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Monday, April 22, 2024

Meet the guy who sold a Rs 12400 crore firm for only Rs 74, despite having a net worth of Rs 18000 crore


<p>Bavaguthu Raghuram Shetty, sometimes referred to as BR Shetty, was once a source of inspiration for many due to his ability to build a net worth of Rs 18000 crore from only Rs 665. However, as his vast business collapsed, his inspiring tale became a lesson. Before his business crashed and burned, BR Shetty had an incredible life. He possessed a private aircraft, enormous mansions, high-rise apartments in Dubai, and luxury automobiles like Rolls Royce and Maybach. He also had to sell his Rs 12400 crore firm for only Rs 74.</p>
<p><img decoding=”async” class=”alignnone wp-image-512287″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-meet-the-guy-who-sold-a-rs-12400-crore-firm-for-only-rs-74-despite-having-a-net-wo-487×750.jpeg” alt=”theindiaprint.com meet the guy who sold a rs 12400 crore firm for only rs 74 despite having a net wo” width=”1002″ height=”1543″ title=”Meet the guy who sold a Rs 12400 crore firm for only Rs 74, despite having a net worth of Rs 18000 crore 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-meet-the-guy-who-sold-a-rs-12400-crore-firm-for-only-rs-74-despite-having-a-net-wo-487×750.jpeg 487w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-meet-the-guy-who-sold-a-rs-12400-crore-firm-for-only-rs-74-despite-having-a-net-wo.jpeg 500w” sizes=”(max-width: 1002px) 100vw, 1002px” /></p>
<p>Shetty, who was born in Karnataka, attended Manipal, India, to finish his studies in pharmacy before taking a position as the vice chairman of the municipal council in Udupi. Shetty left his home country of India in pursuit of better chances, bringing with him just Rs 665. He established New Medical Centre Health (NMC) with the intention of providing individualized and reasonably priced healthcare after battling for a few years. His wife was the sole physician there at first. NMC had unprecedented success throughout time and grew to become the biggest private healthcare provider in the United Arab Emirates. When BR Shetty was at the top of his game, he paid an astounding Rs 207 crore to possess two whole floors of Dubai’s iconic Burj Khalifa. He hosted extravagant parties with them. In addition, he had real estate in Palm Jumeirah and the World Trade Center in Dubai.</p>
<p>The billionaire’s situation improved in 2019 when a UK-based financial research company called Muddy Waters—run by short seller Carson Block—said in a tweet that Shetty had overstated his cash flow in order to seem to have less debt. Due to a decline in the company’s stock, BR Shetty was forced to sell his Rs 12,478 crore business to an Israeli-UAE group for a meager Rs 74 at the time.</p>


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