Vinay Maloo

2021-08-20T19:41:10Z

2405:201:9:5172:1CDB:41CE:9D84:5464: /* HFCL */

{{short description|Indian businessman (born 1961)}}
{{EngvarB|date=September 2014}}
{{Use dmy dates|date=September 2014}}
{{Infobox person
| name = Vinay Maloo
| image = VinayMalooEnsoEurope.jpg
| caption =
| alma_mater = [[University of Calcutta]]([[B.Com]])
| birth_date = {{birth date and age|df=yes|1961|01|10}}
| birth_place = [[Sardarshahar]], [[Rajasthan]], [[India]]
| nationality = Indian
| citizenship = Indian
| occupation = Chairman of [[Enso Group]]
| known for = Co-founding [[HFCL]], Founding [[Enso Group]]
| yearsactive = 1989{{ndash}}present
| spouse = Vineeta Maloo(m.1984)
| children = Vaibhav Maloo, Garima Bijlani<ref>{{cite web |title=Vinay Maloo - Google Search |url=https://g.co/kgs/xWBqiJ |website=www.google.com}}</ref>
| website = [https://www.ensogroup.com Enso Group Website]
}}

'''Vinay Maloo''' (born 10 January 1961) is an Indian businessman, who is the founder and chairman of [[Enso Group]], a diversified [[Conglomerate (company)|conglomerate]] group based in [[Mumbai]], [[India]]. Maloo founded the group in 2005. They moved their headquarters to [[London]], [[United Kingdom]] for a brief period in early 2010s.<ref>{{cite web |title=Enso Group, Omada Capital partner to launch a $600M fund in South Asia |url=https://www.vccircle.com/enso-group-omada-capital-partner-launch-600m-fund-south-asia |website=www.vccircle.com |date=14 November 2013}}</ref><ref name="unnikrishnan1">{{cite news|url=http://economictimes.indiatimes.com/articleshow/3805672.cms|title=Maloo's back with oil, core focus|newspaper=[[The Economic Times]]|first=Rajesh |last=Unnikrishnan|date=8 December 2008|access-date=17 December 2011}}</ref>

==Education==
Vinay Maloo completed his high school from [[National High School]] in [[Kolkata]] (then [[Calcutta]]). He is an [[alumnus]] of [[St. Xavier's College, Kolkata|St. Xavier's College]]<ref>https://www.bloomberg.com/profile/person/3271346</ref> where he studied for his bachelor of commerce degree, and graduated with honours, in 1981. St.Xavier's is a part of [[University of Calcutta]]. He went onto pursue [[chartered accountancy]] from the [[Institute of Chartered Accountants of India]] (ICAI) but left it midway to start his own business.<ref>{{Cite web|url=http://www.jainsamaj.org/content.php?url=Shri_Vinay_Maloo_Founder_Himachal_Telecom_Group|title=Jain Samaj}}</ref>

== Early career ==
Vinay Maloo started his business career with acquisition of a marble mine in [[Kankroli]], [[Rajasthan]]. He left [[Kolkata]] for [[Delhi]] in 1990 to run Himachal Futuristic Communications Limited ([[HFCL]]) with his uncle Mahendra Nahata, as they had set up their first telecom equipments manufacturing plant in [[Solan]], [[Himachal Pradesh]] in 1988.

=== HFCL ===
When they co-founded [[HFCL]] in 1987, they were the first private sector company to enter telecom equipments manufacturing in India. In [[HFCL]], they set up manufacturing facilities in India for optical fiber cables, optical transport, power electronics and broadband equipment for global supply, and provided turnkey solutions to the [[Government of India]]'s undertakings and private sector players across the world. [[HFCL]] has an in-house R&D department, developing new technologies.<ref>{{Cite news|url=https://www.ndtv.com/business/stock/himachal-futuristic-communications-ltd_hfcl/reports|title=Himachal Futuristic Communications Ltd.|work=NDTV Profit}}</ref> Their $25 billion ({{Indian Rupee}}850 billion) bid for basic services license in India created the momentum for telecom in the country.<ref>{{cite web |last1=September 30 |first1=PRANJAL SHARMA |title=HFCL's over-confidence queers pitch for other private operators, puts telecom Ministry in spot |url=https://www.indiatoday.in/magazine/economy/story/19950930-hfcl-over-confidence-queers-pitch-for-other-private-operators-puts-telecom-ministry-in-spot-808233-1995-09-30 |website=www.indiatoday.in |language=en}}</ref> Late Australian businessman [[Kerry Packer]], also known for his contribution to the sport of cricket, invested in [[HFCL]], in the year 2000, picking up 10% stake.<ref>{{Cite news|url=http://expressindia.indianexpress.com/fe/daily/20000308/fco08001.html|title=The $238m deal -- Kerry Packer picks 10% in HFCL|last=Zarabi|first=Siddharth|date=March 8, 2000|work=Financial Express}}</ref><ref>{{Cite news|url=https://www.thehindu.com/thehindu/2000/03/08/stories/06080004.htm|title=Packer buys into Himachal Futuristic|last=Correspondent|first=Special|work=[[The Hindu]]|date=March 8, 2000}}{{dead link|date=April 2021|bot=medic}}{{cbignore|bot=medic}}</ref><ref>{{Cite news|url=https://www.thehindubusinessline.com/2000/03/08/stories/14083901.htm|title=Kerry Packer co acquires 10 pc stake in HFCL -- Two new ventures set up|last=Ghosh|first=Partha|date=March 8, 2000|work=Hindu Business Line}}</ref> Together, they also launched [[Metro Gold]] on the national television channel [[DD Metro]].

