Vinay Maloo

From Bharatpedia, an open encyclopedia


Vinay Maloo
VinayMalooEnsoEurope.jpg
Born (1961-01-10) 10 January 1961 (age 63)
Sardarshahar, Rajasthan, India
NationalityIndian
CitizenshipIndian
Alma materUniversity of Calcutta(B.Com)
OccupationChairman of Enso Group
Years active1989–present
Known forCo-founding HFCL, Founding Enso Group
Spouse(s)Vineeta Maloo(m.1984)
ChildrenVaibhav Maloo, Garima Bijlani[1]
WebsiteEnso Group Website

Vinay Maloo (born 10 January 1961) is an Indian businessman, who is the founder and chairman of Enso Group, a diversified 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.[2][3]

Education[edit]

Vinay Maloo completed his high school from National High School in Kolkata (then Calcutta). He is an alumnus of St. Xavier's College[4] 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.[5]

Early career[edit]

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[edit]

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.[6] Their $25 billion (₹850 billion) bid for basic services license in India created the momentum for telecom in the country.[7] 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.[8][9][10] 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.[11] 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.[12][13]

Enso Group[edit]

Enso Group is a growing $7 billion conglomerate[14][15] which is privately held for most part.[3] It started with oil & gas as primary focus, in 2005, but has made slow and steady progress in few other industries besides energy.[16] The group has expanded horizontally with purchasing controlling stake in operations of a potash mining project in Canada,[17][18] and have a gas block in Siberian region of Russia.[19] 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, Nigeria, Jordan and Gujarat in India.[20][21]

A PPP initiative of Enso Healthcare LLP, and brand Enso Care, was launched with GE-Wipro and Government of Maharashtra[22] & another one in Punjab with Philips but the group exited before rollout and curbed its healthcare expansion plans.[23][24] Enso Healthcare LLP is acting as an aggregator for manufacturing of Sputnik V vaccines in India for Russia's sovereign wealth fund RDIF.[25][26]

They also have interest in solar power innovation, having a modest portfolio of products and capacity to execute turnkey projects.[27]

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.[28][29]

Personal life[edit]

Vinay Maloo is a Jain, vegetarian by birth.[30] 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[edit]

References[edit]

  1. ↑ "Vinay Maloo - Google Search". www.google.com.
  2. ↑ "Enso Group, Omada Capital partner to launch a $600M fund in South Asia". www.vccircle.com. 14 November 2013.
  3. ↑ 3.0 3.1 Unnikrishnan, Rajesh (8 December 2008). "Maloo's back with oil, core focus". The Economic Times. Retrieved 17 December 2011.
  4. ↑ https://www.bloomberg.com/profile/person/3271346
  5. ↑ "Jain Samaj".
  6. ↑ "Himachal Futuristic Communications Ltd". NDTV Profit.
  7. ↑ September 30, PRANJAL SHARMA. "HFCL's over-confidence queers pitch for other private operators, puts telecom Ministry in spot". www.indiatoday.in.
  8. ↑ Zarabi, Siddharth (8 March 2000). "The $238m deal -- Kerry Packer picks 10% in HFCL". Financial Express.
  9. ↑ Correspondent, Special (8 March 2000). "Packer buys into Himachal Futuristic". The Hindu.[dead link]
  10. ↑ Ghosh, Partha (8 March 2000). "Kerry Packer co acquires 10 pc stake in HFCL -- Two new ventures set up". Hindu Business Line.
  11. ↑ "Innovators top India's billionaire chart". Indian Express. 1 September 1999.
  12. ↑ Reporter, B. S. (13 May 2007). "HFCL promoters part ways". Business Standard India. Retrieved 11 August 2020.
  13. ↑ Unnikrishnan, Rajesh. "Maloo's back with oil, core focus". The Economic Times. Retrieved 11 August 2020.
  14. ↑ Seema Singh (16 September 2013). "Medtech Giants Philips and GE Fight Over India". Forbes India Magazine. Retrieved 19 May 2014.
  15. ↑ "GE Technology powers Govt of Maharashtra's PPP initiative in Healthcare". India Infoline News. 17 May 2013. Retrieved 19 May 2014.
  16. ↑ "Maloo's back with oil, core focus". The Times of India. 8 December 2008.
  17. ↑ "Vinay Maloo Enso Chairman and Former RCF Chairman R.G. Rajan Join the Board of Encanto Potash Corp". Newswire Canada. 21 December 2017.
  18. ↑ "Encanto could export 3.4 million tpy". www.worldfertilizer.com. 14 June 2017.
  19. ↑ Gazeta, Rossiyskaya (8 June 2015). "India's Enso Group to take up projects in Russia's Far East". Russia Beyond.
  20. ↑ Bhaskar, Utpal (4 October 2011). "Sahara enters oil and gas sector with EnSearch buy". www.livemint.com.
  21. ↑ Newswires, Dow Jones (4 October 2011). "Sahara Group Buys EnSearch Petroleum". www.wsj.com.
  22. ↑ "GE, Ensocare partner with Maharashtra Government for diagnostic facilities". Ensogroup. 17 May 2013.
  23. ↑ "GE, Ensocare partner with Maharashtra Government for diagnostic facilities". The Times of India. 17 May 2013.
  24. ↑ "Inian investor vinay maloo invests in healthcare business". eHealth. 17 May 2013.
  25. ↑ Market, Capital (19 March 2021). "Strides' biopharma arm partners RDIF to supply COVID-19 vaccine". www.business-standard.com.
  26. ↑ Writer, Staff (19 March 2021). "COVID-19 vaccine: Strides Pharma to produce 200 million doses of Sputnik V". www.livemint.com.
  27. ↑ "Enso Green Energy". Enso Group Website.
  28. ↑ Panda, Aneesh Phadnis & Subrata (18 February 2020). "Beleaguered Jet gets another EoI; CoC extends deadline for resolution plan". www.business-standard.com.
  29. ↑ Bureau, Our. "Jet lenders extend deadline till March 9 for bid submission". www.thehindubusinessline.com.
  30. ↑ Maloo, Vinay. "Chairman's Profile". Enso Group.
Information red.svg
Scan the QR code to donate via UPI
Dear reader, We kindly request your support in maintaining the independence of Bharatpedia. As a non-profit organization, we rely heavily on small donations to sustain our operations and provide free access to reliable information to the world. We would greatly appreciate it if you could take a moment to consider donating to our cause, as it would greatly aid us in our mission. Your contribution would demonstrate the importance of reliable and trustworthy knowledge to you and the world. Thank you.

Please select an option below or scan the QR code to donate
₹150 ₹500 ₹1,000 ₹2,000 ₹5,000 ₹10,000 Other


Retrieved from "https://en.bharatpedia.org/index.php?title=Vinay_Maloo&oldid=149869"