Ramnarain Ruia
Indian businessperson
From Wikipedia, the free encyclopedia
Seth Ramnarain Ruia (also known as Ramnarain Hurnundrai) was an Indian businessperson.[1][2][3][4] He is also referred as the Cotton King.[5][6]
Seth Ramnarain Ruia | |
|---|---|
| Born | c. 1860s |
| Died | c. 1930s (69-72) |
| Other names | Ramnarain Harnandrai |
| Occupation | Businessperson |
| Known for | Founder of Phoenix Mills Limited and founder of Bank of India |
| Spouse | Suvrata Devi |
| Children | 5 |
| Father | Harnandrai Ruia |
He was one of the co-founders of Bank of India along with Sir Sassoon David and Sir Cowasji Jehangir Readymoney.[7][1] Ramnarain Ruia College, a college located in Mumbai, is named after him.[5]
Life and career
He was born around the 1860s. In 1883, Ramnarain became a broker to the opium department of Sassoon J. David, the well-known Armenian firm in Bombay. In 1891, he became a guaranteed broker to Sassoon J. David's cotton department.[8]
In 1905, Ruia purchased Phoenix Mills and two other mills in 1905 to start his textiles business.[citation needed] The other two mills, which he had purchased was the Bradbury Mills at Kalbadevi) and the Dawn Mills at Lower Parel in Bombay.[1]
In 1959, the firm was listed on the Bombay Stock Exchange. The firm also ventured into real estate in 1987 and built High Street Phoenix, Mumbai.[2] He co-founded Bank of India in 1906.[7][1]
Further reading
- Thomas A. Timberg (1978). The Marwaris, from Traders to Industrialists. Vikas. pp. 182, 214. ISBN 9780706905281.
- Prakash Narain Agarwala (1985). The history of Indian business: a complete account of trade exchanges from 3000 B.C. to the present day. Vikas Publishing House Private. p. 422. ISBN 9780706926095.