- The rise of Indiabulls
Young entrepreneur Sameer Gehlaut established Indiabulls in 2000, after acquiring Inorbit Securities, a stock brokerage company in Delhi. The group started its operations from a small office near Hauz Khas bus terminal in Delhi. The office had a tin roof and two computers.
In less than 10 years the group has become one of the leading financial services and real estate company in India,they have a land bank of 4000 acres.
Sameer Gehlaut is India’s youngest self made billionaire at just 34 years of age. According to Forbes (2008), he has a net worth of $1.2 billion. He is the 962nd richest person in the world and 45th richest in India.
Sameer Gehlaut completed his Mechanical Engineering from IIT Delhi in 1995. He worked for Halliburton in the United States. He came back to India to start an earth moving and mining business, which is presently run by his family.
In 2000 Sameer Gehlaut was only 26 when he started Indiabulls with the help of Saurabh Mittal and Rajiv Rattan. Mittal and Rattan were his friends at IIT Delhi.
Indiabuls were the pioneers in the online brokerage business segment. The company had a young management team and were able to raise money from time to time. Its investors included LN Mittal and Farallon Capital . In September 2004 the company came out with its IPO.
Indiabulls started as an online brokerage company but over the years they have added new products and services. They also entered into new business segments .The group’s business interests include real estate, consumer finance ,mortgages, retail and power.They have a market capitalization of more than Rs. 25000 crores.
Indiabulls acquired 7.8 acres of land from NTC for Rs 441.75 crore, this was the Elphinstone Mills land in Lower Parel, Mumbai. They also acquired 11 acres of the Land from NTC for Rs 276.6 crore, this was the land of Jupiter Mills in Lower Parel, Mumbai.
Indiabulls acquired more than 115 acres of land in Sonepat, Haryana for developing residential real estate.
Indiabulls entered into a joint venture with Sogecap for its foray into the Life insurance business. Sogecap is the Life insurance subsidiary of the French company Societe Generale.
Saurabh Mittal and Rajiv Rattan have a net worth of around $ 500 million each.
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