recalls: “Medical services in government hospitals were free back then. And here I was charging people a fee. Naturally, this did not go down well with some people. But when they saw the quality of service delivered, they started coming back to us,” said Dr. B. R. Shetty in an interview with Gulf News. From treating three patients in 1975 to 8.5 million a year now, NMC is by far the biggest healthcare provider in the UAE by market value. Image Credit: Supplied

10 of 12

TAB 190528 PMMODI11 AD-1559040874727 — REMOVED FROM BOARD DISCUSSIONS: On Monday, February 11, NMC Health Plc, operator of the biggest network of hospitals in the UAE, said that its chairman, Dr. B.R. Shetty, will be removed from board discussions after he said he may have misreported the size of his stake. DR. Shetty is conducting a legal review into the size of his stake, NMC said Monday. The company is asking its main shareholders for clarity on whether they have pledged any of their holdings as collateral. Image Credit: Gulf News Archive

11 of 12

BILLIONAIRE CARS — SUCCESS IN THE DESERT: Dr. B.R. Shetty, 76, with his Moris Minor 1000. After tasting success with NMC, Dr. Shetty said he was itching for more. The pharma industry was almost a natural choice, considering his background. And so in 2003, Dr Shetty launched Abu Dhabi’s first manufacturing unit – Neopharma. “At first people laughed at the idea that I wanted to start a pharma venture in the middle of a desert. Nobody was willing to lend me money to set up the company. But having a good connection with people always helps. I had an old friend, Mr. PA Shenoy, who worked in Bank of Baroda. He called a senior official working in the bank to approve my loan request. I needed Dh80 million and the loan was granted in two weeks.” Image Credit: SUPPLIED

12 of 12

1.1931357-185088263 — PHILANTHROPY: Dr. B.R. Shetty, Chairman & CEO of NMC Health Care, UAE Exchange & Travelex, with Ahmed Al Sayegh, Chairman of Abu Dhabi Global Market. Dr. Shetty is engaged in numerous philanthropic work. He and his wife Chandrakumari recently joined the initiative created by Bill and Melinda Gates and Warren Buffett, pledging to commit more than half of their wealth to charitable causes. As part of this, he recently launched the Dr. BR and CR Shetty Foundation in Bengaluru, India to provide education, better health, alleviate poverty in the state of Karnataka. “My mission now is to serve the community. The community has done much for me. It is time to give back,” said Dr Shetty, who is also Chairman of Indian Business Professional Group, Abu Dhabi (IBPG). To people around him, Dr Shetty is deemed as an epitome of generosity. He supports a number of medical facilities around the world, including the Special Care Centre in Abu Dhabi, the Cancer Foundation run by Pakistani PM Imran Khan among others. Image Credit: Abdul Rahman/Gulf News

Latest In

India: 3-year-old girl raped during wedding function

5 minutes ago
Department of Health enforces quarantine at two hotels

21 minutes ago
Coronavirus: Japan PM calls to close all schools

53 minutes ago
Saturday Snapshots: Dazzling blooms in the desert

53 minutes ago
Geneva International Motor Show cancelled

1 hour ago

✕

This website stores cookies on your computer. These cookies are used to improve your experience and provide more personalized service to you. Both on your website and other media. To find out more about the cookies and data we use, please check out our Privacy Policy.