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Siddharth Balachandran

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Siddharth Balachandran
BornJune 1, 1976[1]
Thiruvananthapuram, Kerala, India
NationalityIndian
Occupation(s)Entrepreneur, Philanthropist
OrganizationBuimerc Corporation Limited
TitleExecutive Chairman and CEO
AwardsPravasi Bharatiya Samman Award

Siddharth Balachandran is an Indian-born UAE-based entrepreneur, investor and philanthropist. He is the executive chairman and CEO of Buimerc Corporation,[2][3] an investment holding company headquartered in Dubai.[4] In 2023, he was awarded the Pravasi Bharatiya Samman Award (PBSA) for his contributions in the field of business and community welfare by the President of India Droupadi Murmu, the highest Indian award for Non-resident Indian and Overseas Citizen of India.[4][5]

Biography

Siddharth was born on June 1, 1976,[1] in Thiruvananthapuram, Kerala, India, to R. Balachandran, a local businessman, and Sabita Varma Balachandran, a former officer in the Reserve Bank of India.[1] He attended schools in Chennai and Ernakulam before graduating in civil engineering from Bapuji Institute of Engineering and Technology, Mysore University.[1] Later, he pursued a Master's Programme in International Business from PSG Institute of Management, Coimbatore, and completed an Advanced Management Programme at the Indian School of Business, Hyderabad.[1][2]

Career

Siddharth Balachandran was a strategic accounts manager at Dun & Bradstreet Information Services Pvt Ltd in Chennai in 1999.[2] Later, in 2002, he moved to the United Arab Emirates and joined Builders Merchants, a construction materials company in Dubai.[6] While working at Builders Merchants, Siddharth was instrumental in obtaining ISO 9001 certification for the company and also in expanding its operations by opening branches in Dubai and Abu Dhabi. In 2004, he decided to venture into entrepreneurship and founded Bumga Fzco, a building material trading company based in Jebel Ali Free Zone. Bumga Fzco was later restructured into Buimerc Corportaion FZE, and remains at the same location in Jebel Ali Free Zone.[7]

He was also actively involved in the Indian community in Dubai. In 2006, he became the vice chairman of India Club, Dubai, and later served as its chairman.[8] The club was established in 1964 and provides various facilities for its 6500 members, including sports, social amenities, entertainment, recreation, and business promotion.[9]

In 2007, he founded Buimerc Corporation Ltd, an investment holding company which was initially based in the British Virgin Islands and later moved to Dubai International Financial Centre, where it currently operates from.[7] He currently serves as the executive chairman and CEO of Buimerc Corporation. The company owns subsidiaries in India and the UAE and operates as an investment holding company with stakes in major companies in India.[10] It is approved as a foreign portfolio investor by SEBI.[11]

In May 2023, Siddharth became a major shareholder in the National Stock Exchange of India, owning about 0.3% of the exchange.[12][13] He is also the largest individual shareholder of the Bombay Stock Exchange, holding around 3.46% of the institution.[1][10] The market capitalization of NSEIL is currently about Rs 1.7 trillion.[10]

Philanthropic and community involvement

During the 2010 financial crisis, he collaborated with the Indian Consulate to assist families affected by unemployment.[14][2] Balachandran is a member of the board of governors of the People of Indian Origin Chamber of Commerce and Industry (PIOCCI) in the GCC region, facilitating business collaboration among Indian professionals in the UAE.[4]

Furthermore, Siddharth is involved with various social and philanthropic organizations in the UAE. He acts as a patron for Al Jalila Foundation, Smart Life Dubai, KMCC Dubai, Dubai Autism Centre, Science India Forum UAE, Abu Dhabi Centre for Special Needs, Al Noor Training Centre for Special Needs, Rashid Pediatric Centre for Special Needs, and Senses Residential and Day Care for Special Needs.[4] Siddharth is also associated with the Indian Social & Cultural Centre in Abu Dhabi[10] and serves as a Director at Chinmaya International Residential School in India.[1]

Buimerc India Foundation

Buimerc India Foundation is the philanthropic arm of Buimerc Corporation, based in Kochi, Kerala.[15][16]

Awards

References

  1. ^ a b c d e f g Sharma, Anilkumar (2023-05-03). "എന്‍.എസ്.ഇയുടെ ഓഹരികള്‍ സ്വന്തമാക്കി മലയാളി; നിക്ഷേപമൂല്യം 516 കോടി". dhanamonline.com (in Malayalam).
  2. ^ a b c d e Khaleel, Zenifer (2013-05-02). "Balachandran: optimism is crucial to success". gulfnews.com. Retrieved 2023-08-05.
  3. ^ John, Issac. "UAE ideal hub for start-ups". Khaleej Times.
  4. ^ a b c d "UAE-based Indian businessman only GCC recipient of India's top honour for expats". gulfnews.com. 2023-01-03.
  5. ^ "Indore: President gives away Pravasi Bharatiya Samman Awards". Free Press Journal.
  6. ^ Denslow, Caroline (28 July 2005). "Builders' Merchants lay down Omega foundations". Arabian Business.
  7. ^ a b Abdulla, Nasreen. "UAE entrepreneur awarded India's top honour for expats". Khaleej Times.
  8. ^ Reporter, A. Staff. "Corporate tax regime to boost UAE economy, say experts". Khaleej Times.
  9. ^ "India club gets new executive body". www.gulftoday.ae.
  10. ^ a b c d John, Issac; Times, Khaleej. "Dubai businessman acquires big stake in India's largest stock exchange". www.zawya.com.
  11. ^ John, Issac. "Sebi approves DIFC firm as foreign portfolio investor". Khaleej Times.
  12. ^ Rukhaiyar, Ashish (2022-10-13). "Who owns the Indian stock exchanges?". Business Today.
  13. ^ John, Issac; Times, Khaleej. "Dubai tycoon top individual shareholder of BSE in Mumbai". www.zawya.com.
  14. ^ Attwood, Ed. "Power to the people: Indian influence in the GCC". Arabian Business.
  15. ^ Patnaik, Rhonita. "Buimerc India Foundation marks 15 years of holistic services". Khaleej Times.
  16. ^ "Buimerc India Foundation Upgrades Lives of Rural Women by Training". 2023-04-04.
  17. ^ "Indian Power List 2011". Arabian Business.
  18. ^ "Siddharth Balachandran". Arabian Business.

Category:Living people Category:Indian expatriates in the United Arab Emirates

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