B. R. Shetty

Shetty was born at the family's ancestral estate, Bavaguthu House Udupi on 1 August 1942 into a Tulu speaking, Bunt family, the son of Shambhu Shetty and his wife Koosamma Shetty.{{cite web |url=http://www.mangaloretoday.com/gulfnews/Mangalorean-Tuluva-B-R-Shetty-buys-Travelex-for-1-billion.html |title=Mangalorean Tuluva B R Shetty Buy's Travelex for 1 billion |date=14 June 2015 |access-date=12 October 2016 |archive-url=https://web.archive.org/web/20170802204342/http://www.mangaloretoday.com/gulfnews/Mangalorean-Tuluva-B-R-Shetty-buys-Travelex-for-1-billion.html |archive-date=2 August 2017 |url-status = live}} His mother tongue is Tulu and he studied in a Kannada medium school. Shetty completed his pharmaceutical education from Manipal in India and also served as the Vice-Chairman of the Municipal Council in Udupi. He married Chandrakumari Shetty and has four children.{{cite web | url=http://www.brshetty.com/journey/ | title=Journey – Dr. B. R. Shetty | access-date=28 June 2016 | archive-url=https://web.archive.org/web/20160614205457/http://www.brshetty.com/journey/ | archive-date=14 June 2016 |url-status = live}}

Shetty immigrated to the UAE in the year 1973. After working as the country's first medical representative, he founded New Medical Centre Health (NMC) in 1975 to fill the need for personalized, cost-effective healthcare accessible to all.{{cite web| url=http://namma.tv/dr-b-r-shetty-to-build-abu-dhabis-first-medical-university-in-honour-of-sheikh-zayed/| title=Dr B.R.Shetty to build Abu Dhabi's first medical university in honour of Sheikh Zayed| date=24 June 2016| publisher=NamMa TV| access-date=2 May 2017| archive-url=https://web.archive.org/web/20170802174516/http://namma.tv/dr-b-r-shetty-to-build-abu-dhabis-first-medical-university-in-honour-of-sheikh-zayed/| archive-date=2 August 2017|url-status = live}} At that time, his wife was the only doctor in the clinic. NMC is now the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. It is the first healthcare company from the Gulf Cooperation Countries (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was part of the coveted FTSE 100 Index.{{cite news|url=https://www.telegraph.co.uk/business/2017/09/02/gulf-private-hospitals-group-nmc-eyes-uk-launch-leap-ftse-100/|title=Gulf private hospitals group NMC eyes UK launch after leap into FTSE 100|newspaper=The Telegraph|date=2 September 2017|access-date=24 September 2017|first=Iain|last=Withers|archive-url=https://web.archive.org/web/20170913030605/http://www.telegraph.co.uk/business/2017/09/02/gulf-private-hospitals-group-nmc-eyes-uk-launch-leap-ftse-100/|archive-date=13 September 2017|url-status = live}} Consequent to the request from the NMC board of directors and an on-going investigation of potential financial irregularities, the company was de-listed from London Stock Exchange and was removed from FTSE 100 index.

