| Bio/Wiki | |
|---|---|
| Full Name | Dr Bavaguthu Raghuram Shetty |
| Profession(s) | Pharmacist, Entrepreneur, Philanthropist |
| Physical Stats | |
| Height (approx.) | 5' 10" (178 cm) |
| Eye Colour | Dark Brown |
| Hair Colour | Black |
| Career | |
| Awards, Honours | • 2005- Order of Abu Dhabi • 2007- Pravasi Bharatiya Samman Award  • 2009- Padma Shri • 2016- Honorary Doctorate issued by Middlesex University, Dubai |
| Personal Life | |
| Date of Birth | 1 August 1942 (Saturday) |
| Age (as of 2025) | 83 Years |
| Birthplace | Udupi, Karnataka |
| Zodiac sign | Leo |
| Nationality | Indian |
| Hometown | Udupi |
| College/University | Manipal College of Pharmaceutical Sciences |
| Educational Qualification | Graduation in Pharmaceuticals |
| Controversies | • Financial Controversy B.R. Shetty was involved in a major financial controversy in 2020 when his companies, NMC Health and Finablr, were accused of financial irregularities. It was discovered that billions of dollars in undisclosed debts had been hidden from the company's official records. This led to the collapse of NMC Health, which was once the largest private healthcare provider in the UAE, and the freezing of Shetty’s assets. Authorities launched investigations in both the UAE and the UK, and B. R. Shetty claimed he was unaware of the fraud, blaming others in his management team. Investigators discovered that the company had undisclosed debts across 75 credit lines and more than 80 financial institutions. He and his administrators said that a small group of current and former company leaders were responsible for the fraud. They claim this group faked Shetty's signature, opened fake bank accounts, and gave out loans without telling him. ((Gulf News)) • ICICI Loan Dispute In 2024, ICICI Bank asked B. R. Shetty to pay over $125 million, saying he had personally promised to repay loans given to NMC and Modular Concepts. The court case in September and October 2024 looked at whether he really signed those promises. The court decided that the guarantee for Modular Concepts was not valid, but the ones for NMC were valid, so he has to pay over $106 million. Shetty said he hadn’t managed NMC since 2017, but the court didn’t agree because he had admitted to some financial matters. The court sided with ICICI Bank, using documents and witness statements. Earlier, he was also told to pay over $33 million to Bank of Baroda, plus $344,000 in legal fees. ((Outlook Business)) |
| Social Media | • YouTube |
| Relationships & More | |
| Marital Status | Married |
| Family | |
| Wife/Spouse | Chandrakumari Shetty (Doctor) |
| Children | Son- Binay Shetty Daughters- Seema, Reema, Neema  |
| Parents | Father- Shambhu Shetty Mother- Koosamma Shetty |
| Siblings | Brother- Bavaguthu Sachidananda Shetty (Businessman) (Deceased) |
Some Lesser Known Facts About B. R. Shetty
- B. R. Shetty was born into the family’s ancestral estate, Bavaguthu House, Udupi, in Karnataka. He was born into a Bunt family, which is an Indian community that has historically inhabited the Tulu Nadu region in South India.
- While in India, Shetty was actively involved in the National Cadet Corps during his school years and, early in his career, worked to support the well-being of his local community.
- After completing his pharmaceutical education from Manipal in India, B. R. Shetty started serving as the Vice-Chairman of the Municipal Council in Udupi.
- He immigrated to the United Arab Emirates in 1973. At the age of 31, with just $8 in his pocket, he moved to Dubai looking for better opportunities. Starting from nothing, he worked hard, going door-to-door to sell medicines.
- Soon after, B. R. Shetty started working as the country’s first medical representative.
- In 1975, B. R. Shetty was mainly interested in hospitals and hospitality, but later he expanded into other areas like pharmaceuticals, financial services, retail, advertising, and Information Technology.
