Mahendra Rambhai Patel is the fifth richest person in Kenya with a networth of Ksh48.7 billion, according to a report released early this year by Oxfam International. Patel’s family is behind the Ramco Group of Companies – a conglomerate that operates over 45 companies across the East African countries.
Here is the story of the fifth richest man in Kenya as told by WoK.
Mahendra Rambhai Patel
Mahendra Rambhai Patel was born and raised in Gujarat region of India. He came to Kenya in the early 1940s and went on to set his hardware store in downtown Nairobi in 1948. He operated the hardware for years and expanded it to give birth to Ramco Group. His three sons, Kirit, Mahendra and Chandrakant would then join the family business after completing their studies and expanded the business into the giant it is today. In 1986, they diversified the company into both stainless steel and printing following the acquisition of ASL Steel and Polythene industries respectively. In 1995, the Group acquired Sai Office Supplies, an office supplies distributor and after that they joined the retail sector.
Ramco Group of Companies
The Ramco Group is a conglomerate of over 40 companies operating in the East African region. The company majorly focuses in six sectors including Manufacturing, Building material, Print & Packaging, Office & IT Distribution, Services & Trading and Property. The group employs over 4,000 people and has an annual turnover of over Ksh 30 billion. In Print and Packaging the group owns Ramco Printing Works Limited, Platinum Packaging Limited, Polythene Industries Limited, Marketpower, IX, Ovidion Uganda Limited, Flexworld Linmited, ASL Packaging Limited, The Print Store Limited, Broekhof Africa Limited, Pressmaster Africa Limited, Panthers Publishers Limited, Wild Elegance Africa Limited and Sintech Security Print Solutions.
Also Read: The Multi-Billion Businesses The Top Five Richest Men In Kenya Control
In Services & Trading the group operates ASL Credit Limited, ASL Services Limited, ASL Limited – Chemicals Division, Travelshoppe Company Limited, ICT Africa Consulting Services Limited, Serenity Interiors Limited, Safarilink Aviation Limited, Trio Elevators East Africa Limited and Multivision Kenya Limited. In Manufacturing the group owns ASL Limited – Engineering Division, ASL Limited – Industrial Division, ASL Limited – Wire and cable Division, Ramoda Ceramics Limited, Die Cutting Experts Limited, Ovidian Advertising band Design Limited, Kentaineers Limited, Krona Plastics Limited and Pidilite Industries Limited.
In office supply it operates Sai Office Supplies Limited -Kenya, Sai Office Supplies Limited UG- Uganda, Sai Office Supplies TZ Limited – Tanzania, Sai Office Supplies RW Limited – Rwanda, Office Technologies and Office Mart TZ Limited – Tanzania. In Building Materials it operates SL Limited –Trading Division.
Leadership and Success
According to a report released by Wealth-X in January 2022, the family of Mahendra Rambhai Patel was ranked as the fifth richest in Kenya with a net worth of Ksh 48.7 billion. The family wealth under Ramco Group of Companies is governed by a board of directors that consists of family members. Kirit Patel who has been in the company for over 50 years serves as the Chairman, C R Patel as the Executive Director and Amit Patel who joined the group in 1996 serves as the Chief Executive Officer (CEO). Hassit Patel who joined the group in 1998 serves as the Chief Operating Officer, Prital Patel who has been involved since 1996 is the Managing Director of Creative VMLY&R and Kartik Patel who joined the group in 1997 serves as Ramco Chief Finance Officer and Managing Director (MD) of ASL Credit.