Shetty managed to take over the ownership of UAE Exchange from its founder Daniel Varghese in 1980 with the help of an Emirati and a former UAE Minister of Justice, Abdulla Humaid Al Mazroei. UAE Exchange was founded by Daniel Varghese in an attempt to ease the process of sending money by the expats to their families in their respective home countries. By 2016, it had expanded into over 31 countries and had approximately 800 direct offices. In 2014, it did over US$50 billion collectively in money remittance and exchange volumes.{{cite web| url=http://www.emirates247.com/news/emirates/dubai-dreams-from-jobless-medical-rep-to-billions-br-shetty-2016-08-10-1.638590| title=Dubai Dreams: From jobless medical rep to billions - BR Shetty| author=VM Sathish| date=10 August 2016| publisher=Emirates 24/7| access-date=2 May 2017| archive-url=https://web.archive.org/web/20170606205018/http://www.emirates247.com/news/emirates/dubai-dreams-from-jobless-medical-rep-to-billions-br-shetty-2016-08-10-1.638590| archive-date=6 June 2017|url-status = live}} Shetty acquired Travelex, a major foreign exchange company, in 2014.{{cite web| url=http://www.thenational.ae/business/industry-insights/economics/br-shetty-the-astute-businessman-who-turned-8-into-1bn#full| title=BR Shetty, the astute businessman who turned $8 into $1bn| author=Frank Kane| date=1 July 2014| publisher=The National| access-date=2 May 2017| archive-url=https://web.archive.org/web/20170428185222/http://www.thenational.ae/business/industry-insights/economics/br-shetty-the-astute-businessman-who-turned-8-into-1bn#full| archive-date=28 April 2017|url-status = live}} Travelex has a global footprint including 1500 stores and 1300 ATMs across 27 countries. In December 2020 it was announced that Shetty had agreed to sell his majority stake in Finablr, the parent group for UAE Exchange and Travelex, to Prism Group AG and Royal Strategic Partners, a UAE linked investment fund.[https://www.ft.com/content/7831e992-7eb4-4b67-ae55-f8fd86279dd5 UAE-Israeli partnership agrees deal to buy Finablr] Financial Times, Simeon Kerr, Mehul Srivastava and Cynthia O’Murchu, 17 December 2020

In 2003, Shetty founded NMC Neopharma, a UAE-based pharmaceutical manufacturer. Inaugurated by the then President of India, A. P. J. Abdul Kalam in Abu Dhabi, Neopharma is centered on using the concept of modular manufacturing following global benchmarks in manufacturing technology and putting in place efficient control mechanisms. Neopharma has a research and development wing and works to provide quality medicines at affordable prices. The company also contracts manufacturing for international pharmaceutical companies as well as generic brands for companies including, but not limited to, Merck, Pfizer, AstraZeneca, and Boots UK.

In 2012, Shetty led NMC through an IPO on the London Stock Exchange, which raised $330 million. The funds went towards building a specialty hospital in Khalifa City, Abu Dhabi.{{cite web| url=http://gulfnews.com/business/sectors/general/dr-b-r-shetty-to-expand-his-nmc-group-in-uae-and-gcc-1.1400467| title=Dr B.R. Shetty to expand his NMC group in UAE and GCC| author=Fareed Rahman| date=18 October 2014| publisher=Gulf News| access-date=2 May 2017| archive-url=https://web.archive.org/web/20161006162305/http://gulfnews.com/business/sectors/general/dr-b-r-shetty-to-expand-his-nmc-group-in-uae-and-gcc-1.1400467| archive-date=6 October 2016|url-status = live}}

In June 2016, Shetty announced that he was building the first medical university in Abu Dhabi in honor of Sheikh Zayed. That same month, he was elected to be chairman of the Indian Business/Professional Group.{{cite web| url=http://www.bfirst.in/news/diaspora/8815/br-shetty-wants-promote-india-uae-ties-through-ibpg| title=BR Shetty wants to promote India-UAE ties through IBPG| date=7 June 2016| publisher=Bfirst| access-date=2 May 2017| archive-url=https://web.archive.org/web/20170925083522/http://www.bfirst.in/news/diaspora/8815/br-shetty-wants-promote-india-uae-ties-through-ibpg| archive-date=25 September 2017| url-status=dead}} In August 2016, Shetty announced that he was building a 400-bed super-specialty hospital in Udupi in Karnataka through B R S Ventures.{{cite web| url=https://www.mangalorean.com/dr-br-shetty-build-400-bed-super-speciality-hospital-udupi/| title=Dr BR Shetty to Build 400-bed Super-specialty hospital in Udupi| date=25 August 2016| publisher=Mangalorean| access-date=2 May 2017| archive-url=https://web.archive.org/web/20170925132051/https://www.mangalorean.com/dr-br-shetty-build-400-bed-super-speciality-hospital-udupi/| archive-date=25 September 2017|url-status = live}} Shetty also owned a hospital in Alexandria, two hospitals in Nepal, and acquired a hospital in Cairo as part of his personal portfolio under the same company.

