Siddharth Balachandran

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Siddharth Balachandran
BornJune 1, 1976[1]
Thiruvananthapuram, Kerala, India
NationalityIndian
EducationAdvanced Management Program
Master of International Business
Alma materIndian School of Business (ISB)
PSG Institute of Management Coimbatore (PSGIM)[1]
Occupation(s)Entrepreneur, philanthropist
OrganizationBuimerc Corporation Limited
TitleExecutive Chairman and CEO
Parents
  • R. Balachandran (father)
  • Sabita Varma Balachandran (mother)
AwardsPravasi Bharatiya Samman Award

Siddharth Balachandran (born June 1, 1976, Thiruvananthapuram, Kerala)[1] is an Indian-born UAE-based entrepreneur, investor and philanthropist. He is the executive chairman and CEO of Buimerc Corporation,[2][3] an investment holding company headquartered in Dubai International Financial Centre (DIFC).[4] In 2023, he was awarded the Pravasi Bharatiya Samman Award (PBSA) for his contributions in the field of business and community welfare by the President of India Droupadi Murmu, the highest Indian award for Non-resident Indian and Overseas Citizen of India.[4][5]

Biography[edit]

Siddharth was born on June 1, 1976,[1] in Thiruvananthapuram, Kerala, India, to R. Balachandran, a management professional and entrepreneur,[1] and Sabita Varma Balachandran, a former officer in the Reserve Bank of India.[1] He attended schools in Chennai and Ernakulam before graduating in civil engineering from Bapuji Institute of Engineering and Technology, Mysore University.[1] Later, he pursued a Master's Programme in International Business from PSG Institute of Management, Coimbatore, in collaboration with the Indian Institute of Foreign Trade, New Delhi and completed an Advanced Management Programme at the Indian School of Business, Hyderabad.[1][2]

Career[edit]

Siddharth Balachandran was a strategic accounts manager at Dun & Bradstreet Information Services Pvt Ltd in Chennai in 1999.[2] Later, in 2002, he moved to the United Arab Emirates and joined Builders Merchants, a construction materials company in Dubai.[6] While working at Builders Merchants, Siddharth was instrumental in obtaining ISO 9001 certification for the company and also in expanding its operations by opening branches in Dubai and Abu Dhabi. In 2004, he decided to venture into entrepreneurship and founded Bumga Fzco, a building material trading company based in Jebel Ali Free Zone. Bumga Fzco was later restructured into Buimerc Corporation FZE, and remains at the same location in Jebel Ali Free Zone.[7]

He was also actively involved in the Indian community in Dubai. In 2006, he became the vice chairman of India Club, Dubai, and later served as its chairman.[8] The club was established in 1964 and provides various facilities for its 6500 members, including sports, social amenities, entertainment, recreation, and business promotion.[9]

In 2007, he founded Buimerc Corporation Ltd, an investment holding company which was initially based in the British Virgin Islands and later moved to Dubai International Financial Centre, where it currently operates from.[7] He currently serves as the executive chairman and CEO of Buimerc Corporation.[10] The company owns subsidiaries in India and the UAE and operates as an investment holding company with stakes in major companies in India.[11] It is approved as a foreign portfolio investor by SEBI.[12]

Siddharth is the executive chairman of Buimerc Core Investments, India, the holding company for the Indian operations. He is also the director of SB Global Educational Resources Kerala.[13]

In May 2023, Siddharth became a major shareholder in the National Stock Exchange of India, owning about 0.3% of the exchange.[14][15] He is also the largest individual shareholder of the Bombay Stock Exchange, holding around 3.46% of the institution.[1][11] The market capitalization of NSEIL is currently about Rs 1.7 trillion.[11]

Philanthropic and community involvement[edit]

During the 2010 financial crisis, he collaborated with the Indian Consulate to assist families affected by unemployment.[16][2] Balachandran is a member of the board of governors of the People of Indian Origin Chamber of Commerce and Industry (PIOCCI) in the GCC region, facilitating business collaboration among Indian professionals in the UAE.[4] He is a member of the governing board of the Indian Business and Professional Council (IBPC) in Dubai. He is the founding member of the UAE chapter of the UAE-India Business Council launched early this year.

