Binod Chaudhary ( ne, विनोद चौधरी; born 14 April 1955) is a Nepalese
billionaire businessman, politician and philanthropist. He is the chairman and president of the
Chaudhary Group
Chaudhary Group (CG Corp Global) is a multi-national conglomerate headquartered in Nepal. Its businesses include financial services, consumer goods, education, hospitality, energy, consumer electronics, real estate, biotech, and alternative medi ...
(CG).
In February 2013, he was recognised as Nepal's wealthiest person and only billionaire, having an estimated net worth of $1 billion.
Since 2013, his net worth has risen to $1.7 billion.
Besides his business, which focuses on distribution, retail, leisure and manufacturing, he has done charity work, bookwriting, and filmmaking.
Early life
Binod Kumar Chaudhary was born in
Kathmandu
, pushpin_map = Nepal Bagmati Province#Nepal#Asia
, coordinates =
, subdivision_type = Country
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, subdivision_type1 = Province
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, Nepal, to a
Marwari family.
His grandfather, Bhuramal Das Chaudhary, was an entrepreneur who started a textile business.
His father was also a businessman who further developed his grandfather's business. Early in his career, Chaudhary chose to pursue further education rather than join the family business.
Chaudhary credits his grandfather and father as inspirations. He is a fan of Bollywood icons
Amitabh Bachchan and
Ranbir Kapoor
Ranbir Kapoor (; born 28 September 1982) is an Indian actor known for his work in Hindi-language films. He is one of the highest-paid actors of Hindi cinema and has featured in ''Forbes India''s Celebrity 100 list since 2012. Kapoor is the re ...
.
He admires
Nelson Mandela, the former president of South Africa, for bringing freedom to that country,
and businessman
J. R. D. Tata
Jehangir Ratanji Dadabhoy Tata (29 July 1904 – 29 November 1993) was a French-Indian aviator, industrialist, entrepreneur and chairman of Tata Group.
Born into the Tata family of India, he was the son of noted businessman Ratanji Dadabhoy ...
, for "building a company of rare distinction".
Business career
Early career
His grandfather, Bhuramal Das Chaudhary, migrated to Nepal from
Rajasthan
Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the seventh largest by population. It is on India's northwestern s ...
,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, in the 19th century. After his arrival at age 20, he started a textile business.
A few years later, after the
1934 Nepal–Bihar earthquake, he became the first in Nepal to start a formally registered clothing company.
His father, Lunkaran Das Chaudhary, continued to develop the textile business, and also established international-trading houses, and a construction company.
In 1968 Lunkaran Das Chaudhary founded Arun Emporium, a retail store which was his most successful enterprise.
At the age of eighteen, Binod Chaudhary was about to head to India to study
chartered accountancy, but his father was diagnosed with heart disease and the doctor told him his father could not continue to run the family business.
As he was the eldest son in the family he stepped in as head of the business.
He told
''The Telegraph'', "My life was overnight changed completely. I did not have a choice at all. But it has made me a tougher man."
He also stated "I would have liked to study further but I was required to do my duty" in an interview with the ''
Hong Kong Tatler''.
At first, he considered importing Japanese
Suzuki cars to Nepal. He once wrote that "Suzuki did not trust me as I was a young clothes trader. I convinced them. They gave me a trial dealership along with four others to sell Suzuki in Nepal. Whoever sold most cars in six months would get the dealership."
His first independent business was in 1973—a
discothèque
A nightclub (music club, discothèque, disco club, or simply club) is an entertainment venue during nighttime comprising a dance floor, lightshow, and a stage for live music or a disc jockey (DJ) who plays recorded music.
Nightclubs gener ...
company called Copper Floor.
The company was a huge success, because of the many wealthy and powerful people who visited the club.
In 1979, Chaudhary made a deal with Japanese electronic firm
National Panasonic
was a brand used by Panasonic Corporation (formerly Matsushita Electric Industrial Co., Ltd.) to sell home appliances, personal appliances, and industrial appliances.
Neither National Semiconductor nor National Car Rental are related to Panaso ...
, which was his first multinational deal.