- In the same year, B. R. Shetty founded ‘NMC Health,’ which is a healthcare chain and distribution business in the United Arab Emirates (UAE). His motive to start NMC Health was to fill the need for personalised and cost-effective healthcare accessible to all.
- During the initial days of opening NMC Health, B. R. Shetty’s wife, Chandrakumari Shetty, was the only doctor in the clinic.
- In 1975, Shetty founded ‘BRS Ventures Investment Ltd,’ which is a holding company that provides private equity, venture capital, mergers and acquisition services for various business sectors.
- As the number of people from other countries living in the UAE grew, there was a need for a safe and proper way to send money home. Seeing this need, B. R. Shetty started UAE Exchange in 1980 to help with money transfers.
- In 1980, B. R. Shetty managed to take over the ownership of UAE Exchange from its founder, Daniel Varghese, with the help of an Emirati and a former UAE Minister of Justice, Abdulla Humaid Al Mazroei.
- In 2003, B. R. Shetty founded NMC Neopharma, which was a UAE-based pharmaceutical manufacturer and a modern medicine-making company that works with big international companies like Pfizer, Merck, Abbott Laboratories, GSK, Hetero Pharmaceuticals, and Biocon.
- The company was inaugurated by the then-President of India, A. P. J. Abdul Kalam, in Abu Dhabi.
- Shetty’s goal behind founding the NMC Neopharma was to use modular manufacturing based on global standards and to set up effective control systems.
- He also built a research and development team and focused on making quality medicines at affordable prices. It also makes medicines for international pharmaceutical companies and generic brands, including well-known names like Merck, Pfizer, AstraZeneca, and Boots UK.
- In 2012, B. R. Shetty guided NMC through a public offering on the London Stock Exchange, raising $330 million. The money was used to build a speciality hospital in Khalifa City, Abu Dhabi.
- In 2014, he acquired a majority stake of 51 per cent of a foreign exchange company named ‘Travelex International Limited.’
- The acquisition was supported by Abu Dhabi-based investment vehicle Centurion and completed in January 2015
- In 2015, B. R. Shetty was included on the Forbes list of India’s 100 Richest People.
- In the same year, he was elected as the chairman of the board of directors of UAE Exchange, which is a United Arab Emirates-based company dealing primarily in remittance, foreign exchange and bill payment services.
- In June 2016, he announced his plans to build Abu Dhabi’s first medical university in honour of Sheikh Zayed (Founder of UAE). In the same month, B. R. Shetty was also elected as chairman of the Indian Business/Professional Group.
- In the same year, he announced that he was building a 400-bed super-speciality hospital in Udupi in Karnataka through B R S Ventures.
- The ruler of Dubai, Sheikh Mohammed bin Rashid al Maktoum, nominated B. R. Shetty as a member of the UAE medical council in 2016.
- In 2017, B. R. Shetty announced that he would invest Rs 1000 crore ($157.3 million) to produce a film with Indian ad film, feature film director V. A. Shrikumar Menon. The film, which was set to star Mohanlal and be based on the novel Randamoozham, which was a retelling of the Mahabharata, was dropped in May 2019 because of creative differences.
- In 2018, B. R. Shetty established a financial services holding company named ‘Finablr,’ which was the parent group for UAE Exchange and Travelex.
- In the same year, B. R. Shetty, along with three other Abu Dhabi–based business tycoons, signed The Giving Pledge, which is a a global initiative started by Bill Gates and Warren Buffett in 2010, encouraging the world’s wealthiest individuals and families to commit more than half of their wealth to charitable causes, either during their lifetime or in their will.
- B. R. Shetty felt proud to make this promise and hoped it would inspire others to help people in need and care for the planet.
- In 2018, the Dr. B. R. & C. R. Shetty Foundation was established in Bangalore. Its mission is to help underprivileged communities by focusing on education, healthcare, poverty reduction, and community development.
