Vinod Goenka

Last updated

Vinod Goenka
Vinod Goenka (August 2024).jpg
Vinod Goenka in 2024
Born(1959-07-02)2 July 1959
Kolkata, West Bengal
NationalityIndian
Alma mater
Occupation(s) Real estate developer, Industrialist
Title Chairman and managing director, Valor Estate (Formerly DB Group)
Founder, Goenka & Associates Educational Trust
SpouseAseela Goenka [1]
Children2

Vinod Goenka (born 2 July 1959) is an Indian real-estate developer and billionaire. He is Chairman and Managing Director of Valor Estate (formerly DB Realty Limited), a real estate development company headquartered in Mumbai, India. [2]

Contents

In 2010, his net worth was estimated at US$1.18 billion. [3]

Early life and education

Goenka was born in 1959 to a Marwari business family in Kolkata. [4] When he was 6 years old, his family moved to Mumbai. He first attended Green Lawns High School, then Jamnabai Narsee School, and eventually finished his schooling at Campion School, Mumbai. [5]

Career

At just 19 years old, he began working in his father's business in the 1980s. In the early 1980s, Goenka started his real estate empire with Conwood Constructions and launched projects at Gokuldham and Yashodham in Goregaon, Mahavir Nagar in Kandivli and Vasant Vihar in Thane. [6] In 1994, he diversified his business by venturing into the dairy industry in partnership with the US-based Schreiber Foods, establishing an integrated dairy plant in Baramati. [7] By 2006, he partnered with Shahid Balwa, another Mumbai-based realtor in a 50:50 collaboration to develop Le Méridien Mumbai (now Hilton International Airport Hotel). This partnership resulted in the creation of the DB group. [8] [9]

Goenka, known for cluster development in Mumbai and its suburbs, focuses on redeveloping aging buildings and converting them into affordable housing while adhering to sustainable urban growth and town planning goals. [10] In 2020, the Government of Maharashtra established a steering committee comprising cabinet ministers, senior officials, and industry leaders, including developers like Goenka to address real estate challenges and support initiatives like these. [11]

Personal life

Goenka resides in Mumbai. He is married to Aseela Goenka and has two children, a son and a daughter. [12]

Controversies

Goenka was arrested on 20 April 2011 for his alleged role in the 2G spectrum case and was granted bail on 23 November 2011 by the Supreme Court. [13] [14] [15] [8] He temporarily stepped down from his roles during his imprisonment in 2011. [16]

In 2013, UAE telecommunications operator Etisalat sued its Indian joint venture partners Vinod Goenka and Shahid Balwa for fraud after the Indian Supreme Court cancelled Goenka's 2G licenses as a part of the 2G spectrum case. [17] [18]

On 21 December 2017, Goenka and all 18 other accused persons in the 2G spectrum case were acquitted of all charges levied against them. [19] [20] [21]

Related Research Articles

<span class="mw-page-title-main">Sharad Pawar</span> Indian politician (born 1940)

Sharadchandra Govindrao Pawar is an Indian politician. He served as the Chief Minister of Maharashtra for four terms and in the Union Council of Ministers as the Minister of Defence in the Cabinet of P.V. Narsimha Rao as well as the Minister of Agriculture in the Cabinet of Manmohan Singh. He is the first and former president of the Nationalist Congress Party (NCP), "which he founded in 1999, after separating from the Indian National Congress". His faction of the NCP was split by his nephew, Ajit Pawar. He leads his faction of the NCP in the Rajya Sabha, the upper chamber of the Indian parliament. He is the chairperson of Maha Vikas Aghadi, a regional Maharashtra-based political alliance.

<span class="mw-page-title-main">Etisalat</span> Emirati multinational telecommunications company

e&, formerly branded as Etisalat, is a UAE state-owned telecommunications company. It is the 16th largest mobile network operator in the world by number of subscribers.

<span class="mw-page-title-main">D-Company</span> Indian criminal organization

D-Company is a name coined by the Indian media for one of Mumbai underworld's organized crime syndicate founded and controlled by Dawood Ibrahim, an Indian crime boss, drug dealer and wanted terrorist. In 2011, Ibrahim, along with his D-Company, was number three on FBI's "The World's 10 Most Wanted Fugitives" list.

