Vinod Goenka is an Indian business tycoon and the co-founder of DB Realty, a major real estate development company. He is also a mentor of the Dynamix Balwas Group. Forbes has estimated his net worth to be about $1.18 billion, making him one of the richest persons in the country. The 50 year old business magnate has been in the real estate development industry for more than 25 years.
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DB Realty
Located and registered in Mumbai, India, Dynamix Balwas Realty or DB Realty is one of the biggest real estate developers in India. It is the flagship firm of the DB Group. DB Realty is involved in the construction and development of commercial and residential complexes, as well as gated communities. Ranked as the third biggest realtor in the country, the expanding and extensive portfolio of DB Realty comprises of over twenty-five projects, usually based in Mumbai or in the metropolitan area. A majority of them are in varied phases of design and construction. Other highlights of the company include cluster development projects and mass housing. Some of the major projects of the company include Ascot Centre,Orchid Crown, Gokuldham, India Tower,Orchid City Centre Mall,Vasant Vihar, Orchid Heights, and Yashodham.
Goenka of Dynamix Group and Shahid Balwa of Balwa Group are the joint promoters of DB Realty. The family of the latter has been in the real estate development sector for nearly a century. In 1997, the two of them entered into an agreement to develop estates as per specific projects. Later in 2007, the partnership was formalized as DB Realty wherein all future projects were to be developed together.
The IPO of DB Realty was launched in 2010, with INR 468 being the issue price. It was subscribed 3 times on the day of IPO and helped raise INR 1,500 crores.
Vinod Goenka – Business and Career Growth
Goenka dropped out of college and then joined the construction firm of his father in Mumbai. He subsequently helped expand the firm and formed the Dynamix Group, with business interests in dairy, hospitality, and other sectors. He later got into a partnership with the Balwa family and constructed the Meridien Hotel next to the International Airport at Mumbai. The joint venture eventually cemented and became DB Realty, a leader in real estate development in India.
Goenka is the MD of the company. He is responsible for planning and laying the roadmap for the numerous projects of DB Realty. He is also the leader in terms of setting of performance goals, framing corporate strategy, management of operations, and ensuring the effective and efficient participation of key executives in the daily functioning of the company.In 2010, it was under Goenka’s guidance that the company got listed in the BSE or the Bombay Stock Exchange as well as the Nifty/NSE or the National Stock Exchange.
Goenka helped diversify the DB Group into the telecom sector. He was instrumental in the group bagging 2G licenses for operation in 15 circles.Laterin September 2008, the group sold 45% of their 50 percent stake in Swan Telecom, the telecom venture, to UAE-based multinational Etisalat for $900 million. It was then renamed as DB Etisalat.
Swan Telecom is currently being investigated by the CBI or The Central Bureau of Investigation for fraudulent access of 2G telecom licenses. On April 20, 2011, Goenka was arrested in this case but was granted bail by the Supreme Court of India on 23rdNovember, 2011.
Vinod Goenka’s wife – Aseela
Vinod Goenka is married to Aseela since 27 years.