- The Foundation is dedicated to contributing to nation-building by improving access to health and education for millions across India through a sustainable and inclusive approach.
- B.R. Shetty’s BRS Ventures acquired the Assam Company India Limited (ACIL) in 2018. The acquisition came with a commitment to invest in the welfare of the company’s workers and aimed to revive the century-old tea company.
- Commenting on his decision to acquire the Assam Company India Limited, Shetty was quoted as saying in one of his interviews that
I consider myself very fortunate to have got the opportunity to acquire Assam Company India Limited and to serve the community at large. I am aware of the problems of the workers and will improve the facilities to improve their standard of living. We will look for ways to ensure that there is no pilferage.”
- In 2019, he was listed as the 42nd richest person by Forbes, having a net worth of about $3.15 billion.
- NMC Health is the first healthcare company from the Gulf Cooperation Council (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange, and it has also become part of the Financial Times Stock Exchange 100 Index.
- In 2019, B. R. Shetty and his company BRS Ventures announced their plans to invest $5 billion in developing healthcare facilities across India.
- B. R. Shetty served as the chairman of Abu Dhabi Indian School, Abu Dhabi Indian School-Branch 1, Al Wathba, and Bright Riders School till 2019. His position at Abu Dhabi Indian School and Abu Dhabi Indian School-Branch 1, Al Wathba, was taken up by the UAE-based Indian billionaire M. A. Yusuff Ali.
- In 2020, after B. R. Shetty and the NMC board asked for it and because an investigation was happening into possible financial problems, the company was taken off the London Stock Exchange and removed from the FTSE 100 index.
- B. R. Shetty’s company was taken off the London Stock Exchange and the FTSE 100 Index after its share price fell by more than 60%.
- In 2020, it was announced that Shetty had agreed to sell his majority stake in Finablr to Prism Group AG and Royal Strategic Partners, which is a UAE-linked investment fund.
- In the same year, he stepped down as co-chairman of NMC Health in the month of February after the company’s shares had fallen by over 70 per cent since December 2019.
- As of 2025, NMC under Shetty’s leadership has become the biggest private healthcare provider in the UAE, serving over four million patients each year through 45 facilities in 12 cities across 8 countries, including the UAE, Saudi Arabia, Oman, Spain, Italy, Denmark, and Colombia.
- B. R. Shetty owned a hospital in Alexandria, two hospitals in Nepal, and acquired a hospital in Cairo as part of his personal portfolio under the same company. Expressing his intentions behind acquiring hospitals, he was quoted as saying in one of his interviews that
My only vision is to provide health care for all. My first instruction to doctors is to see the pulse of the patients and not the purse. The pain of the patient is important for us.”
- Before moving to the UAE, B.R. Shetty was active in the Hindutva political party Jan Sangh, which later became the BJP.
- Few media reports stated that both former Prime Minister Atal Bihari Vajpayee and current Indian Prime Minister Narendra Modi had supported him during local elections in Udupi in the 1960s. B. R. Shetty also helped organise Modi’s visit to Abu Dhabi.
B. R. Shetty (second from left) with Narendra Modi (wearing white) in Abu Dhabi
- He has invested in a medical institute in Uttarakhand, a state in northern India.
- B. R. Shetty is also the founder and supporter of the Indian Pharmaceutical Association in the Emirates. In addition, he serves on the Advisory Board for the Financial Sector under Dubai’s Economic Department and is a member of Dubai’s Pharmaceutical Committee.
- He has contributed generously and provided critical medical support many times during times of crisis, such as natural disasters, in countries including Bangladesh, Indonesia, Sri Lanka, Nepal, and India.
- He actively supports people with disabilities and has spoken out in favour of helping them and their families become self-reliant. One example is his support for the Special Care Centre in Abu Dhabi.
- As of 2025, all philanthropic activities carried out by B. R. Shetty and his wife are channelled through the Dr. BR & CR Shetty Foundation.
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