During technology boom, [[HFCL]] peaked at an approximately $3 billion market cap making him one of the top 10 richest Indians at age 39.<ref>{{cite news|url=http://expressindia.indianexpress.com/ie/daily/19990901/ibu01039.html|title=Innovators top India's billionaire chart|publisher= Indian Express|date=September 1, 1999}}</ref> In 2005, the partners split, Nahata keeping the telecom business as Maloo wanted to expand into different sectors and be diversified. In 2006, he resigned from HFCL. He also resigned from all its subsidiary companies. He served as chairman and executive director during his tenure.<ref>{{Cite news|last=Reporter|first=B. S.|date=2007-05-13|title=HFCL promoters part ways|work=Business Standard India|url=https://www.business-standard.com/article/companies/hfcl-promoters-part-ways-107051301043_1.html|access-date=2020-08-11}}</ref><ref>{{Cite news|last=Unnikrishnan|first=Rajesh|title=Maloo's back with oil, core focus|work=The Economic Times|url=https://economictimes.indiatimes.com/news/company/corporate-trends/maloos-back-with-oil-core-focus/articleshow/3805672.cms?utm_source=contentofinter|access-date=2020-08-11}}</ref>

==Enso Group==
[[Enso Group]] is a growing $7 billion conglomerate<ref>{{cite news|author=Seema Singh |url=http://forbesindia.com/article/boardroom/medtech-giants-philips-and-ge-fight-over-india/36099/2 |title=Medtech Giants Philips and GE Fight Over India |publisher=Forbes India Magazine |date=16 September 2013 |access-date=19 May 2014}}</ref><ref>{{cite news|url=http://www.indiainfoline.com/Markets/News/GE-Technology-powers-Govt-of-Maharashtras-PPP-initiative-in-Healthcare/5685111432 |title=GE Technology powers Govt of Maharashtra's PPP initiative in Healthcare |publisher=India Infoline News |date=17 May 2013 |access-date=19 May 2014}}</ref> which is privately held for most part.<ref name="unnikrishnan1" /> It started with oil & gas as primary focus, in 2005, but has made slow and steady progress in few other industries besides energy.<ref>{{cite news| url=http://articles.economictimes.indiatimes.com/2008-12-08/news/28446668_1_oil-blocks-real-estate-private-equity-firms | work=The Times of India | title=Maloo's back with oil, core focus | date=8 December 2008}}</ref> The group has expanded horizontally with purchasing controlling stake in operations of a potash mining project in [[Canada]],<ref>{{Cite web|url=https://www.newswire.ca/news-releases/vinay-maloo-enso-chairman-and-former-rcf-chairman-rg-rajan-join-the-board-of-encanto-potash-corp-665722493.html|title=Vinay Maloo Enso Chairman and Former RCF Chairman R.G. Rajan Join the Board of Encanto Potash Corp.|date=December 21, 2017|website=Newswire Canada}}</ref><ref>{{cite web |title=Encanto could export 3.4 million tpy |url=https://www.worldfertilizer.com/potash/14062017/encanto-could-export-34-million-tpy/ |website=www.worldfertilizer.com |language=en |date=14 June 2017}}</ref> and have a gas block in [[Siberian]] region of [[Russia]].<ref>{{Cite web|url=https://www.rbth.com/economics/2015/06/08/indias_enso_group_to_take_up_projects_in_russias_far_east_43561|title=India's Enso Group to take up projects in Russia's Far East|last=Gazeta|first=Rossiyskaya|date=June 8, 2015|website=Russia Beyond}}</ref> The group sold its stake in Ensearch Petroleum, which had its holdings in 14 oil and gas blocks to [[Sahara India Pariwar]] in 2011. Ensearch had oil & gas E&P blocks in [[Australia]], [[Georgia (country)|Georgia]], [[Nigeria]], [[Jordan]] and [[Gujarat]] in [[India]].<ref>{{cite web |last1=Bhaskar |first1=Utpal |title=Sahara enters oil and gas sector with EnSearch buy |url=https://www.livemint.com/Companies/9ZoHUxPL1kS23SXL3EFTYJ/Sahara-enters-oil-and-gas-sector-with-EnSearch-buy.html |website=www.livemint.com |language=en |date=4 October 2011}}</ref><ref>{{cite web |last1=Newswires |first1=Dow Jones |title=Sahara Group Buys EnSearch Petroleum |url=https://www.wsj.com/articles/SB10001424052970204524604576610060588481234 |website=www.wsj.com |date=4 October 2011}}</ref>

