Vinod Goenka

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Vinod Goenka
Born 2nd July 1959 (age 56–57)
Kolkata
Residence Mumbai
Nationality Indian
Occupation Chairman and Managing Director, DB Group
Net worth US$1.18 billion
Religion Hinduism
Spouse(s) Aseela Lookmanji[1]
Children 2
Website Official Website

Vinod Goenka, is an Indian billionaire real-estate developer, Chairman and Managing Director of DB Realty Ltd,[2]One of the largest Real Estate Development companies in India, based out of Mumbai. Having started his career at the age of 23, Vinod Goenka has over 35 years of expertise as a real estate developer, hotelier and industrialist, with over 20 million sq. feet of development to his credit.

His net worth is estimated at US$1.18 billion by Forbes magazine as of 2010.[3][4]He started off by joining his father’s interior design and furniture company in Mumbai and helped expand it to form the Dynamix Group. Later, he partnered with the Balwa family to form DB Realty Ltd and build Le Royal Meridien Hotel Mumbai, near Mumbai’s International Airport.

Personal life[edit]

Mr. Vinod Goenka resides in Mumbai, he is married to Aseela Lookmanji[5] and has two children, a son and a daughter. He was an active member of the Young Presidents' Organization (YPO), graduating to become a member of the World Presidents Organisation (WPO) in 2009.

Early life[edit]

Born in 1959 in Calcutta (now Kolkata), he moved to Bombay at the age of 6 with his family beginning his education at Green Lawns High School. He then attended Jamnabai Naree School and Campion School in Fort later. He was national level athlete with a 100 meter sprint of 11.5 seconds, 200 meter sprint of 23.5 seconds and a long jump distance of 6.31 meters. Following a muscle injury, and unable to return to the track, Goenka began taking up other sports.

At the age of 23, Vinod Goenka started a tailoring shop with a group of his childhood friends in Juhu but soon moved on to looking after his father’s business of interior design and furniture as his father had then moved on to Real Estate and Construction. At the age of 23-24, Goenka’s father, Mr. K.M. Goenka bought Crystal Granite, a sick company on the verge of closing shop, and handed it over to his son to run and revive.

Business Ventures[edit]

Dynamix Group[edit]

Goenka started his career at 23 years old by joining Conwood Constructions, the real estate business run by his father, expanding and transforming it into the Dynamix Group. The Dynamix Group has developed Gokuldham and Yashodham in Goregaon, Vasant Vihar in Thane, Mahavir Nagar in Kandivali and Shristi at Mira Road, in the Mumbai suburbs and 140- acre sea-side hill-station, Aldeia de Goa, at Bambolim Beach, Goa.

Crystal Granite and Marble Ltd[edit]

Goenka also established Crystal Granite and Marble Ltd, a 100% EOU for cutting and polishing high grade granite and marble.

Schreiber Dynamix Dairies Ltd[edit]

The Goenka family also owns and operates Schreiber Dynamix Dairies Ltd., one of the leading dairies in India, located in Baramati.[6]

DB Group[edit]

DB Realty Ltd[edit]

In 2006, Vinod Goenka came together with Mr. Shahid Balwa from the Balwa Group, after a 9 year long affiliation, in a Joint Venture to create the DB Realty Ltd (Dynamix Balwa Realty). DB Realty Ltd has been listed on both the National Stock Exchange and the Bombay Stock Exchange in 2010. DB Realty Ltd has developed over 25 projects in and around Mumbai and Pune. The company’s notable projects include DB Crown, DB Orchid Heights, DB Woods, Orchid Suburbia and DB Ozone.

DB Hospitality[edit]

Mr. Goenka and Mr. Balwa initiated a diversification of the group into the hospitality sector under the DB Hospitality banner, constructing the Le Royal Meridien, Mumbai (now known as The Hilton International Airport Hotel, Mumbai). Operational for over 15 years, the hotel was the first venture undertaken by Goenka and Balwa as partners before the formation of DB Realty Ltd. DB Hospitality is also constructed the Hotel Grand Hyatt, Goa at Bambolim. The hotel is located on the same hillside that is owned by the Dynamix Group, Aldeia de Goa.

2G Scam[edit]

Goenka as DB's promoters also diversified into the telecom sector and bagged 2G licences, for Rs 1,537 crore (Rs billion), to operate in 15 circles. Later, they sold 45 per cent stake in telecom venture Swan Telecom to UAE-based Etisalat for nearly Rs 4,200 crore (Rs 42 billion).[7][8] Vinod Goenka was arrested on April 20, 2011 for his alleged role in the scam and was granted bail on November 23, 2011 by the Supreme Court. [9][10]

UAE telecoms operator Etisalat has sued its Indian joint venture partners Vinod Goenka and Shahid Balwa for fraud,[11] the former monopoly said on Thursday, following the Supreme Court's recent order to cancel its affiliates licences amid a corruption probe.[12]

References[edit]