HindustanTimes Mon,22 Dec 2014

Infosys CEO Shibulal turns a real estate tycoon

HT Correspondent, Hindustan Times  Bangalore, June 24, 2014
First Published: 13:01 IST(24/6/2014) | Last Updated: 13:05 IST(24/6/2014)

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.

“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. His family wealth manager, N Senthil Kumar, was not immediately available for comment.

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,” he said.

more from Business

Special court verdict in Satyam case likely tomorrow

Days after Satyam founder B Ramalinga Raju was convicted in SFIO cases, a special court in Hyderabad is expected to pronounce its verdict on Tuesday in the multi-crore Satyam Computer Services Limited (SCSL) fraud.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved