SD Shibulal, the mild-mannered CEO of Infosys set to hand over the reins to Vishal Sikka on July 31 is officially retiring but in reality make that realty heading into a second career as a property tycoon.
SD Shibulal, CEO and managing director of Infosys during the announcement of the annual financial result in Bangalore. UNI
“Post his retirement he would focus on real estate, primarily in the US. He will settle in the US,” said a person who knows Shibulal closely.
Shibulal, who has spent long years in the US for Infosys, will most likely settle down in Boston, where he has a plush home, but also has apartments in New York and elsewhere in the US, he said.
Some reports say Shibulal’s family office owns as many as 700 apartments in Seattle. The hometown for Microsoft and Amazon, but this could not be confirmed.
Informed sources say Shibulal, entered realty about some years ago with some coffee and tea estate purchases at Coorg and Ooty. The Tamara, a venture promoted by his daughter Shruti Manchanda, owns a luxury resort in Coorg, a 108-room hotel in Thiruvananthapuram and a 54-room hotel in Kodaikanal, besides several properties across Karnataka, Kerala and Tamil Nadu.
An executive who has worked with Shibulal said he holds a US passport and would have followed a common American practice of raising home loans.
“If you have $10 million, you can buy property worth $90 million and pay the rest from your rentals."
There are around 40-50 family offices in India with a corpus of $15-20 billion (about Rs 88,000 crore to Rs 1.2 lakh crore), according to industry estimates.
Shibulal, along with wife Kumari, daughter Shruti and son Shreyas, holds nearly 2.2% of Infosys, which has a market capitalisation of around $30 billion.
SD Shibulal, CEO and managing director of Infosys during the announcement of the annual financial result in Bangalore. UNI
“Post his retirement he would focus on real estate, primarily in the US. He will settle in the US,” said a person who knows Shibulal closely.
Shibulal, who has spent long years in the US for Infosys, will most likely settle down in Boston, where he has a plush home, but also has apartments in New York and elsewhere in the US, he said.
Some reports say Shibulal’s family office owns as many as 700 apartments in Seattle. The hometown for Microsoft and Amazon, but this could not be confirmed.
Informed sources say Shibulal, entered realty about some years ago with some coffee and tea estate purchases at Coorg and Ooty. The Tamara, a venture promoted by his daughter Shruti Manchanda, owns a luxury resort in Coorg, a 108-room hotel in Thiruvananthapuram and a 54-room hotel in Kodaikanal, besides several properties across Karnataka, Kerala and Tamil Nadu.
An executive who has worked with Shibulal said he holds a US passport and would have followed a common American practice of raising home loans.
“If you have $10 million, you can buy property worth $90 million and pay the rest from your rentals."
There are around 40-50 family offices in India with a corpus of $15-20 billion (about Rs 88,000 crore to Rs 1.2 lakh crore), according to industry estimates.
Shibulal, along with wife Kumari, daughter Shruti and son Shreyas, holds nearly 2.2% of Infosys, which has a market capitalisation of around $30 billion.
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