Binod Chaudhary : Nepal's first billionaire

When Forbes magazine released a rich list early this year, many Nepalese felt proud to see Binod Chaudhary's entry as a first ever billionaire from Nepal.A nepali businessman had made it to the Forbe's billionaire list, becoming the first man from the Himalayan nation to do so with his fortune of whopping 1 billion USD. He managed to flare 1342nd position in the wealthiest list, a significant achievement for someone operating from one of the world's most impoverished countries, Nepal, that has a per capita income of just $742 USD.

How it all began?

Chaudhary hails from a business clan with Indian roots.His grandfather, Bhura Mal, a textile trader from Shekhwati, Rajasthan, migrated to Nepal in the 19th century in search of livelihood.He opened a small textile store that used to supply goods to the erstwhile rulers.Bhura Mall's first big break came after the great earthquake in 1934 when he was allotted a shop by then Prime minister Juddha Shamsher at Kathmandu's New Road.

        Chaudhary's father Lunkaran Dass 91 was born in Nepal.He opened Nepal's first deparmental store. He also consolidated the business, opened Kathmandu's first cloth emporium and started other businesses including construction , hosiery and making steel utensils.

          The eldest of the three siblings, Chaudhary joined the business at 18, giving up his plan to study chartered accounting in India when his father developed a heart ailment. Fourty years later, he doen'st have any regrets.His Cinnovation/Chaudhary Group has grown into a sprawling empire with more than 90 companies spread across 19 countries .

             He began his career as an assistant to a cloth merchant in Kathmandu.But soon started his own business and began supplying fabrics brought from india to the elite Ranas, then then rulers of the country. The big leap took place in the '80s when Chaudhary started manufacturing instant noodles Wai Wai with the technical know-how from a Thai company.

         They had a biscuit manufacturing unit and a flour mill to supply raw material.But since only 20% of the flour was being used to make biscuits, they branched out to instant noodles which turned into the biggest noodle brand.

          Today over a billion packets of Wai Wai are sold in 30 countries annually.'The brand is recording 50% annual growth and is the second most popular instant noodles in the continent after Maggie.

INTERNATIONAL FORAY

Having tasted success with Wai Wai, the group jumped into various sectors-from energy and telecom to biotech and tourism.But even this was too little for ambitious Chauthary as he started to dream of spreading wings outside Nepal.But it wasn't easy as the country's rigid laws prevented citizens from investing abroad.

     Chaudhary overcame that as he became a 'notional' non-resident Nepali and started Cinnovation, the singapore-based arm of the group, in '90s."Cinnnovation now accounts for 80% of the group's turnover.

   While Chaudhary's eldest son Nirvana is incharge of the businesses in Nepal, his other sons Rahul and Varun manage Cinnovation, which davvles in hotels, resorts, real estate, food and beverage, financial services and cement manufacturing.

Simplicity still his sophistication 

Despite the phenomenal career , the former singer of Radio Nepal and DJ at copper Floor, one of Kathmandu's first discotheques, still leads a simple life.He doesn't have a snazzy lifestyle and likes to unwind with golf, movies and music.he even takes time out to go on a trek to the Himalayas every year.

A former MP, he also has ambitions of plunging into serious politics one more time with the aim of changing Nepal's economic destiny much like the way he did for his group.

BEST OF LUCK SIR!

Here is the interview taken with him: