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Binod Chaudhary

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Binod Chaudhary
Binod Chaudhary (cropped).jpg
Born (1955-04-14) 14 April 1955 (age 64)[1]
Kathmandu, Nepal
ResidenceSanepa, Lalitpur, Nepal
NationalityNepalese
OccupationPresident of Chaudhary group, Member of Legislature Parliament of Nepal
Known forChaudhary Group
Net worthIncrease US$ 1.7 billion (2019)[2]
Spouse(s)Sarika Chaudhary
Children3

Binod Chaudhary (Nepali: विनोद चौधरी; born Binod Kumar Chaudhary,[3] 14 April 1955) is a Nepalese businessman, and philanthropist. He is the current chairman and president of Chaudhary Group (CG).[4]

On February 2013, he was recognised as Nepal's wealthiest person with estimated net worth of $1 billion, ranking 1,342nd in the global study compiled that year.[5] Since 2013 his net worth has risen to $1.7 billion.[6] Besides business, which focusses on distribution, retail, leisure and manufacturing in south and south-east Asia with portfolios of real estate and construction materials interests, he has done charity works, has written a book, and produced Nepalese feature films.[7]

Personal life[edit]

Chaudhary was born in Kathmandu, Nepal to a Marwari family, who were a group of trading families.[8] His grandfather Bhuramal Das Chaudhary was an entrepeneur who started a textile business.[8] His father was also a businessman who further developed his grandfather's business. The Chaudhary family's current generation comprises his wife Sarika and their three sons, Nirvana, Rahul and Varun.[9] Chaudhary opted to go to further education rather than joining the family business.[10]

He cites his grandfather and father as his inspirations.[11] He is a fan of Bollywood icon Amitabh Bachchan, and Ranbir Kapoor.[12] He admires Nelson Mandela, president of South Africa for bringing freedom to his country.[12] He also admires businessman J. R. D. Tata for "building a company of rare distinction".[12]

Business career[edit]

Early career[edit]

His grandfather, Bhuramal Das Chaudhary, migrated to Nepal from Rajasthan, India in the 19th century. After his arrival at the age of 20 he started a textile business in the 1930s.[8] A few years later, after the 1934 Nepal–Bihar earthquake, he became the first in Nepal to start a formally registered clothing company.[8] His father, Lunkaran Das Chaudhary, continued to develop the textile business, and also established international-trading houses, and a construction company.[8] In 1968 Lunkaran Das Chaudhary founded Arun Emporium, a retail store which was his most successful enterprise.[8] At the age of eighteen, Binod Chaudhary was about to head towards India to study chartered accountancy however his father was diagnosed with heart disease, the doctor told him his father could not continue to run the family business.[13] As he was the eldest son in the family he stepped into the family business.[13] He told The Telegraph, "My life was overnight changed completely. I did not have a choice at all. But it has made me a tougher man."[13] He also stated "I would have liked to study further but I was required to do my duty" In an interview with Hong Kong Tatler.[14]

He considered importing Japanese Suzuki cars to Nepal. He says, "Suzuki did not trust me as I was a young clothes trader. I convinced them. They gave me a trial dealership along with four others to sell Suzuki in Nepal. Whoever sold most cars in six months would get the dealership."[15]

His first independent business was in 1973, it was a discothèque company called Copper Floor.[8] The company was a huge success, because of the many wealthy and powerful people who visited the club.[8] In 1979 Chaudhary made a deal with Japanese electronic firm National Panasonic, which was his first multinational deal.[8] The deal gave him the right to import National Panasonic's parts to make radios throughout Nepal.[8]

Chaudhary Group[edit]

Chaudhary Group (CG) is a business group founded by Chaudhary's grandfather Lunkaran Das Chaudhary.[16] Wai Wai, a brand of instant noodles became the company's bestseller which was introduced to Nepal in 1984.[17] Chaudhary took over the family company at the age of 23, and wrote "running that disco taught me a lot about business but it was only when I took over the family business of running Arun Emporium, turning its fortune and looking after family, I understood the business."[18] The idea to sell Wai Wai noodles came to Chaudhary mind after seeing many people from Thailand with packets of noodles. Soon after that, he realized that there was a craze for Thai noodles in Nepal.[19] He went to Thailand, where he visited Thai Preserved Food Factory Co Ltd who produced the Wai Wai noodles for Thailand.[20] He want to do a business collaboration between them however the owner was not that confident with the idea to bring the noodles to Nepal due to the country's 'poverty and poor infrastructure'.[20]

Chaudhary told Forbes India:

Yes, back then I was simply looking to create a product from flour and then I decided on this product. Flying to Bangkok and back, I saw many cases of noodles on the baggage belt and I would ask people: ‘Why are there so many of these cases coming from Thailand?’ They would tell me that people loved them. I think people have grown with the product. To begin with, Wai Wai wasn't easily available in India. Today we have 20 percent market share in India. Now we’re looking at creating a large national campaign here. We do localised marketing, but this is going to be a big one.[21]

After seeing Chaudhary's enthusiasm he taught him how to make the noodles.[21] He also said, "I'm a great admirer of Thailand and this company that has given our group this kind of status." to the Bangkok Post.[21]

In 2013 Chaudhary was listed as Nepal's first billionaire by Forbes.[5][22] As of March 2019 he is listed on 1,349 on Forbes's Billionaires of 2019.[6] After becoming Nepal's first billionaire he told, "I am humbled. As a businessman, you don't get a Nobel. This is my Nobel Prize," and "I see this as a recognition for the 40 years of my hard work".[23] In 2015 he was featured in cover of Forbes Asia.[24] By 2018 his fortune had risen by $200 million.[25] After appearing in the list he stated that, "Forbes’ Billionaire List is the result of the blood and sweat of four generations. I am proud to say that there are 7000 people associated with the Chaudhary Group (CG) in 19 countries."[26]

Other business[edit]

In 1995 Chaudhary bought the Dubai government’s controlling stake in Nabil Bank.[27] He has started Cinnovation Group on Singapore in 1990.[28] Cinnovation Group is one of the first highly pervasive multinational Nepali companies.[28] The company has an interests into the hotels and resorts, wildlife and in-bound tourism, FMCG (food and beverage), real estate, cement, and financial services.[28] The company has also employed over 4,300 employees.[28] Chaudhary has also started to show interests into joint venture with Taj Hotels Group.[29] He also wants Nepal to move to a certain point where other investors see it as a safe point.[29] Has stated that, "The government must become investment friendly and appreciate wealth creation and entrepreneurship. We need to give investors confidence in us to take Nepal forward. That’s my single biggest priority."[29]

Politics[edit]

Early politics[edit]

In 1979 his first multinational collaboration needed a license from Nepal's government. At that time Surya Bahadur Thapa was in power.[8] Where Surya Bahadur Thapa asked Chaudhary and his father for financial advice to "to fund the campaign for the retention of Panchayat regime"[8] where Chaudhary and his father decided to support Thapa's political campaign after supporting the campaign he received license from Nepal's government.[8] After Surya Bahadur Thapa downfall he became in contact with Dhirendra Shah.[8] He said he was forced to work with the Dhirendra of Nepal, he said "I had to do business with Dhirendra due to the need of that time. Rather than making profits from the investment, he gave me protection. Afterwards, the same security brought troubles".[30]

That in People's Movement I which occurred in 1990 he became close with parliamentary parties including the Communist Party of Nepal-Unified Marxist Leftist (CPN-UML) where he was involved him to work with their draft of economic policy in 1994 which led him to be member of the Constituent Assembly nominated by the party in 2008.[8] He has also said, "I would like to see Nepal’s politics being driven by economic growth. I want to see someone who does not compromise the country’s interests for his personal or party-oriented agendas."[26]

Nepali Congress[edit]

In 2017 Chaudhary joined Nepali Congress party which was led by Sher Bahadur Deuba.[31] That Nepali Congress stated that Chaudhary had made significant contributions to the country, which led the Nepali Congress to welcome Chaudhary to the party.[31] Chaudhary had joined the Nepali Congress's election rally after one month experience in the party.[32] Chaudhary was listed on the proportional representation (PR) list as an candidate.[33] That Deuba told Chaudhary, "The Nepali Congress welcomes you to play an inspiring role in our collective effort to attain economic development."[34]

