Nitesh Shetty

Nitesh Shetty
Born Bangalore, Karnataka, India
Residence Bangalore, India
Nationality Indian
Ethnicity Mangalorean (Bunt)
Occupation Founder & CEO - Nitesh Group of Companies
Chairman - Nitesh Estates Ltd.

Nitesh Shetty, an Indian Entrepreneur,[1][2][3] is the Founder of Nitesh Group of companies, of which the portfolio includes property development, hotels, internet, billboards and diversified investment.[4] He is the founder and chairman of Nitesh Estates Limited, which claims to own more than 20 million sq.ft. of under various stages of development.[5]

Early life

Born to Pushpa and PV Shetty, Nitesh is the eldest of 3 children. He has studied in St. Josephs Boys’ High School in Bangalore. He has played professional tennis and was ranked top 10 in India in the juniors and the state of Karnataka. He has also represented his school for 3 years in cricket.

Entrepreneurial ventures

Nitesh started his first business in September 1997 at the age of 19, with a capital of INR 12,000 (USD 300) borrowed from his mother. He started a billboard business for advertising in Bangalore under ‘Serve and Volley’ brand. In 2004 he got into property development and founded Nitesh Estates Limited.[6]

He first developed a property on MG road (Bangalore), where he already had a billboard and relationship with the landowner. He did a joint venture and developed an office building.[7] In 2006 he bought two land parcels in Race-Course road and Kasturba road from a German MNC and HNI family in New York and built a residential development.

In 2007 he won a project with ITC Limited to build a corporate housing project of over half a million sqft. Och-Ziff, Citigroup Fund, Apollo Global Capital, HDFC ventures and HDFC asset management invested in Nitesh Estates.[8][9][10]

In partnership with US based Ritz-Carlton Hotel Company for its first venture in India, Nitesh built the The Ritz Carlton Bangalore hotel.[11][12]

He took his company public at the age of 33 on the India stock exchanges (BSE and NSE).[13] He has diversified over from billboards and real estate, into water, e-commerce technology,[14] hotels, shopping malls and other investments.[15][16]

His company Nitesh Estates was amongst many being investigated for tax evasion by IAS officer D. K. Ravi prior to his death.[17][18] A tax evasion of 10 crore was discovered in two properties alone.[19][20]

Nitesh Estates has signed a $250 million partnership with Goldman Sachs for buying income producing assets.[21][22][23][24] He has also acquired a shopping mall for Rs. 250 crores in Pune of 1 million sqft. at Koregaon Park.[25][26][27][28][29]

Philanthropy

Nitesh has been working on education, child welfare via the personal foundation and CSR activities within the company.[30]

References

  1. ↑ Young, Turks. "Nitesh Shetty". CNBC-TV18. Retrieved 17 September 2010.
  2. ↑ Bagchi, Shrabonti (17 June 2006). "FACE OF THE WEEK - Nitesh Shetty". Calcutta, India: The Telegraph. Retrieved 17 September 2010.
  3. ↑ Rai, Archana. "Nitesh Estates has paralleled the new wave of wealth creation". Live Mint. Retrieved 17 September 2010.
  4. ↑ Schifferes, Steve (29 January 2007). "Nitesh Shetty may be Bangalore's youngest property billionaire.". BBC News. Retrieved 17 September 2010.
  5. ↑ "Company Website".
  6. ↑ "Nitesh Shetty taking real estate to the next level with Nitesh Group of Companies". ICICI Trinity. 9 April 2013.
  7. ↑ Pinto, Jackie (15 November 2013). "The game changer". The New Indian Express. Retrieved 8 December 2014.
  8. ↑ "Nitesh Estates company history". Moneycontrol.
  9. ↑ "Nitesh Estates Ltd.". The Economic Times.
  10. ↑ Kurian, Boby (23 November 2007). "Nitesh in JV with Sagar Group for Rs 1,000cr realty project in B’lore". The Economic Times. Retrieved 8 December 2014.
  11. ↑ "Ritz-Carlton to throw open its doors in Bangalore in September". Business Standard. 26 July 2013.
  12. ↑ Aravind, Indulekha (8 November 2013). "A peek into Ritz-Carlton Bangalore". Business Standard. Retrieved 8 December 2014.
  13. ↑ "Nitesh Estates Board of Directors".
  14. ↑ Dhamija, Anshul (6 March 2015). "Big realtors take a fancy to startups". The Times of India.
  15. ↑ Kurian, Boby (15 September 2014). "Nitesh Estates to buy Pune mall for Rs 300cr". The Times of India. Retrieved 8 December 2014.
  16. ↑ Sarika, Swet (15 September 2014). "Nitesh Estates in talks to acquire Plaza Center Mall in Pune". VCCircle. Retrieved 8 December 2014.
  17. ↑ http://www.thenewsminute.com/news_sections/3260
  18. ↑ http://www.thehindu.com/news/cities/bangalore/nitesh-estates-under-the-scanner/article6920954.ece
  19. ↑ http://www.deccanchronicle.com/150319/nation-current-affairs/article/ias-officer-dk-ravi-fearless-officer-who-took-high-and-mighty
  20. ↑ http://www.deccanherald.com/content/461305/nitesh-estates-raided-suspected-tax.html
  21. ↑ "Nitesh Estates signs partnership platform pact with Goldman Sachs". Business Standard. 15 May 2015.
  22. ↑ Nandy, Madhurima (14 May 2015). "Nitesh Estates, Goldman Sachs to invest up to $250 mn in real estate". Mint (newspaper).
  23. ↑ Sharma, Ravi (14 May 2015). "Nitesh Estates, Goldman to jointly invest up to $250 mn income producing assets". The Economic Times.
  24. ↑ Shah, Aditi (14 May 2015). "Goldman Sachs, Indian developer to invest $250 million in real estate". Reuters.
  25. ↑ Khan, Sobia (13 May 2015). "Nitesh Estates Buys Pune Mall from Elbit Imaging for Rs 250 crore". The Economic Times.
  26. ↑ "Nitesh buys Pune mall in Rs 250cr deal". The Times of India. 14 May 2015.
  27. ↑ Nandy, Madhurima (13 May 2015). "Nitesh Estates buys Pune’s Koregaon Park Plaza for Rs250 crore". Mint (newspaper).
  28. ↑ "Nitesh Estates buys shopping mall in Pune for Rs 250 cr". The Financial Express (India). 14 May 2015.
  29. ↑ "Nitesh Estates buys Pune's Koregaon Park Plaza for Rs 250 cr". Business Standard. 13 May 2015.
  30. ↑ "Corporate Social Responsibility".
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