Harpal Singh Randhawa: The Indian outlier who defied geography to build an African fortune
Sundeep Khanna Harpal Singh Randhawa carved a $5 billion fortune in Africa, a continent often overlooked by his peers. Harpal Singh Randhawa. Gift this article
'Pick yourself up and dust yourself off, get back in the saddle."
'Pick yourself up and dust yourself off, get back in the saddle."
—from Shakira's Waka Waka (This Time for Africa)
Shakira's 2010 FIFA World Cup anthem, which celebrated Africa's rising spirit, is a fitting metaphor for Harpal Singh Randhawa's audacious journey from the plains of Punjab to Zimbabwe's volatile mining fields.
Unlike most other global Indian entrepreneurs chasing Western markets, Randhawa carved a $5 billion fortune in Africa, a continent often overlooked by his peers. His story, marked by calculated risks and resilience, ended abruptly and tragically in a plane crash when he was just 60. But he leaves behind a complex legacy that invites both admiration and some scrutiny. From Punjab to Zimbabwe
Born on 9 August 1963, in Punjab, Randhawa was shaped by discipline at home and ambition outside it. After his schooling at The Lawrence School in Sanawar, he went on to pursue chartered accountancy in England. Also Read | How CR Bhansali exploited India's NBFC blind spots in the 1990s
Subsequently, blending his father's military grit with sharp business instincts, he became an entrepreneur. His sister, Iqrup Dhamija, too, became a noted interior designer, reflecting the family's creative and driven ethos. Randhawa's son, Amer Kabir Singh Randhawa, a Stanford computer science graduate and pilot, inherited the same spirit but tragically died with his father in the crash.
Randhawa's choice of Africa as his entrepreneurial canvas was bold and contrarian. In the early 1990s, as India's economy liberalized, spawning dozens of startups, he founded the Global Emerging Market Group (GEM), a private equity (PE) firm that invested in over 100 companies worldwide. By the time he passed away, the PE firm had amassed a $4 billion asset base.
But it was the politically turbulent and economically unpredictable Zimbabwe, which finally threw off its colonial yoke only in 1980, that became his karmabhoomi. It is difficult to say if zeroing in on Zimbabwe was the bet of a visionary on untapped potential or a gambler's risky move in a region fraught with instability, but his success certainly suggests foresight.
Randhawa's vehicle of growth was RioZim, a diversified mining group listed on the Zimbabwe Stock Exchange, which he bought into through GEM. From gold and diamonds to coal, nickel, and copper, his portfolio, spanning the Renco and Cam and Motor gold mines and the Murowa diamond mine, reflected strategic diversifications to serve as a hedge against market fluctuations.
Unlike peers chasing quick profits, Randhawa invested in long-term asset management, navigating Zimbabwe's resource nationalism and forging complex partnerships. Through it all, his ability to read the shifting sands of power in the country set him apart.
Mining in Africa often treads a fine line between opportunity and exploitation. While Randhawa's long-term vision fostered growth, the environmental and social impacts of his operations remain underexplored. RioZim also failed to live up to its promise as one of the country's top gold producers and, as of 2024, posted its fifth successive annual loss. His legacy
That's not to deny Randhawa's success in building wealth. His estimated $5 billion net worth at the time of his death placed him in a rare league of African billionaires, alongside figures like South Africa's Patrice Motsepe, a mining magnate and philanthropist, and Indian-born entrepreneur Prateek Suri.
Unlike Motsepe, whose public philanthropy softened his image, Randhawa operated with less fanfare, giving little thought to personal branding. Unfortunately, while his understated approach contrasts with the outsized personalities dominating the narrative of India's new billionaire class, it also leaves gaps in understanding his broader impact.
In the past, Indian-origin entrepreneurs in Africa have faced unique challenges, including balancing local integration with a global mindset. Randhawa's skilful navigation of these waters, the ability to thrive under unfamiliar legal regimes, social expectations, and economic cycles, is a great lesson for wannabe entrepreneurs keen on treading less conventional paths.
Sadly, on 29 September 2023, a RioZim-owned Cessna 206 bound for the Murowa mine crashed, killing Randhawa, his son Amer, and all aboard. The tragedy cut short an unusual career that was marked by risk-taking and the choice of roads less travelled. Randhawa's story challenges the narrative of global Indian success tied to Western hubs like Silicon Valley. Also Read | Alagappa Chettiar's legacy of fortune and philanthropy
His legacy is that of an outlier who created opportunity in Africa's complexity, a reminder that the world's most compelling business stories often emerge in unexpected places. Topics You May Be Interested In Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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