Businessman by Choice, billionaire by Chance

Four decades ago, PNC Menon dropped out of college and headed to Muscat with Rs 50 in his pocket. Today, he helms a multi-billion-dollar real estate empire that extends from Saudi Arabia to India. He is now on the cusp of diversifying into newer businesses and starting a real estate fund.

- Anshul Dhamija

Seated on a plush sofa in suite number 1663 at The Oberoi, Mumbai—his favourite suite which provides a sweeping view of the Arabian Sea—Puthan Naduvakkatt Chenthamaraksha (PNC) Menon proclaims: “I will retire only in two ways—one is if I’m not alive, and, second, if I’m not able to move.”

The 68-year-old, self-admittedly, is addicted to success. “If you’re successful, you want to succeed more and more. It’s an endless journey. It’s an addiction which I’m enjoying,” says the NRI billionaire (Forbes estimates his personal net worth at $1.64 billion).

This addiction has taken him places, both in terms of geography and business. The founder and chairman of Sobha Group, a construction and real estate player in the UAE, and chairman emeritus of India-listed real estate developer Sobha Limited, is diversifying into newer sectors: Hospitality, with the launch of his own hotel brand Strada; branded furniture and lighting, for which he is setting up a factory in Abu Dhabi; real estate consultancy services; and a multi-billion dollar real estate fund, Menon Capital, which would invest in rent-yielding commercial assets across Europe, the UAE and India.

For the last one, Menon intends to draw on his decades-long experience. “I have been in the building industry for 47 years. I thought it is time for me to leverage the knowledge that I have got over this period to launch a fund which would drive investments into real estate,” says Menon. “We are ready and should be getting into the market any time now.”