Shahid Balwa

About Shahid Balwa

Birth Place: India
Residence: Mumbai
Occupation: Promoter, DB Group & Managing Director, DB Group
Website: www.dbrealty.co.in

Shahid Balwa Net Worth

Shahid Balwa was born in India. College dropout migrated to Mumbai with his family from Gujarat to start a restaurant business. Moved into hotels, ending up partnering with Vinod Goenka in DB Realty and also in telecom outfit DB Etisalat. Their real estate firm currently has 60 million square feet under development. Projects include Turf Estate, a luxury high-rise, and the 108-storey Park Hyatt Hotel in South Mumbai that will be completed in 2013. Fitness fanatic works out every day. Both he and Vinod are rumored to be politically well-connected.

💰 Net worth: $1 Billion

Some Shahid Balwa images

Biography/Timeline

2006

Balwa dropped out of college and entered the family's hotel Business. His Father, Usman, started Balwa's restaurant at Marines Lines and Balwa's Hotel at Mumbai Central. He partnered with Billionaire real estate developer Vinod Goenka to form DB Realty in 2006. In a few years, the construction company claimed to have 21,000,000 square feet (2,000,000 m) of saleable area in ongoing projects and another 40,000,000 square feet (3,700,000 m) in upcoming projects.

2010

In 2010, Balwa was the youngest Indian to feature on the Forbes List and is amongst the 10 youngest billionaires in the world. He was ranked by Forbes as India's 50th richest man in 2010.

2011

Balwa was arrested for his role in the 2G spectrum case by the CBI on 9 February 2011 on the allegation that DB group transferred 2 billion to a media company owned by members of DMK party. Former Telecom minister A. Raja allegedly helped Swan bag licences for 13 circles, including Mumbai and Delhi, for 15.37 billion. DB realty is one among the companies that purchased 2G licenses in 2008. DB Reality floated Swan Telecom. The CBI also arrested two executives on 29 March 2011 including the brother of Balwa, Asif Balwa. A Delhi high-court on 29 November 2011 accepted the bail plea of Shahid Balwa and other under-trials. On the 21st of December, 2017, a Supreme Court appointed Special CBI Court acquitted him of all charges relating to his role in this case.