A PPP initiative of Enso Healthcare LLP, and brand [[Enso Care]], was launched with [[GE]]-[[Wipro]] and [[Government of Maharashtra]]<ref>{{cite news| url=http://www.ensogroup.com/company/22/bod/bod.html | work=Ensogroup | title=GE, Ensocare partner with Maharashtra Government for diagnostic facilities | date=17 May 2013}}</ref> & another one in [[Punjab]] with [[Philips]] but the group exited before rollout and curbed its healthcare expansion plans.<ref>{{cite news| url=http://economictimes.indiatimes.com/news/news-by-industry/healthcare/biotech/healthcare/ge-ensocare-partner-with-maharashtra-government-for-diagnostic-facilities/articleshow/20104806.cms | work=The Times of India | title=GE, Ensocare partner with Maharashtra Government for diagnostic facilities | date=17 May 2013}}</ref><ref>{{cite news| url=http://ehealth.eletsonline.com/2013/06/ensocare-and-wipro-ge-healthcare-enter-into-a-public-private-partnership-with-government-of-maharashtra-to-upgrade-district-hospitals/ | work=eHealth | title= Inian investor vinay maloo invests in healthcare business | date=17 May 2013}}</ref> Enso Healthcare LLP is acting as an aggregator for manufacturing of [[Sputnik V]] vaccines in India for Russia's sovereign wealth fund [[RDIF]].<ref>{{cite web |last1=Market |first1=Capital |title=Strides' biopharma arm partners RDIF to supply COVID-19 vaccine |url=https://www.business-standard.com/article/news-cm/strides-biopharma-arm-partners-rdif-to-supply-covid-19-vaccine-121031900742_1.html |website=www.business-standard.com |date=19 March 2021}}</ref><ref>{{cite web |last1=Writer |first1=Staff |title=COVID-19 vaccine: Strides Pharma to produce 200 million doses of Sputnik V |url=https://www.livemint.com/companies/news/covid19-vaccine-strides-pharma-to-produce-200-million-doses-of-russia-s-sputnik-v-11616145585924.html |website=www.livemint.com |language=en |date=19 March 2021}}</ref>

They also have interest in solar power innovation, having a modest portfolio of products and capacity to execute turnkey projects.<ref>{{Cite web|url=https://www.ensogroup.com/company/21/Enso-Green-Energy-.html|title=Enso Green Energy|website=Enso Group Website}}</ref>

In early 2020, Enso Group along with Russian Far East Development Fund, tried to rescue the debt laden [[Jet Airways]], and participated in talks for buying controlling stake in it from its committee of creditors (CoC) composed of banks, but talks fell through.<ref>{{cite web |last1=Panda |first1=Aneesh Phadnis & Subrata |title=Beleaguered Jet gets another EoI; CoC extends deadline for resolution plan |url=https://www.business-standard.com/article/companies/beleaguered-jet-gets-another-eoi-coc-extends-deadline-for-resolution-plan-120021801342_1.html |website=www.business-standard.com |date=18 February 2020}}</ref><ref>{{cite web |last1=Bureau |first1=Our |title=Jet lenders extend deadline till March 9 for bid submission |url=https://www.thehindubusinessline.com/news/jet-lenders-extend-deadline-till-march-9-for-bid-submission/article30852697.eceM |website=www.thehindubusinessline.com |language=en}}</ref>

== Personal life ==
Vinay Maloo is a [[Jain]], vegetarian by birth.<ref>{{Cite web|url=https://www.ensogroup.com/pages90/Chairmans-Profile.html|title=Chairman's Profile|last=Maloo|first=Vinay|website=Enso Group}}</ref> His wife Vineeta is an [[economics]] graduate from [[Sophia College for Women]], [[University of Mumbai]] and they met through common family connections. They have two children - Garima and Vaibhav.

==See also==
*[[Enso Group]]

==References==
{{reflist}}

{{DEFAULTSORT:Maloo, Vinay}}
[[Category:Rajasthani people]]
[[Category:Businesspeople from Mumbai]]
[[Category:Living people]]
[[Category:1961 births]]
[[Category:Indian billionaires]]
[[Category:University of Calcutta alumni]]

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Vinay Maloo