BR Shetty: The return of the prodigal son

BR Shetty cuts a fine figure as he strides into the lobby of the Taj hotel in Mangalore dressed in an elegant gold-coloured kurta.
The hotel manager immediately recognises Mr Shetty and rushes to greet him before I get the chance to introduce myself to the chief executive and managing director of the remittance firm, UAE Exchange, and the founding partner and chief executive of the healthcare company, NMC, based in Abu Dhabi.
According to this year's Forbes rich list, Mr Shetty is one of eight billionaires in the UAE, with a wealth of US$1 billion.
He has lived in Abu Dhabi for more than 40 years, but he is back in his native country of India on a fleeting visit and we are meeting for a rare interview opportunity to explore his roots in the south-western state of Karnataka.
Mr Shetty is 72 - but there is no slowing down for the energetic and youthful-looking mogul.
"That's how you keep yourself young - if there's no time to get old," he says.
His schedule is jam-packed: two weddings, an engagement party and picking up an award from the local Rotary Club in the presence of the mayor of Mangalore are among the things he has to do during his 36-hour trip, having arrived on an early morning flight from Dubai.
As we are whisked off to the wedding of his friend's son in his home district of Udupi, about 60 kilometres from Mangalore, he explains that he is only too accustomed to such a relentless pace of life, with his work taking him all over the world.
"The last 10 days, I went to Brazil, then I had to go to Hyderabad, went back to the UAE, and I came back again," Mr Shetty says. "I didn't sleep two hours continuously."
At the wedding - a lavish, colourful event with hundreds of people - the attention quickly turns from the ornately dressed bride and groom to Mr Shetty. Photographers eagerly take pictures of him and members of the crowd greet him and chat to him as a friend in the local language of Tulu, or to ask for help getting jobs in the UAE, or they gaze at him in awe and simply want to make themselves known to Mr Shetty. He responds warmly. I discover that he is treated similarly wherever he goes in the area.
Sometimes locals approach him and shyly ask if they can have their photograph taken with him, while others seek advice on their careers or businesses. He has created many jobs for people not just from his home state, but across India.
His story is certainly inspirational. Mr Shetty left behind the lush, palm-fringed town of Udupi for Abu Dhabi in 1973 with just a few dollars in his pocket, looking to earn enough to repay a large debt after borrowing money to pay the dowry for one sister's wedding. Trained as a pharmacist, he struggled to find a job in Abu Dhabi because he did not know Arabic.
He thought about turning back, but then he created a role for himself, selling medicine door-to-door to become the "first outdoors salesman as a medical representative" in the UAE, walking through the searing heat of the desert city carrying his supplies. NMC was born in 1975 when Mr Shetty spotted an untapped opportunity for private health care in Abu Dhabi, launching a small clinic that provided "good-quality treatment and good service", including diagnostic equipment that was not available elsewhere in the country.
This then grew over the years to a chain of hospitals and pharmacies that serve millions of patients every year, and the firm was listed on the London Stock Exchange (LSE) two years ago.
Mr Shetty started UAE Exchange in 1980, now present in more than 30 countries with 700 offices, tapping into demand from expatriate workers for a simplified remittance process. "
It was a new place, the right country, the right timing, the right business, I think," he says of starting out in Abu Dhabi.
But it almost did not happen.
"Until the last day, I was not willing to go [to Abu Dhabi]," he explains.
Mr Shetty was working as a medical distributor in Udupi and he had built up a successful life in politics and doing social work in the community, which he was reluctant to leave behind. At the age of just 26, he had been appointed municipal vice chairman in Udupi.
He would give his earnings away to the poor - for medical treatment, education, or housing - which is why he ran himself into debt.
"I used to give money like this without knowing my budget," he says. "I was happy to be helping the people. In politics you didn't get money, whereas now the present governments, all over India, everywhere in the world, they are corrupt, they all take bribes. We were young blood - we never knew what is corruption."
He proudly points out that roads and buildings that he built in the town during his tenure and talks about the water and drainage systems he installed. The young Narenedra Modi, who is widely being tipped to be the next prime minister of India, even came to work under him at one point.
"Mr Modi came to Udupi to work for my election at that time. He was only 16 years old when he came here."
It was only years later when he was receiving an award from Mr Modi in Ahmedabad in Gujarat that Mr Shetty learnt of this fact.
Mr Shetty explains he knows Mr Modi well now and is keen for him to come to power.
"He'll do good for the country, good for the economy," he says. "He's industrial-friendly, education-friendly."
For Mr Shetty, he is only too happy to be reliving his life in Udupi. We visit his old family home in a secluded village outside of the town, where nostalgia takes over and he remembers playing with his siblings, tending to the grains and vegetables grown on their farm, picking the juiciest mangoes and coconuts, and swimming in the sea. One of six children, his father had also been a councillor and his mother a housewife, and Mr Shetty had a comfortable upbringing.
"This is the real wealth," he says, as he gazes out over the Arabian Sea at the idyllic and deserted beach, which is just a short distance from his home.
It is picturesque and peaceful but a far cry from his life in the UAE. He lives in Abu Dhabi and he also has residences in Dubai, including famously owning the entire 100th floor of Burj Khalifa, bought for Dh45 million when the project was first launched.
"I went along in my Rolls-Royce, took one blank cheque in my jacket pocket, planning to buy a one-bedroom apartment," he says.
These days, things have come round full circle, and he seems to be increasingly focused on India.
"[In the] UAE we are well established," he says. "Now we are back home. In India the population is so high and it's a good growing market, a young population."
At the moment, he is acquiring "sick hospitals which are not doing well" in India. These include a project in Kerala and he is looking for opportunities across the country. He then upgrades and improves the facilities. He already has hospitals with a capacity of 1,800 beds in India and the plan is to expand this to 6,000 beds in the next two years. "There's a big market . for affordable, quality health care," he adds.
Mr Shetty is well known for his philanthropy and he wants to give back to his community in India.
YCS Hegde, an 83-year-old retired lawyer in Udupi, has known Mr Shetty since he was a boy. "BR is a name that should be remembered by everyone because of his helping nature," Mr Hegde says.
Mr Shetty is building an upmarket residential development in Udupi, which is scheduled to be completed next year.
With the funds, he wants to build a retirement home, a community hall, and a hospital which provides free health care in memory of his sister who died of cancer.
"I never did anything for the sake of making money," he says. "When you do a good job, whole-heartedly, diligently, sincerely, you succeed. When you succeed, money is the result."
business@thenational.ae
Follow us on Twitter @Ind_Insights