Fakhruddin Valika

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Fakhruddin Valibhai Valika (died 1973) was a Pakistani industrialist who led the Valika Group, which had subsidiaries such as Valika Cement, Valika Steel now known as Peoples Steel, [1] Valika Chemicals, Valika Textile, and Muhammadi Steamship Company Limited until the nationalisation of major industries in Pakistan. [2] [3] [4]

Contents

Fakhruddin Valika was born into a business family in Bombay, part of Dawoodi Bohra community. [5]

Career

In 1947, Valika setup the first textile mill of Pakistan near Metroville, Karachi. It was inaugurated by Muhammad Ali Jinnah. [6] [7]

In 1959, Valika founded the United Insurance Company of Pakistan which was later listed on the Karachi Stock Exchange. [8]

In 1972, Valika Cement, Valika Chemicals, Valika Steel, and later Muhammadi Steamship Company Limited were nationalised with compensation. After the nationalisation of Valika Group companies, Fakhruddin Valika was arrested by the Bhutto government and the event was shown live on the television. [9]

Valika was a founding member of the Karachi Stock Exchange. [10] He was one of the patrons of cricket and field hockey in Pakistan. [10] He also established several charitable organizations. [10]

See also

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References

  1. ↑ Siddiqui, Hussain Ahmad. "Private interest". The News International.
  2. ↑ "Rise and fall of Karachi's Valika family (Part 1)". Geo.tv.
  3. ↑ "A bombing, fall of Dhaka and nationalisation: Rise and fall of Karachi's Valika family (Part 2)". Geo.tv.
  4. ↑ "Family business in Pakistani-IV Valika, Fancy and Ispahani | by Ikram Sehgal". 30 September 2022.
  5. ↑ Papanek, Hanna (1972). "Pakistan's Big Businessmen: Muslim Separatism, Entrepreneurship, and Partial Modernization". Economic Development and Cultural Change. 21 (1): 1–32. doi:10.1086/450605. JSTOR   1152902.
  6. ↑ "70 years on: Looking back at key economic events in Pakistan's history". 16 August 2017.
  7. ↑ Ahmad, Mushtaq (1989). Before and After Independence. Royal Book Company. p. 214. ISBN   978-969-407-099-5.
  8. ↑ "History of the United Insurance Co". 19 November 2018.
  9. ↑ Azeem, Muhammad (2017). Law, State and Inequality in Pakistan. Springer. p. 111. ISBN   978-981-10-3845-7.
  10. 1 2 3 "Fakhruddin V. Valika Dies, A Pakistani Industrialist". The New York Times. January 1, 1973 – via NYTimes.com.
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