Tihar Prisons, popularly known as Tihar Jail, is a prison complexes in India and one of the largest complexes of prisons in India. It has 9 functional prisons spread over more than 400 acres. Run by Department of Delhi Prisons, the prison contains nine central prisons, and is one of the three prison complexes in Delhi. The other two prison complexes are at Rohini and Mandoli with one and six central prisons respectively. Tihar prison complex is located in Janakpuri, approximately 3 km from Tihar village in West Delhi.

<span class="mw-page-title-main">A. Raja</span> Indian politician (born 1963)

Andimuthu Raja is an Indian politician from Tamil Nadu, who serves as Member of Parliament for the Nilgiris constituency and the deputy general secretary of Dravida Munnetra Kazhagam. He was a member of the 15th Lok Sabha representing the Nilgiris constituency of Tamil Nadu and had been elected to house four times since 1996. Raja is an advocate by profession and he did his master's degree from Government Law College in Tiruchirappalli.

<span class="mw-page-title-main">Kanimozhi</span> Indian politician (born 1968)

Kanimozhi Karunanidhi is an Indian politician, poet and journalist. She is a Member of Parliament, representing Thoothukkudi constituency in the Lok Sabha. She was also a former MP who represented Tamil Nadu in the Rajya Sabha. Kanimozhi is the daughter of the former Chief Minister of Tamil Nadu M. Karunanidhi and his third wife Rajathi Ammal.

<span class="mw-page-title-main">Vinod Rai</span> Former Indian bureaucrat

Vinod Rai is a former IAS officer who served as the 11th Comptroller and Auditor General of India. He assumed office on 7 January 2008 till 22 May 2013. He is the current chairman of UN Panel of External Auditors and Honorary Advisor to the Indian Railways and a member of the Railway Kaya Kalp Council.

<span class="mw-page-title-main">Loop Mobile</span> Indian telecommunications company

Loop Mobile India Ltd, formerly BPL Mobile Communications, was an Indian mobile network operator.

Unitech Limited is an Indian real estate investment company headquartered in New Delhi, and once claimed to be the largest real estate builder in the country.

The 2010 fake housing loan in India was uncovered by the Central Bureau of Investigation (CBI) in India. CBI arrested eight top-ranking officials of public sector banks and financial institutions, including the LIC Housing Finance CEO Ramchandran Nair, in connection with the scam.

The 2G spectrum case was a political controversy in which politicians and private officials of the United Progressive Alliance (UPA) coalition government India were allegedly involved in selling or allotting 122 2G spectrum licenses on conditions that provided an advantage to specific telecom operators. A. Raja, then Telecom Minister, was accused of selling 2G spectrum licenses at a very low cost which resulted in the loss of ₹1,760 billion in government revenue. Raja was also accused of not following rules and regulations as well as not recognizing any advice from the Ministries of Finance and Law and Justice of India while allotting 2G spectrum licenses to telecom operators. Series of allegations were made on allotting 2G spectrum licenses including allegations from Central Bureau of Investigation after investigating the case alleging Raja for intentionally advancing the cut-off date to favour some specific firms, which were allegedly ineligible for applying for telecom licenses, in return for bribes.

Shahid Usman Balwa is an entrepreneur based in Mumbai, Maharashtra, India. He is one of the promoters of Mumbai-based DB Group.

Sadiq Batcha was an Indian entrepreneur and the managing director of real estate company Green House Promoters Private Limited. Sadiq allegedly committed suicide under suspicious circumstances related to the 2G spectrum case in India. Police found a suicide note that read the reason as the excessive media coverage that maligned his image said he felt sorry for A. Raja's plight.

<span class="mw-page-title-main">Sanjay Chandra</span>

Sanjay Chandra is the former Managing Director of Unitech Ltd, India's second-largest real estate investment company. Sanjay Chandra and Ajay Chandra had undergone two and a half years of incarceration in the case, having a maximum punishment of 7 years. After 7 years of punishment, he was given bail in a Unitech money laundering case. He is also on the board of Unitech Wireless.

Shashi Ruia and Ravi Ruia, commonly referred to as the Ruia brothers, are Indian billionaires, and the owners of Essar Group, founded in 1969.

