The Rise of Indian Billionaries in Canada


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dfwrp   
Member since: Feb 04
Posts: 434
Location: GTA

Post ID: #PID Posted on: 29-10-04 11:47:43

http://www.hindustantimes.com/news/181_1080572,00410011.htm

Factionalism apart, Indians abroad hold their heads high when a fellow Indian reaches a new milestone -- be it a Sachin Tendulkar in Mumbai or a Bobby Jindal in Louisiana or an Ujjal Dosanjh in Canada.

Steel tycoon Lakshmi Mittal's rise to become the richest man in Britain has aroused considerable interest in Canada which has many multimillionaires among its more than one million Indian population.

Who is Canada's Indian billionaire?

First things first. Two timber tycoons -- Asa Johal and Herb Doman -- in British Columbia province were the first Indian multimillionaires in Canada. The latter was on the way to becoming the first Indian billionaire when his fortunes suddenly dipped. However, Asa Johl's business is still on the upswing.

Over the years, dozens of Indians have joined the ranks of multimillionaires. Much of the Indian wealth in Canada is rising in the central and eastern parts because most of the 25,000 Indian immigrants to Canada each year prefer to settle in eastern and central Canada -- Toronto, Montreal, Winnipeg and Calgary.

Here, the community has been quick to make political gains. Indians serve as MLAs, MPs and ministers in Ontario, Manitoba and Alberta. Deepa Mehta, Lisa Ray, Kamal Sidhu, Ruby Bhatia, Rohinton Mistry, and Shauna Singh Baldwin have left their imprint in the entertainment and literary fields.

Back to money matters. Indian businessmen are making big strides in the Toronto area. Daily gala shows, fund-raisers, beauty pageants, exhibitions, concerts and business conferences are an indication of the growing influence and affluence of the Indians in Canada.

Toronto's Kuldip Rai Sahi is probably the richest Indian in Canada. From trucking to real estate to golf courses, his business empire is worth more than $ 2 billions. Known as the king of golf, Sahi owns more than three dozen golf courses.

Steve Gupta, president of the Easton Group of Hotels, is worth millions. His Comfort Suites City Centre was named the International Hotel of the Year in 2003. Prem Wats and Kash Sood are other big Indian businessmen in Toronto.

Every year, the Indo-Canada Chamber of Commerce salutes a hero, feting him as the Business Person of the Year. This year, the award went to young Bob Dhillon of Calgary whose Mainstreet Equity Corporation is one of the biggest real estate companies in this country. Worth more than $250 million, the company has been trading on the Toronto Stock Exchange since 1998. Toronto's top newspapers -- The Globe & Mail and the Financial Post -- say Mainstreet is "one of Canada's fastest growing companies.''

And the 40-year-old Bob is too in the race for the billion-dollar mark. "Within five years, I want to cross the billion-dollar mark,'' he says. Not many in the Indo-Canadian community doubt him.

Jokingly referred to as Bob the Builder, he started from scratch. Born in Japan, educated in India and Canada, he belongs to a family that did business in Hong Kong, in Japan and then in Liberia, West Africa. But a coup there ruined their business and the family fled to Canada for safety.

At school, Bob started a trading company called Pan Pacific Mercantile Group to import electronic goods from Hong Kong. "Pan Pacific is thriving, focusing on venture capital and exports to south Asia,'' he says.

At 19, Bob bought two houses, renovated them and then sold them for a cool profit of 20,000 dollars. "That was a heck of money which took care of my college education,'' he says in interviews.

For fifteen years, he slogged for 70 hours a week. Having done $150 miillion worth of real estate business, he unveiled Mainstreet Equity Corporation in 1997. A year later the company was listed on the Toronto Stock Exchange.

Funnily enough, as his business was booming, he dropped out to do an MBA from the elite Richard Ivey School of Business in Ontario. "It was just to learn a bit more. I was the first multi-millionaire student in the School,'' he laughs

Today, Bob is the youngest and the biggest Indian landlord in Canada. He owns more than 2,700 properties across Canada -- from Vancouver to Calgary to Edmonton to Toronto to Missisauga. Top-notch corporate honchos sit on his board of directors, including Toronto Stock Exchange ex-CEO Rowland Fleming and Ivey School former dean Lawrence Tapp.

A yoga freak, he is also busy setting up one of the biggest tourist spots in central America on a 2,300-acre island in Belize. The multimillion-dollar project will have casinos, golf courses, hotels, and much more. To reward him for generating a huge amount of economic activity in their country, the government of Belize has appointed him as their honorary consul general in Canada.

"Once I am well established in the hospitality business, I am going to concentrate on venture capital.''

Fresh from raising $33 million from the market to plough into his businesses, he says mother India is his next destination. "We have already some investment in India. Like China, India has a huge potential. I have been part of many business teams to India,'' says the man who donates liberally to pro-Indian causes, charities and politicians.

Being savvy in political matters pays and the Indians abroad know this very well, says the young Indo-Canadian who hosts every leader visiting Calgary. Sure, he knows the route to his billion dollars.


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Your attitude, not your aptitude, will determine your altitude.


Mishtar India   
Member since: Nov 03
Posts: 668
Location: Toronto

Post ID: #PID Posted on: 29-10-04 22:06:38

Good informatiive post dfwrp .... ( btw is there a better name we can call you with ?)

Recently i read the story of Nav Bhatia , i am sure the old timers of Toronto know about him but i was struck by his rise , from a first generation middle age immigrant who started as a car salesman to President of Hyundai mississauage. He not only rose in his career but his rise in social profile is also noteworthy. All this despite being in a highly visible minority profile ...he truly has broken all barriers and is accepted by the Canadians with open arms.... i once saw him being given a superstar welcome at a raptors game at ACC .... I was sitting high up in cheap seats but i got goosebumps to see an Indian being welcomed by the players themselves.

A great inspiration .... a desi to be proud of .

http://www.hyundaiofmississauga.com/superfan.shtml


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What can be imagined, can be achieved.


Mishtar India   
Member since: Nov 03
Posts: 668
Location: Toronto

Post ID: #PID Posted on: 30-10-04 07:14:51

I met some extended family members of Bose here in Mississauaga ....(of the Bose audio fame)...they also have develped strong manufacturing business, as did Dr Amar G Bose in Massachusssets.

The owner of Ethan Allen is a desi too ....Farooque Kathwari.

the list of desis hitting it big is long and impressive, the stories behind their rise from a scratch is even more inspirational .


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What can be imagined, can be achieved.


JSethi   
Member since: Apr 04
Posts: 88
Location: Frankfurt, Germany

Post ID: #PID Posted on: 04-11-04 12:12:59

Very inspiring.......

The 21st century is ours......


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Cheers,
JSethi




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