Chaudhary Group
The
Chaudhary Group
Chaudhary Group (CG Corp Global) is a multi-national conglomerate headquartered in Nepal. Its businesses include financial services, consumer goods, education, hospitality, energy, consumer electronics, real estate, biotech, and alternative medi ...
is a business group, founded by Chaudhary's grandfather Lunkaran Das Chaudhary. Wai Wai, a brand of
instant noodles, introduced to Nepal in 1984, became the company's bestseller. Chaudhary took over his family company at the age of 23, and wrote "running that disco taught me a lot about business but it was only when I took over the family business of running Arun Emporium, turning its fortune and looking after family, I understood the business." The idea to sell
Wai Wai noodles came to Chaudhary after seeing many people from Thailand with packets of noodles. Soon after that, he realized that there was a craving for Thai noodles in Nepal. He went to Thailand, where he visited Thai Preserved Food Factory Co. Ltd., the company that produced Wai Wai noodles for Thailand.
He wanted to collaborate with the company, however, the owner was not that confident the idea of bringing the noodles to Nepal would work due to the country's "poverty and poor infrastructure".
Chaudhary told ''Forbes India'':
Yes, back then I was simply looking to create a product from flour and then I decided on this product. Flying to Bangkok and back, I saw many cases of noodles on the baggage belt and I would ask people: 'Why are there so many of these cases coming from Thailand?' They would tell me that people loved them. I think people have grown with the product. To begin with, Wai Wai wasn't easily available in India. Today we have 20 percent market share in India. Now we're looking at creating a large national campaign here. We do localised marketing, but this is going to be a big one.
After seeing Chaudhary's enthusiasm, he taught him how to make the noodles.
He also told the ''
Bangkok Post'', "I'm a great admirer of Thailand and this company that has given our group this kind of status."
In 2013, Chaudhary was listed as Nepal's first billionaire by ''Forbes''.
As of March 2019 he is listed at number 1,349 on ''Forbes'' Billionaires of 2019 list.
After the announcement, he said, "I am humbled. As a businessman, you don't get a Nobel. This is my Nobel Prize, ... I see this as a recognition for the 40 years of my hard work". In 2015 he was featured in cover of ''Forbes Asia''. By 2018 his fortune had risen by $200 million. After appearing in the list he stated that, "''Forbes'' Billionaire List is the result of the blood and sweat of four generations. I am proud to say that there are 7000 people associated with the Chaudhary Group (CG) in 19 countries."
In
Daman,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
during November 2019 the
local administration
Local government is a generic term for the lowest tiers of public administration within a particular sovereign state. This particular usage of the word government refers specifically to a level of administration that is both geographically-loca ...
confiscated the valuable beachfront land and bulldozed the homes of the local
indigenous
Indigenous may refer to:
*Indigenous peoples
*Indigenous (ecology), presence in a region as the result of only natural processes, with no human intervention
*Indigenous (band), an American blues-rock band
*Indigenous (horse), a Hong Kong racehorse ...
fishing community. The ensuing
2019 Daman Indigenous Landgrabbing Protests resulted with the detention of 70 protesters in schools converted to 'temporary jails' and another 8 arrests. Few of the
adivasi
The Adivasi refers to inhabitants of Indian subcontinent, generally tribal people. The term is a Sanskrit word coined in the 1930s by political activists to give the tribal people an indigenous identity by claiming an indigenous origin. The term ...
fisherfolk were rehoused whilst most languished traumatised and
homeless on the streets near the rubble of their razed homes. As of March 2021 the site is now
CG Corp Global
Chaudhary Group (CG Corp Global) is a multi-national conglomerate headquartered in Nepal. Its businesses include financial services, consumer goods, education, hospitality, energy, consumer electronics, real estate, biotech, and alternative medic ...
'
The Fern Seaside Luxurious Tent Resortoffering tourist accommodation for $80
US/£57
GBP
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
/
Rs6000 for a night in a
tent.
