Billionaire industrialist Manu Chandaria and his family have built a legacy in manufacturing and philanthropy probably in a way that no other tycoon would match.
And it all started from a humble beginning when his father moved from India to Kenya during colonial rule.
“We were farmers in India; my father, who couldn’t speak, read, or write English, came to Kenya in 1916 to serve on the railway. My mother’s father had immigrated earlier in 1911,”
Mr Chandaria told Kenya’s Business Daily newspaper in 2023.
“He planned to get land and start farming, but then the land was only for Europeans. He ended up in Nairobi’s Biashara Street, where he began trading.”
Rising to the top in manufacturing, especially in an emerging economy like Kenya is not a mean feat.
Very few have succeeded, and some did not even dare to try while others failed along the way.
The 96-year-old is among the few wealthy African billionaires who have built their businesses without relying on political links.
He is also Kenya’s biggest philanthropist with his Chandaria Foundation which gives away millions of dollars to causes in education, health, and the arts.
Kenyan industrialist Manu Chandaria tops where success is measured not just in monetary terms but also in impact and philanthropy.
He has built a conglomerate, Comcraft Group, with operations in four continents and employs over 40,000 employees.
The group produces steel, plastics, and aluminum products in 45 countries.
Chandaria, along with other family members, has steered the conglomerate’s expansion from its humble beginnings when it was established by his parents and other relatives in 1916.
Upon their return to Kenya in the 1950s after pursuing education in the US and India, Chandaria, his brother, and two cousins were faced with the decision: to either join the “very small” family business or seek employment elsewhere.
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Born in colonial Kenya
Born in Nairobi, Kenya, in 1929, Manu Chandaria’s early years were marked by the values of hard work, resilience, and integrity.
His education took him to the University of Oklahoma, where he earned a Bachelor’s degree in Commerce.
Armed with determination and a thirst for knowledge, Chandaria embarked on a journey that would redefine the family business and place him at the top of business on the African continent.
Chandaria’s father and relatives established Kaluworks, a company specializing in the production of aluminum cookware.
Upon Chandaria’s return to Kenya, the company had a workforce of 40, including five family members.
Chandaria, along with his brother and cousins, chose to remain committed to the family enterprise.
Throughout their upbringing, Chandaria emphasized, their parents diligently worked to uplift the family from poverty.
“We kept on thinking that our parents must have suffered and sacrificed because they built from nothing; zero to something. They came here because there was not enough to eat. My father could not read, speak or write English [and] my mother was illiterate,”
Chandaria said in a past interview
Building an empire
In 1951, Chandaria founded Comcraft Group, a conglomerate with diverse interests ranging from steel, aluminum, plastics, and real estate to information technology and financial services.
Through astute leadership and strategic vision, Chandaria transformed Comcraft Group into a global powerhouse, with a presence spanning multiple continents.
The company today is one of the largest manufacturers in Africa with an estimated annual revenue of over $2 billion.
While it is pubic knowledge that Chandaria owns the largest stake in the group, the exact size of the stake is not known and the man himself has been notoriously evasive about his personal fortune.
Forbes magazine in 2011 estimated Comcraft to be worth $2.5 billion, the last time it valued the business.
Chandaria has declined in numerous interviews to comment on the value of the group.
Net worth estimates are often based on publicly available information and may not always be entirely accurate.
Unlike listed companies, information on the private family holdings is not publicly available, making it hard to estimate the net worth of the manufacturing magnate.
Public listing
Chandaria has, in past interviews, hinted at listing some of his companies which could have given people the true size of his wealth.
In 2014, Chandaria said his family-owned conglomerate Comcraft Group was in discussions about taking parts of the business public, reflecting its growing size and need for capital as it expands internationally.
The plans included taking steel and aluminum sections of the group public but later fears emerged that the plans could slow down the company’s expansion plans in Africa and Asia.
“Some members of the top management still don’t think that we are ready to take it public. I would have taken it public a long time back”
Chandaria observed back in 2014
Commitment to philanthropy
Beyond the boardroom, Manu Chandaria’s legacy is deeply intertwined with his philanthropic endeavors.
Recognizing the importance of giving back to society, he established the Chandaria Foundation, a philanthropic organization dedicated to education, healthcare, and poverty alleviation initiatives across Africa.
Through strategic partnerships and impactful programs, the Chandaria Foundation, formed in 1956, has touched the lives of millions, leaving an indelible mark on communities far and wide.
His commitment extends beyond traditional philanthropy.
He has been a vocal advocate for issues ranging from education and healthcare to environmental conservation and social entrepreneurship.
His leadership in driving social change has earned him widespread respect and admiration, both within Africa and beyond.
“I was influenced by the US. Everywhere I went, I saw the big boys: Rockefellers, Vanderbilts, and Morgans in universities, hospitals, and schools. They were spending money to build their people. I thought we had a responsibility to help the people who cannot help themselves,”
He said in a past interview
Manu Chandaria’s contributions to business and society have not gone unnoticed.
He has received numerous awards and accolades, including the 2022 Carnegie Medal Of Philanthropy and the prestigious Order of the British Empire (OBE) for his services to industry and philanthropy.
His insights and expertise have made him a sought-after speaker at international forums, where he continues to inspire others with his wisdom and vision.
Kaluworks financial troubles
In 2019, Kaluworks Limited, a manufacturing firm that is part of billionaire Manu Chandaria’s Comcraft Group, faced the auctioneer’s hammer over non-payment of multiple debts worth an estimated KSh6 billion (about US$ 50 million).
The firm owed Kenyans banks among them NCBA, I&M, and Bank of Baroda. The banks claimed that they gave the loans to the manufacturer because Chandaria was the face.
But the lenders opted to return the firm to Chandaria’s Comcraft Group after balking at having to inject Sh750 million to revive the company amid hurdles in getting a buyer for the firm.
The possible auction of Kaluworks over debt marked a rare blot in the career of the industrial magnate.
