With net worth of $340 million, Bangkok-based 30-year-old Nishita Shah ranks 24th among 40 richest people.
Young entrepreneur Nishita Shah Federbush is in the club of richest in Thailand. The 30-year-old woman of Gujarati origin, who has her business empire in Bangkok, has found a respectable place in the Forbes report on Thailand’s 40 richest people.
The report published on September 1 puts Shah in 24th rank with net worth of $340 million. Shah dropped three ranks down from the 21st rank in 2009, although she has gained $60 million in her net worth. In the Forbes list of 2009, her net worth stood at $280 million.
Nishita Shah is director of her family’s business in Precious Shipping Public Company Ltd, a dry bulk shipper founded by his father, Kirit Shah. She is holding the position in the company since 2002. She holds around 9.85 crore shares, which account for 9.48% of the total paid-up capital of the listed company. Precious Shipping has a fleet size of 44 ships.
She is also director in other non-listed companies, including Globex Corporation Ltd, Graintrade Ltd, Unistretch Ltd, and Geepee Air Service Ltd.
Nishita’s father Kirit founded the group in 1989 and subsequently took it public in 1993. Her family migrated from India to Burma and then to Thailand many years ago.
The wealth was calculated using share prices and exchange rates as of August 20, 2010. Shah has been regularly in the Forbes list of richest in Thailand. In 2008, she was ranked 19th with net worth of $375 million while in 2007 she was ranked 12th with net worth of $350 million.
Nishita has done bachelor of science in business administration with concentration in finance and business law from Boston University School of Management.
She is also a licensed pilot. Besides, she owns a clothing company called Burn Baby and has launched her own fashion label ‘Nsha’.
The company’s first chapter opened more than 150 years ago. That’s when her forefathers named - Khetsee and Devjee-from Gujarat migrated to the boomtown of Bombay where they planted the roots of their business.
In 1868, one of Devjee’s sons and a business associate established an office in Rangoon of what was then Burma, and the GP Company became a bona fide business.
Named after the two men, Gangjee Premjee & Co traded only in rice sourced from Burma, Vietnam and Thailand, which was then sold mainly to the Middle East and Africa.
In 1918, Gangjee Premjee & Co sowed new seeds by moving its operational base to the Thai capital of Bangkok. Premjee’s son Chimanlal was the only non-Chinese rice trader in the capital. The Premjee family later adopted the surname ‘Shah’.
In 1976, Chimanlal’s only son, Kirit-then aged 22-was told by his father to circumnavigate the globe to meet present and future customers.
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