Furthermore, Siddharth is involved with various social and philanthropic organizations in the UAE. He acts as a patron for Al Jalila Foundation, Smart Life Dubai, KMCC Dubai, Dubai Autism Centre, Science India Forum UAE, Abu Dhabi Centre for Special Needs, Al Noor Training Centre for Special Needs, Rashid Pediatric Centre for Special Needs, and Senses Residential and Day Care for Special Needs.[4] Siddharth is also associated with the Indian Social & Cultural Centre in Abu Dhabi[11] and serves as a Director at Chinmaya International Residential School in India.[1]

In March 2024, Siddharth contributed AED10 million to the Mothers' Endowment Campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. The campaign aims to establish an AED1 billion endowment fund to support global education initiatives.[17][18]

Buimerc India Foundation[edit]

Buimerc India Foundation is the philanthropic arm of Buimerc Corporation, based in Kochi, Kerala.[19]

Awards[edit]

References[edit]

  1. ^ a b c d e f g h i j Sharma, Anilkumar (2023-05-03). "എന്‍.എസ്.ഇയുടെ ഓഹരികള്‍ സ്വന്തമാക്കി മലയാളി; നിക്ഷേപമൂല്യം 516 കോടി". dhanamonline.com (in Malayalam).
  2. ^ a b c d e Khaleel, Zenifer (2013-05-02). "Balachandran: optimism is crucial to success". gulfnews.com. Retrieved 2023-08-05.
  3. ^ John, Issac. "UAE ideal hub for start-ups". Khaleej Times.
  4. ^ a b c d "UAE-based Indian businessman only GCC recipient of India's top honour for expats". gulfnews.com. 2023-01-03.
  5. ^ "Indore: President gives away Pravasi Bharatiya Samman Awards". Free Press Journal.
  6. ^ Denslow, Caroline (28 July 2005). "Builders' Merchants lay down Omega foundations". Arabian Business.
  7. ^ a b Abdulla, Nasreen. "UAE entrepreneur awarded India's top honour for expats". Khaleej Times.
  8. ^ Reporter, A. Staff. "Corporate tax regime to boost UAE economy, say experts". Khaleej Times.
  9. ^ "India club gets new executive body". www.gulftoday.ae.
  10. ^ John, Issac. "India overtakes Hong Kong as world's fourth largest stock market". Khaleej Times. Retrieved 2024-02-07.
  11. ^ a b c d John, Issac; Times, Khaleej. "Dubai businessman acquires big stake in India's largest stock exchange". www.zawya.com.
  12. ^ John, Issac. "Sebi approves DIFC firm as foreign portfolio investor". Khaleej Times.
  13. ^ "UAE entrepreneur to be honoured with Pravasi Bharatiya Samman Award". The Gulf Indians. 2023-01-04. Retrieved 2023-08-26.
  14. ^ Rukhaiyar, Ashish (2022-10-13). "Who owns the Indian stock exchanges?". Business Today.
  15. ^ John, Issac; Times, Khaleej. "Dubai tycoon top individual shareholder of BSE in Mumbai". www.zawya.com.
  16. ^ Attwood, Ed. "Power to the people: Indian influence in the GCC". Arabian Business.
  17. ^ "UAE: Indian businessman donates Dh10 million to Sheikh Mohammed's campaign to honour mothers". Khaleej Times. Retrieved 2024-03-23.
  18. ^ മദേഴ്സ് ഫണ്ടിലേക്ക് ഇരുപത്തിരണ്ടര കോടിയോളം രൂപ സംഭാവന നൽകി മലയാളി | Gulf Time, retrieved 2024-03-23
  19. ^ "Buimerc India Foundation Upgrades Lives of Rural Women by Training". 2023-04-04.
  20. ^ "Indian Power List 2011". Arabian Business.
  21. ^ "Siddharth Balachandran". Arabian Business.
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