City tycoon Sudhir Ruparelia has sent a request to authorities to give the renowned businessman a license to expand on his investments in the growth and exportation of flowers and vegetables.
Ruparelia intends to invest billions of shillings in areas of Lukaaya, Nakigga and Kibili and Kalungu District chairman, Mr Richard Kyabaggu has welcomed the investment saying it will create jobs for hundreds of unemployed youth and spur economic development in the young district.
“The horticulture investment that Mr. Sudhir Rupaleria is welcome to our district because it comes with hundreds of jobs and developing the area,” Mr. Kyabaggu told CBS Radio.
Recenetly, Dr. Sudhir, was accompanied his son Rajiv Ruparelia and other managers of Ruparelia Group toured several areas to find out the fertility of the soil before acquiring it.
Sudhir runs two floriculture companies in Entebbe, Wakiso district — Rosebud Limited and Premier Roses. The flower firms produce flowers which include Sweetheart Roses, Valentino, Viva, Chelsea, Red Calypso, Meera, Akito and Blushing Akito.
It should be noted that last month Sudhir visited Baale village in Kayunga District where he is set to “acquire about 9 square miles of land” to expand his floriculture business.
Still Uganda’s wealthiest man
Despite Mr Ruparelia losing his prosperous Crane Bank that he started in 1995, the Ugandan businessman is still considered the country’s wealthiest man. Ruparelia has made his money through Uganda’s largest privately held conglomerate – Ruparelia Group of Companies which is into insurance, hospitality, conventions & leisure centres, education, property development, property management and floriculture among others.
He is the single largest private property owner in Uganda. Forbes Magazine, which quotes the Uganda Land Alliance, says he owns close to 300 prime residential and commercial properties in some of Kampala’s swankiest neighbourhoods alone.
He owns Kampala Parents School, a premium local primary school and Kampala International School of Uganda (KISU), a sprawling state-of-the-art international school.
Some of his other assets include Crane Chambers, the headquarters of his empire on Kampala Road and City House, home to the offices for 150 of Uganda’s MPs.
He also holds a 0.65 per cent stake in Stanbic Bank and 2.5 per cent in Bank of Baroda. Going by the current share prices, the value of his shares in Stanbic Bank is about Shs10b whereas the 2.5 per cent Baroda stake value is Shs7.5b. He also owns 7 per cent of NIC Holdings where his stake is valued at Shs1.2b. In 2015, Sudhir was the single largest individual investor on the stock market to earn more than any other. He earned about Shs800m in dividends alone.