Other businesses
In 1995, Chaudhary bought the Dubai government's controlling stake in the
Nabil Bank
Nabil Bank Limited ( ne, नबिल बैंक लिमिटेड; previously known as Nepal Arab Bank Limited) is the first private commercial bank in Nepal. Founded in 1984, the bank has branches across the nation and its head office ...
. He started Cinnovation Group on Singapore in 1990.
Cinnovation Group is one of the first highly pervasive multinational Nepali companies.
The company has interests in hotels and resorts, wildlife and in-bound tourism, FMCG (food and beverage), real estate, cement, and financial services.
Chaudhary has also started to show interest in joint ventures with Taj Hotels Group.
He also wants Nepal to move to a certain point where other investors see it as a safe place to invest.
Has said that, "The government must become investment friendly and appreciate wealth creation and entrepreneurship. We need to give investors confidence in us to take Nepal forward. That's my single biggest priority."
Politics
Early politics
In 1979 his first multinational collaboration needed a license from Nepal's government. At that time
Surya Bahadur Thapa
Surya Bahadur Thapa ( ne, सूर्य बहादुर थापा; March 21, 1928 – April 15, 2015) was a Nepali politician and a five-time Prime Minister of Nepal. He served under three different kings in a political career lasting mor ...
was in power.
When he asked Chaudhary and his father for financial advice "to fund the campaign for the retention of Panchayat regime,"
they decided to support Thapa's political campaign.
After his downfall, Chaudhary contacted
Dhirendra Shah.
He said he was forced to work with the Dhirendra of Nepal, "I had to do business with Dhirendra due to the need of that time. Rather than making profits from the investment, he gave me protection. Afterwards, the same security brought troubles".
In the
first People's Movement, which occurred in 1990, he became close with parliamentary parties including the
Communist Party of Nepal-Unified Marxist Leninist (CPN-UML). He was involved working on the draft of their economic policy in 1994. This led to him becoming a member of the Constituent Assembly nominated by the party in 2008.
He has also said, "I would like to see Nepal's politics being driven by economic growth. I want to see someone who does not compromise the country's interests for his personal or party-oriented agendas."
Nepali Congress
In 2017, Chaudhary joined the
Nepali Congress
The Nepali Congress ( ne, नेपाली कांग्रेस ; abbr. NC) is the largest social democratic political party in Nepal. As per the results of recent local election, ''Nepali Congress'' stands as the single largest party of ...
party, led by
Sher Bahadur Deuba
Sher Bahadur Deuba ( ne, शेरबहादुर देउवा, ; born 13 June 1946) is a Nepali politician and former prime minister of Nepal. He has also been serving as the president of the Nepali Congress since 2016. Deuba has served ...
.
The party has stated that Chaudhary has made significant contributions to the country.
CPN-UML
He was a member of the parliament of Nepal, representing the Communist Party of Nepal-Unified Marxist Leninist. He has said that, "They
PN-UMLwanted me to come and contribute in the making of the Constitution as a person who is known within and outside the country." He was also a UML lawmaker before that program went defunct.
Other works
Author
In 2013, Chaudhary released his autobiography, titled "''Binod Chaudhary: Atmakatha''". The book was later translated into English by journalist Sanjeev Ghimire, titled "''Binod Chaudhary – My Life: From the Streets of Kathmandu to a Billion Dollar Empire"'', and sometimes called "''Making It Big: The Inspiring Story of Nepal's First Billionaire in His Own Words''" which was released on 2015. The book was launched in India under the title ''Ek Unchi Udaan''. Chaudhary told ''Forbes India'', "When I made up my mind to write this book, I also decided that I would not manipulate it". The book was called a must read for everyone. Some sources said, "It charts the immensely successful and interesting life story of a self-made man who never forgot to enjoy or live his life while navigating his way up a volatile, unstable and unfriendly environment."
''
The Kathmandu Post
''The Kathmandu Post'' is a major daily newspaper published in Nepal. Founded in February 1993 by Shyam Goenka, it is one of the largest English-language newspapers in the country. The newspaper is independently owned and published by Kantipu ...
