Kuldip and Gurbachan Singh Dhingra were shopkeepers in Amritsar but today they have a combined net worth of over Rs 50,000 crore.
Kuldip and Gurbachan Singh Dhingra control Berger Paints, India’s largest paint company. They bought the smallest paint maker from Vijay Mallya’s UB Group in the 90s and turned it into the second largest in its segment with a market cap of over Rs 56,000 crore.
The two siblings have a successful multi-million dollar business and a net worth of around Rs 25,000 crore each ($3.1 billion) in 2023. Kuldip is the chairman of Berger Paints and Gurbachan is the vice chairman.
Kuldip and Gurbachan were born in the early years of India’s independence. They belong to a business family that has been in the paints business since their grandfather started his shop in 1898 in Punjab’s Amritsar.
Both Kuldip and Gurbachan did their graduations from Delhi University and started out as shopkeepers in Amritsar. By the 1970s, their annual turnover was Rs 10 lakh. As their business grew, they became the largest paint exporter to the Soviet Union in the 1980s.
Kuldip aimed to become the owner of an MNC from a shopkeeper and targeted acquiring Berger Paints, which was owned by Vijay Mallya’s UB Group. He managed to arrange a meeting with Mallya through a childhood friend who knew Mallya.
Berger Paints has business interests not only in India but also in several countries including Russia, Poland, Nepal, and Bangladesh. The Dhingras are one of the wealthiest families in India.