In August 2019, BRS Ventures announced plans to invest $5 billion in developing healthcare facilities across India.{{cite web | url=https://www.businesstoday.in/current/corporate/jang-sangh-hand-billionaire-b-r-shetty-5-billion-dollar-investments-in-indian-healthcare/story/373353.html | title=Old Jan Sangh hand, billionaire B R Shetty plans $5 billion investment in Indian healthcare | date=18 August 2019 | publisher=Business Today | access-date=25 August 2019 | archive-url=https://web.archive.org/web/20190825084836/https://www.businesstoday.in/current/corporate/jang-sangh-hand-billionaire-b-r-shetty-5-billion-dollar-investments-in-indian-healthcare/story/373353.html | archive-date=25 August 2019 |url-status = live}}

In February 2020, a Bloomberg News report cast doubts on his real holding amidst the short-selling of NMC Health by Muddy Waters Research{{cite web | url=https://economictimes.indiatimes.com/news/international/business/a-jet-setting-billionaire-had-it-all-then-carson-block-came-along/articleshow/74204580.cms|title=Jet-setting billionaire Bavaguthu Raghuram Shetty had it all. Then Carson Block came along| publisher=Bloomberg| access-date= 20 February 2020}} Also in February 2020, Shetty was ousted from the NMC Health board following a corporate governance scandal over his holdings in the company.{{Cite news|last=Correspondent|first=Ben Martin, Senior City|url=https://www.thetimes.com/business-money/markets/article/nmcs-founder-forced-out-over-shares-scandal-cr59jz2s6|title=NMC's founder forced out over shares scandal|newspaper=The Times|access-date=2020-02-25|language=en|issn=0140-0460|archive-url=https://web.archive.org/web/20200225043004/https://www.thetimes.co.uk/article/nmcs-founder-forced-out-over-shares-scandal-cr59jz2s6|archive-date=25 February 2020|url-status=live}}

On 8 April 2020, NMC went into Administration in the UK due to the insolvency of the company.{{Cite web|url=https://finance.yahoo.com/news/nmc-insolvency-proceedings-inevitable-hospital-143125949.html|title=NMC Heads to Administration After Giving In to Creditor Demands|website=finance.yahoo.com|access-date=9 April 2020|archive-url=https://web.archive.org/web/20200411094227/https://finance.yahoo.com/news/nmc-insolvency-proceedings-inevitable-hospital-143125949.html|archive-date=11 April 2020|url-status=live}}

In May 2018, Shetty along with three other Abu Dhabi–based business tycoons signed [https://givingpledge.org/About.aspx The Giving Pledge] [https://www.forbesmiddleeast.com/industry/business/uae-billionaire-b-r-shetty-joins-the-gates-buffet-giving-pledge-donates-half-his-wealth Forbes Article]

B.R. Shetty was an activist of the erstwhile Jan Sangh, the predecessor to the BJP before he went to the UAE. Shetty had played a key role in organizing a visit of Modi to Abu Dhabi.{{Cite web|url=https://www.theweek.in/news/biz-tech/2020/04/27/more-trouble-for-b-r-shetty-uae-to-freeze-assets-of-richest-kannadiga.html|title=More trouble for B.R. Shetty; UAE to freeze assets of 'richest Kannadiga'|website=The Week|language=en|access-date=2020-04-27}} Shetty has invested in a medical institution in the north Indian state of Uttarakhand. He is the founder and patron of the Indian Pharmaceutical Association in the Emirates and is a member of the Advisory Board (Financial Sector), Economic Department, Government of Dubai, UAE, and the Pharmaceutical Committee, Dubai. He was the chairman of Abu Dhabi Indian School, Abu Dhabi Indian School-Branch 1, Al Wathba, and Bright Riders School till 2019. His position in Abu Dhabi Indian School and Abu Dhabi Indian School-Branch 1, Al Wathba was taken up by the UAE-based Indian billionaire Yusuff Ali M.A.{{cite web | url=http://www.arabianbusiness.com/indian-tycoons-storm-arabian-business-expat-power-list-2011-383132.html#.V3JKfbh9600 | title=Indian tycoons storm Arabian Business Expat Power List 2011 - ArabianBusiness.com | publisher=ArabianBusiness | access-date=28 June 2016 | archive-url=https://web.archive.org/web/20160815070908/http://www.arabianbusiness.com/indian-tycoons-storm-arabian-business-expat-power-list-2011-383132.html#.V3JKfbh9600 | archive-date=15 August 2016 |url-status = live}}