CPN-UML[edit]

He was the member of the parliament of Nepal whist representing Communist Party of Nepal-Unified Marxist Leftist (CPN-UML), he has said that, "They [CPN-UML] wanted me to come and contribute in the making of the Constitution as a person who is known within and outside the country."[35] He also became UML lawmaker which now is defunct.[36]

Other works[edit]

Author[edit]

The idea to release the book came from Nepa-Laya who approached Chaudhary to publish his autobiography, however, he was busy with his schedule which made it difficult for him to write his book. Chaudhary met with journalist Sudeep Shrestha who helped him to co-write the book. Which took nearly five years to publish the autobiography.[37]

In 2013 Chaudhary released his own autobiography titled "Binod Chaudhary: Atmakatha".[38] The book was later translated in English by journalist Sanjeev Ghimire, and book was titled as "Binod Chaudhary –  My Life : From the streets of Kathmandu to a billion dollar empire" , and sometimes called "Making It Big: The Inspiring Story of Nepal’s First Billionaire in His Own Words"[39] which got released on 2015.[40] The book was launched in India titled "Ek Unchi Udaan".[41] Chaudhary told Forbes India, "When I made up my mind to write this book, I also decided that I would not manipulate it"[42] The book was called must read for everyone, where some sources said, "It charts the immensely successful and interesting life story of a self-made man who never forgot to enjoy or live his life while navigating his way up a volatile, unstable and unfriendly environment."[43]

The Kathmandu Post wrote, "The 327-page autobiography published by Nepalaya reveals a lot about Chaudhary, who was an unusual Marwari. Against the Marwari tradition, he went for a love marriage, that too when he was already engaged with another lady. Starting a discotheque—Copper Floor—in early 70s in Kathmandu was again unthinkable at the time for someone from Marwari family."[44] Rajan Thapaliya of The HuffPost wrote, "I recommend Mr. Chaudhary’s book for those looking to expand and improve their knowledge. His information is approached from a plethora of angles and he uses his mistakes as a learning tool. He his a charismatic man with a vision."[45] Nirmal Thapa wrote, "Binod Chaudhary’s autobiography is a very good read for someone to understand how the entrepreneur built a billion dollar empire. A must read for the youth of the country and for aspiring/current entrepreneurs who want to build a multinational company from Nepal."[46]

Charity works[edit]

On the same days as April 2015 Nepal earthquake, he organized relief efforts in Kathmandu.[47] He arranged health care workers to help the victims of the earthquake in 12 districts of Nepal.[47] He has donated more than $2.5 million to help rebuild schools and homes destroyed by the earthquake.[47] Chaudhary Group has also donated 500,000 packets of Wai Wai noodles, thousands of juice cartons, and foods and water.[48]

Chaudhary Foundation[edit]

He has is own charity named Chaudhary Foundation, the foundation has signed the United Nations Development Programme for the advancement and promotion of Sustainable Development Goals (SDGs) in Nepal.[49][50] The foundation was established in 1995.[51] After the serious Nepalese earthquake the foundation has been helping to rebuild Nepal.[52] The foundation has also handed over 166 shelter for victims of the earthquake in Kumpur Village Development Committee (VDC) located in Dhading.[53] They have also said, "Chaudhary Foundation is willing to join hands with the National Reconstruction Authority on its mission of rebuilding Nepal. We hope that the rebuilding efforts are driven in a way to boost the country’s economic development. Our Foundation wishes to significantly contribute toward that direction."[53]

Awards[edit]

In 2015 he was honoured by Sri Sri University for his outstanding contribution in philanthropy; he was given an honorary doctorate degree.[54] In 2016 he was awarded Asian Man of the Year Award.[55] Then later in 2016 he was also awarded with 2016 Frost & Sullivan Growth, Innovation and Leadership (GIL) Award.[56] In 2019 he was awarded with Lifetime Achievement Award by Hotelivate.[57]

References[edit]