'' wrote, "The 327-page autobiography published by Nepalaya reveals a lot about Chaudhary, who was an unusual Marwari. Against the Marwari tradition, he went for a love marriage, that too when he was already engaged with another lady. Starting a discotheque—Copper Floor—in early 70s in Kathmandu was again unthinkable at the time for someone from Marwari family." Rajan Thapaliya of the ''
HuffPost
''HuffPost'' (formerly ''The Huffington Post'' until 2017 and sometimes abbreviated ''HuffPo'') is an American progressive news website, with localized and international editions. The site offers news, satire, blogs, and original content, and ...
'' wrote, "I recommend Mr. Chaudhary's book for those looking to expand and improve their knowledge. His information is approached from a plethora of angles and he uses his mistakes as a learning tool. He his a charismatic man with a vision." Nirmal Thapa wrote, "Binod Chaudhary's autobiography is a very good read for someone to understand how the entrepreneur built a billion dollar empire. A must read for the youth of the country and for aspiring/current entrepreneurs who want to build a multinational company from Nepal."
Charity works
On the same days as the
April 2015 Nepal earthquake
The April 2015 Nepal earthquake (also known as the Gorkha earthquake) killed 8,964 people and injured 21,952 more. It occurred at on Saturday, 25 April 2015, with a magnitude of 7.8 Mw or 8.1 Ms and a maximum Mercalli Intensity of X (''Extreme ...
, he organized relief efforts in Kathmandu.
He arranged for health care workers to help the victims of the earthquake in 12 districts of Nepal.
He has donated more than $2.5 million to help rebuild schools and homes destroyed by the earthquake,
and the Chaudhary Group has also donated 500,000 packets of Wai Wai noodles, thousands of juice cartons, and food and water to people in need.
Chaudhary Foundation
He has his own charity, called the Chaudhary Foundation. It has signed the
United Nations Development Programme
The United Nations Development Programme (UNDP)french: Programme des Nations unies pour le développement, PNUD is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human dev ...
for the advancement and promotion of
Sustainable Development Goals
The Sustainable Development Goals (SDGs) or Global Goals are a collection of 17 interlinked objectives designed to serve as a "shared blueprint for peace and prosperity for people and the planet, now and into the future".United Nations (2017) R ...
(SDGs) in Nepal. The foundation was established in 1995. After the serious earthquake the foundation has been helping to rebuild Nepal. The foundation has also handed over 166 shelters for victims of the earthquake to the Kumpur Village Development Committee (VDC) located in
Dhading
Dhading Besi ( ne, धादिङ्ग बेसी) is a town (neighborhood) and the district headquarter of the Dhading District of Nepal. The town is located within Nilkantha Municipality. It is also administrative centre of Nilkantha Munic ...
.
They have also said, "Chaudhary Foundation is willing to join hands with the National Reconstruction Authority on its mission of rebuilding Nepal. We hope that the rebuilding efforts are driven in a way to boost the country's economic development. Our Foundation wishes to significantly contribute toward that direction."
Awards
In 2015 he was honoured by
Sri Sri University
Sri Sri University is an Indian university established on 26 December 2009. The university came into operation in the year 2012. At present, the university is offering different courses in areas of management, architecture, humanities, agricul ...
for his outstanding contribution in philanthropy; he was given an honorary doctorate degree. In 2016 he was awarded Asian Man of the Year Award. Later in 2016 he was also awarded the 2016 Frost & Sullivan Growth, Innovation and Leadership (GIL) Award. In 2019 he was awarded with Lifetime Achievement Award by Hotelivate.
Personal life
He is married and has three children.
References
External links
Binod Chaudhary's websiteChaudhary Group websiteBinod Chaudhary's Profile in Forbes
{{DEFAULTSORT:Chaudhary, Binod
Nepalese businesspeople
People from Kathmandu
Nepalese billionaires
Nepalese people of Indian descent
Nepali Congress politicians from Lumbini Province
1955 births
Living people
Nepal MPs 2017–2022
21st-century Nepalese businesspeople
20th-century Nepalese businesspeople
Nepalese company founders
Members of the 1st Nepalese Constituent Assembly
Communist Party of Nepal (Unified Marxist–Leninist) politicians
Nepal MPs 2022–present