In August 2015, Shetty was elected as the chairman to the board of directors of UAE Exchange.{{cite web|url=http://www.khaleejtimes.com/business/local/dr-br-shetty-takes-over-as-chairman-of-uae-exchange|title=Dr B.R. Shetty takes over as chairman of UAE Exchange|work=Khaleej Times|access-date=23 April 2017|archive-url=https://web.archive.org/web/20170424085905/http://www.khaleejtimes.com/business/local/dr-br-shetty-takes-over-as-chairman-of-uae-exchange|archive-date=24 April 2017|url-status = live}}{{cite news|url=http://economictimes.indiatimes.com/markets/stocks/news/uae-exchange-appoints-b-r-shetty-as-chairman-promoth-manghat-as-ceo/articleshow/48652739.cms|title=UAE Exchange appoints B R Shetty as Chairman, Promoth Manghat as CEO|newspaper=The Economic Times|date=24 August 2015|publisher=Economic Times India|access-date=23 April 2017|archive-url=https://web.archive.org/web/20170424090633/http://economictimes.indiatimes.com/markets/stocks/news/uae-exchange-appoints-b-r-shetty-as-chairman-promoth-manghat-as-ceo/articleshow/48652739.cms|archive-date=24 April 2017|url-status = live}} He was named chairman of The Indian Business/Professional Group in June 2016.{{cite web|url=http://www.newskarnataka.com/nri/dr-b-r-shetty-to-head-the-indian-businessprofessional-group|title=Dr B R Shetty to head The Indian Business/Professional Group|publisher=News Karnataka|access-date=23 April 2017|archive-url=https://web.archive.org/web/20170424085646/http://www.newskarnataka.com/nri/dr-b-r-shetty-to-head-the-indian-businessprofessional-group|archive-date=24 April 2017|url-status = live}} Sheikh Mohammed bin Rashid al Maktoum nominated Shetty as a member of the UAE medical council in September 2016.{{cite web|url=http://m.bfirst.in/news/2016_09_09/12860|title=Businessman BR Shetty nominated to medical council by PM of Dubai|publisher=Bfirst}}{{Dead link|date=October 2019 |bot=InternetArchiveBot |fix-attempted=yes }}

In April 2017, Shetty announced that he would invest Rs 1000 crore ($157.3 million) to produce a film with director V. A. Shrikumar Menon. The film, starring Mohanlal, was to be based on the novel Randamoozham, a retelling of Mahabharata.{{cite news|title=Billionaire B. R. Shetty aims for $1 billion in revenue from Indian film epic|url=https://in.reuters.com/article/nmc-health-shetty-film/billionaire-b-r-shetty-aims-for-1-billion-in-revenue-from-indian-film-epic-idINKBN18V0SR|access-date=28 January 2018|archive-url=https://web.archive.org/web/20171027181423/https://in.reuters.com/article/nmc-health-shetty-film/billionaire-b-r-shetty-aims-for-1-billion-in-revenue-from-indian-film-epic-idINKBN18V0SR|archive-date=27 October 2017|url-status = dead}}

In May 2019, however, the film was shelved due to creative issues.{{cite news|title=Mohanlal's Rs 1000 crore film project 'Randamoozham' shelved|url=https://www.newindianexpress.com/entertainment/malayalam/2019/apr/03/mohanlals-rs-1000-crore-film-project-randamoozham-shelved-1959795.html|access-date=20 February 2020|archive-url=https://web.archive.org/web/20190805223955/http://www.newindianexpress.com/entertainment/malayalam/2019/apr/03/mohanlals-rs-1000-crore-film-project-randamoozham-shelved-1959795.html|archive-date=5 August 2019|url-status=live}}