  1. ^ Chaudhary, Binod. "Biography". Binod Chaudhary. Binod Chaudhary. Retrieved 17 April 2013.
  2. ^ "Binod Chaudhary". Forbes. Retrieved 28 May 2019.
  3. ^ Magazine, New Spolight. "Nepal Has A Conducive Environment For Chinese Investors: Binod Kumar Chaudhary". SpotlightNepal. Retrieved 28 May 2019.
  4. ^ "President's Message". chaudharygroup.com. Retrieved 28 May 2019.
  5. ^ a b "Chaudhary first Nepali on Forbes list". kathmandupost.ekantipur.com. Retrieved 28 May 2019.
  6. ^ a b "Binod Chaudhary". Forbes. Retrieved 28 May 2019.
  7. ^ "Binod Chaudhary". Lens Nepal. Retrieved 28 May 2019.
  8. ^ a b c d e f g h i j k l m n o "Binod Chaudhary – My Story: From the Streets of Kathmandu to a Billion Dollar Empire" (PDF). 28 May 2019.
  9. ^ Lamunière, Pierre (13 May 2019). "How Binod Chaudhary Became Nepal's First & Only Billionaire". Thailand Tatler. Retrieved 28 May 2019.
  10. ^ "Nepal gets its first Forbes billionaire". NDTV.com. Retrieved 29 May 2019.
  11. ^ "Binod Chaudhary – A Business Encyclopedia For The New Generations - Thrive Global". thriveglobal.com. Retrieved 29 May 2019.
  12. ^ a b c "Binod Chaudhary: Nepal's first dollar-billionaire businessman". The Economic Times. Retrieved 29 May 2019.
  13. ^ a b c "Nepal's billion-dollar man". telegraphindia.com. Retrieved 28 May 2019.
  14. ^ Lamunière, Pierre (10 May 2019). "How Binod Chaudhary Became Nepal's Only Billionaire". Hong Kong Tatler. Retrieved 28 May 2019.
  15. ^ ABPL. "Binod K Chaudhary - The Only Forbes Billionare from Nepal..." asian-voice.com. Retrieved 29 May 2019.
  16. ^ "About Us". chaudharygroup.com. Retrieved 28 May 2019.
  17. ^ "Beating Hunger With Wai Wai". chaudharygroup.com. Retrieved 28 May 2019.
  18. ^ Saharan, Meenakshi (16 July 2018). "Book Summary: Making It Big-Binod Chaudhary (Autobiography of Nepal's first billionaire)". Medium. Retrieved 28 May 2019.
  19. ^ "Binod Chaudhary: Nepal's first dollar-billionaire businessman". The Economic Times. Retrieved 28 May 2019.
  20. ^ a b Limited, Bangkok Post Public Company. "Relationship king". Retrieved 28 May 2019.
  21. ^ a b c "Meet Binod Chaudhary, the richest man in Nepal". Forbes India. Retrieved 28 May 2019.
  22. ^ Karmali, Naazneen. "Binod Chaudhary Is Nepal's First Billionaire". Forbes. Retrieved 28 May 2019.
  23. ^ "Impoverished Nepal produces first billionaire - Binod Chaudhary". The Economic Times. 5 March 2013. Retrieved 28 May 2019.
  24. ^ "Binod Chaudhary on the cover of Forbes Asia". kathmandupost.ekantipur.com. Retrieved 28 May 2019.
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  26. ^ a b "LEADERSHIP & MANAGEMENT DEVELOPMENT PROGRAM" (PDF).
  27. ^ Trenwith, Courtney. "Nepal's first billionaire". ArabianBusiness.com. Retrieved 29 May 2019.
  28. ^ a b c d "Chaudhary Group | New Business Age - monthly business magazine in English published from Nepal". newbusinessage.com. Retrieved 29 May 2019.
  29. ^ a b c "The Billionaire Using His Noodle To Help Nepal". Wealth-X. 22 June 2015. Retrieved 29 May 2019.
  30. ^ Magazine, New Spolight. ""I was forced to do business with Dhirendra Shah"". SpotlightNepal. Retrieved 29 May 2019.
  31. ^ a b "Nepali Congress welcomes Chaudhary". The Himalayan Times. 30 October 2017. Retrieved 29 May 2019.