Deesa Airport is an airport in Deesa, Gujarat. It is managed by the Airports Authority of India.

The Karunanidhi family are an Indian political family who have had considerable influence in the politics and cinema of Tamil Nadu. The most notable member of the family was M. Karunanidhi who was the Chief Minister of Tamil Nadu for five terms and was the DMK party leader from 1969 till 2018.

<span class="mw-page-title-main">R. K. Singh</span> Indian politician

Raj Kumar Singh is a former Indian bureaucrat and former Union Cabinet Minister in the Government of India. He was the Member of the Indian Parliament for Arrah, Bihar, from May 2014 to 4 June 2024. Singh is a 1975 batch Bihar cadre Indian Administrative Service officer and former Home Secretary of India.

Karim Morani is an Indian film producer who has produced films like Chennai Express and Ra.One starring Shahrukh Khan. Morani and his brother Aly Morani co-own Cineyug, which is a film production and event management company.

References

  1. ↑ "2G scam: Goenka's wife Aseela skips witness box". Sahara Samay.
  2. ↑ "Mumbai: Vinod Goenka to inquire with CP about missing brother". Free Press Journal. Retrieved 30 May 2023.
  3. ↑ "Vinod Goenka". Forbes. Retrieved 10 October 2024.
  4. ↑ "Vinod Goenka and Valor Estate: A journey of innovation". Zee Business. 24 October 2024. Retrieved 23 December 2024.
  5. ↑ Agarwal, Prachi (10 October 2024). "The Remarkable Journey of Vinod Kumar Goenka". Management Articles and Cases, PUEB. doi:10.5281/zenodo.13914303.
  6. ↑ Saini, Manish (19 June 2024). "Vinod Kumar Goenka's Quest To Build Communities And Create Icons". Outlook India. Retrieved 10 October 2024.
  7. ↑ Babbar, Kailash (21 April 2011). "From boardroom to courtroom: India Inc high-fliers behind bars in 2G scam". The Economic Times. ISSN   0013-0389 . Retrieved 23 December 2024.
  8. 1 2 Kamath, Raghvendra (25 January 2013). "The ups and downs in the DB Realty story". Business Standard . Retrieved 10 October 2024.
  9. ↑ Behera, Bidyadhar (12 June 2019). Entrepreneurship Text and cases. MJP Publisher. ISBN   978-8180942150.
  10. ↑ "Vinod Kumar Goenka's Pioneering Role in Township Redevelopment: Embracing Cluster Development for Urban Renaissance". Business Standard . 20 February 2024. Retrieved 16 November 2024.
  11. ↑ Vyas, Sharad (10 February 2020). "Committee to look into real estate woes". The Hindu. ISSN   0971-751X . Retrieved 16 November 2024.
  12. ↑ "2G case: Vinod Goenka's wife tells court her husband did not commit any illegality". The Times of India. 30 April 2013.
  13. ↑ "2G: Vinod Goenka moves HC against charge-framing". No. 24–01–12. Indian express. Archived from the original on 9 October 2014. Retrieved 6 October 2014.
  14. ↑ PTI (24 January 2012). "2G case: Vinod Goenka moves HC against framing of charges". The Hindu Business Line.
  15. ↑ "2G scam witness names Balwa, Goenka". Deccan Herald. 14 April 2015.
  16. ↑ Mishra, Lalatendu (26 April 2011). "Families step in to rescue DB Realty Ltd from going under". Business Today .
  17. ↑ Ghosh, Shauvik (23 February 2012). "Etisalat sues partners Balwa, Goenka over telecom fiasco". Mint (newspaper) .
  18. ↑ "Etisalat sues Vinod Goenka, Shahid Balwa for fraud". Reuters. 23 February 2012.
  19. ↑ "Justice has been done, says Vinod Goenka on 2G scam verdict". ET Now. 21 December 2017.
  20. ↑ Naazneen Karmali. "In Landmark Verdict, Court Acquits Billionaire Ruia And Others In India's Telecom Corruption Case". Forbes . Forbes.
  21. ↑ "Justice done, says realty co-chairman after 2G acquittal". The Times of India . No. 22–12–17. TimesofIndia. 22 December 2017.

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.