Ramnarain Ruia

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Seth Ramnarain Ruia
Bornc. 1860s
India
Diedc. 1930s (69-72)
Other namesRamnarain Harnandrai
Occupation Businessperson
Known forFounder of Phoenix Mills Limited and founder of Bank of India
SpouseSuvrata Devi
Children5
FatherHarnandrai Ruia

Seth Ramnarain Ruia (also known as Ramnarain Hurnundrai) was an Indian businessperson. [1] [2] [3] [4] He is also referred as the Cotton King. [5] [6]

Contents

He was one of the co-founders of Bank of India along with Sir Sassoon David and Sir Cowasji Jehangir Readymoney. [7] [1] Ramnarain Ruia College, a college located in Mumbai, is named after him. [5]

Life and career

He was born around the 1860s. In 1883, Ramnarain became a broker to the opium department of Sassoon J. David, the well-known Armenian firm in Bombay. In 1891, he became a guaranteed broker to Sassoon J. David's cotton department. [8]

In 1905, Ruia purchased Phoenix Mills and two other mills in 1905 to start his textiles business.[ citation needed ] The other two mills, which he had purchased was the Bradbury Mills at Kalbadevi) and the Dawn Mills at Lower Parel in Bombay. [1]

In 1959, the firm was listed on the Bombay Stock Exchange. The firm also ventured into real estate in 1987 and built High Street Phoenix, Mumbai. [2] He co-founded Bank of India in 1906. [7] [1]

Further reading

References

  1. 1 2 3 4 Rozario, Joseph (16 October 2015). "The Fabled Cotton Baron Of Mumbai". Marwar India. Archived from the original on 13 February 2023. Retrieved 25 November 2019.
  2. 1 2 "70 companies with pre-1947 roots". Livemint. 24 August 2017.
  3. ↑ Taknet, D.K. (2016). The Marwari Heritage. IntegralDMS. pp. 71, 110, 111, 469. ISBN   9781942322061.
  4. ↑ Full text of "Jamnalal Bajaj". Internet Archive. 1960.
  5. 1 2 Hakim, Sharmeen (31 October 2018). "3 branches of Ruias will get equal share in property divisio". Mumbai Mirror. The Times of India.
  6. ↑ Calangutcar, Archana; Calangutear, Archana (2012). "Marwaris in the Cotton Trade of Mumbai: Collaboration and Conflict (Circa: 1850-1950)". Proceedings of the Indian History Congress. 73: 658–667. JSTOR   44156261. Ramnarain Ruia came to be addressed as 'Cotton King.'
  7. 1 2 "Bank's Founder Members". Bank of India. Archived from the original on 28 September 2022. Retrieved 25 November 2019.
  8. ↑ Thomas A Timberg (2015). The Marwaris: From Jagat Seth to the Birlas. Penguin UK. ISBN   9789351187134.
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