Shahid Balwa achieved too much too soon…and is now paying the price of it. Featured in the Forbes list of India’s 100 richest people, Balwa was also the youngest billionaire on the list. But he is now in jail following his involvement in the 2G scam.
Balwa had a humble beginning in Mumbai when he moved in from Gujarat. He started by opening a restaurant, then became a hotelier. Later he formed a partnership with Vinod Goenka to create Dynamics Balwa Realty (DB) in 2007. DB changed his fortunes as in just about 4 years the company grew to be worth Rs. 2000 Crore, with prime projects in major cities across India.
In 2008, Balwa used his company Swan Telecom to bid for the 2G license and quite impressively won 13 of the 22 circles across India. All he had to pay was a minimal Rs. 1537 crore. Within months of this deal, he sold off his 45% stake to a UAE-based group Etisalat for a staggering Rs.4,500 Crore. Sweet profit, isn’t it!
Obviously, one of the men behind Balwa’s success is none other than our 2G minister A Raja, who is now also in jail. While A Raja gave license to Balwa at throw away prices, Balwa apparently helped Raja invest his 2G kickbacks in reality sector. It’s quite clear now how fearlessly ministers in Congress led UPA govt have been doing the scams. Such obvious scams were done in the full glare of PM.
Just hope that if found guilty, people like Shahid Balwa and Raja are not spared and are made to spend rest of their lives in jail.