In 2005, Shetty was awarded the highest civilian distinction in the Emirate, the Abu Dhabi Awards.{{cite news | url = https://www.thenational.ae/uae/abu-dhabi-awards-b-r-shetty-1.119120 | title = Abu Dhabi Awards: B R Shetty | date = 23 May 2015 | work = The National | access-date = 23 September 2019 | archive-url = https://web.archive.org/web/20190923071607/https://www.thenational.ae/uae/abu-dhabi-awards-b-r-shetty-1.119120 | archive-date = 23 September 2019 | url-status = live }} Given by Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, the first year the distinction was awarded.{{cite web|url=http://www.thenational.ae/uae/abu-dhabi-awards-b-r-shetty|title=Abu Dhabi Awards: B R Shetty|date=23 May 2015 |publisher=The National|access-date=23 April 2017|archive-url=https://web.archive.org/web/20170422235344/http://www.thenational.ae/uae/abu-dhabi-awards-b-r-shetty|archive-date=22 April 2017|url-status = live}} Also in 2005, U.S. India Friendship Society presented Shetty the Distinguished Entrepreneur Award.{{cite web|url=http://www.neopharmauae.com/en/news.asp?News_Id=173-Dr.-B.R.-Shetty-received-The-Distinguished-Entrepreneur-Award-from-the-US-India-Friendship-Society-|title=Dr. B.R. Shetty received The Distinguished Entrepreneur Award from the US India Friendship Society|publisher=Neopharma|access-date=23 April 2017|archive-url=https://web.archive.org/web/20170424173745/http://www.neopharmauae.com/en/news.asp?News_Id=173-Dr.-B.R.-Shetty-received-The-Distinguished-Entrepreneur-Award-from-the-US-India-Friendship-Society-|archive-date=24 April 2017|url-status = dead}}

The Indian government gave Shetty the Pravasi Bharatiya Samman award in 2007.{{cite news | url=http://timesofindia.indiatimes.com/india/The-recipients-of-Pravasi-Bharatiya-Samman/articleshow/1113368.cms | title=The recipients of Pravasi Bharatiya Samman – Times of India | work=Times of India| date=9 January 2007 | access-date=28 June 2016}}{{cite web | url=http://www.daijiworld.com/news/news_disp.asp?n_id=56080 | title=New Delhi B R Shetty Among Padma Shree Awardees | publisher=Daijiworld Media Pvt Ltd Mangalore | access-date=28 June 2016 | archive-url=https://web.archive.org/web/20160303170744/http://www.daijiworld.com/news/news_disp.asp?n_id=56080 | archive-date=3 March 2016 |url-status = live}} Shetty received the Padma Shri awarded by the President of India in 2009.{{cite web | url=http://www.khaleejtimes.com/business/local/ibpc-felicitates-padma-shri-award-winners | title=IBPC Felicitates Padma Shri Award Winners – Khaleej Times | work=Khaleej Times| access-date=28 June 2016 | archive-url=https://web.archive.org/web/20160808123305/http://www.khaleejtimes.com/business/local/ibpc-felicitates-padma-shri-award-winners | archive-date=8 August 2016 |url-status = live}}

{{reflist}}

{{Padma Shri Award Recipients in Trade & Industry}}

{{DEFAULTSORT:Shetty, B. R.}}

Category:Indian philanthropists

Category:Mangaloreans

Category:Tulu businesspeople

Category:Recipients of the Padma Shri in trade and industry

Category:Living people

Category:People from Udupi district

Category:Indian emigrants to the United Arab Emirates

Category:1942 births

Category:Businesspeople from Karnataka

Category:20th-century Indian businesspeople

Category:21st-century Indian businesspeople

Category:Former billionaires

Category:Karnataka municipal councillors

Category:People from Chitradurga

Category:People from Udupi

Category:Recipients of Pravasi Bharatiya Samman