Ramesh Chandra Is A Famous Businessman Who Used To Be A Billionaire. He Built Himself From Ground Up. He Owned A Private Ltd. Company And Loved Betting In Real Estate Industry. With Profitable Ventures Of 1980s, He Laid The Foundation Stone For A Well-known Real Estate Company Unitech. He Was Worth Over 11 Billion Usd At His Peak In 2007.
As the crash of 2008 unfolded, Unitech’s prominence dropped to an all-time low and real estate industry in India came to a drastic halt. It cost Ramesh Chandra nearly 90% of his net worth. This basically marked the end of Ramesh Chandra.
During the same times, another businessman had a different experience. Vijay Mallya is a lucky inheritor of vast amount of wealth. His father Vittal Mallya was a very prudent investor. He diversified his ventures and very quietly built a big empire acquiring companies. Contrastingly enough, such times have come for Vijay Mallya that he himself has admitted to have become the poster boy of willful defaulters in India. For now, what we are interested in is not the doom of his now-out-to-business Kingfisher Airlines, but the status of his company in the times of financial crisis of 2008.
As 2008 crash was sinking the world into never seen before debt crisis, Mallya managed to get about INR 900 cr. loan from IDBI bank. His company was in financial crisis at the time of receiving this new loan, but he was lucky enough to have got such a huge loan from a state-run bank.
Polar opposite stories of the time of 2008 crisis Ramesh Chandra lost almost his entire net worth, while Mallya caught the tools to revive his company via 900 cr. loan.
But fast forward some years, their stories have unfolded nearly the same. Ramesh Chandra and Vijay Mallya both are grappling with law only that Mallya has gone into a secret exile.
This story is from the May 2017 edition of Mad About Money.
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This story is from the May 2017 edition of Mad About Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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