  32. ^ "Billionaire Chaudhary joins NC's Koirala in election rally". kathmandupost.ekantipur.com. Retrieved 29 May 2019.
  33. ^ "Former UML MP Binod Chaudhary is now on Congress PR list – OnlineKhabar". Retrieved 29 May 2019.
  34. ^ "NC taps billionaire Binod Chaudhary as its PR candidate". kathmandupost.ekantipur.com. Retrieved 29 May 2019.
  35. ^ NP, Ullekh (7 July 2013). "Binod Chaudhary: Meet Nepal's first dollar-billionaire businessman". The Economic Times. Retrieved 29 May 2019.
  36. ^ "A candid tale of an ambitious entrepreneur". sharesansar.com. 15 December 2016. Retrieved 29 May 2019.
  37. ^ "Binod Chaudhary - My Story: From the streets of Kathmandu to a billion dollar empire". amazon.com. Retrieved 29 May 2019.
  38. ^ "Binod Chaudhary biography for Rs 190". kathmandupost.ekantipur.com. Retrieved 28 May 2019.
  39. ^ "Making It Big: The Inspiring Story of Nepal's First Billionaire in His Own Words". amazon.com. Retrieved 28 May 2019.
  40. ^ "Binod Chaudhary's autobiography's English version out". The Himalayan Times. 30 December 2015. Retrieved 28 May 2019.
  41. ^ "Secret behind Billioner Life "Ek Unchi Udaan" Autobiography of Mr. Binod Chaudhary launched in India". Issuewire.
  42. ^ "Billionaire Binod Chaudhary: Making it Big, in Nepal". Forbes India. Retrieved 28 May 2019.
  43. ^ Bhatia, Gayatri Reddy (8 May 2016). "The road to mega success". Deccan Chronicle. Retrieved 29 May 2019.
  44. ^ "A candid tale of an ambitious entrepreneur". kathmandupost.ekantipur.com. Retrieved 29 May 2019.
  45. ^ Thapaliya, Rajan; ContributorEditor (22 June 2016). "What I've Learned From Binod Chaudhary- The First Billionaire of Nepal". HuffPost. Retrieved 29 May 2019.
  46. ^ "Binod Chaudhary My Story book review". Nirmal's Blog. 9 September 2018. Retrieved 29 May 2019.
  47. ^ a b c Cunningham, Susan. "Binod Chaudhary Helps Rebuild Nepal". Forbes. Retrieved 28 May 2019.
  48. ^ "Nepal's only billionaire to construct 1,000 houses, support long-term relief work". Firstpost. Retrieved 28 May 2019.
  49. ^ "UNDP, CF partner to advance SDGs in Nepal". The Himalayan Times. 14 July 2017. Retrieved 28 May 2019.
  50. ^ "Chaudhary Foundation and UNDP join hands to push forth the SDGs in Nepal". UNDP in Nepal. Retrieved 28 May 2019.
  51. ^ "Chaudhary Foundation". chaudharyfoundation.org. Retrieved 29 May 2019.
  52. ^ Sobti, Inakshi; Cohen, Lauren H.; Malloy, Christopher J. (25 March 2018). "Chaudhary Group: Rebuilding Nepal (B)".
  53. ^ a b Republica. "Chaudhary Foundation hands over 166 transitional shelters in Dhading". My Republica. Retrieved 29 May 2019.
  54. ^ "Nepal's billionaire Binod Chaudhary honoured with doctorate by Indian varsity". The Economic Times. 2 September 2015. Retrieved 28 May 2019.
  55. ^ Magazine, New Spolight. "Binod Chaudhary Awarded 'Asian Man of the Year'". SpotlightNepal. Retrieved 28 May 2019.
  56. ^ "Frost & Sullivan honors first Nepalese billionaire Mr. Binod Chaudhary with the growth, innovation and Leadership Award, 2016". @businessline. Retrieved 29 May 2019.
  57. ^ "HOTELIVATE confers Binod Chaudhary with Lifetime Achievement Award". Daily News. Retrieved 29 May 2019.

External links[edit]