Mumbai-based business tycoon Atul Ruia made his debut on the Forbes list of billionaires in 2023. The real estate maestro is one of the 16 new faces from India this time who are featuring in the esteemed list of the richest people of the world. Ruia is now worth $1.2 billion or over Rs 9,800 crore. His success story begins with a big question hovering over the fate of a nearly century old, loss-making textile mill.
Atul Ruia was a business prodigy born into the family that owned the Phoenix Mills of Mumbai, established back in 1905 to manufacture cotton textiles. With a visionary acumen, he wrote the mill-to-mall transformation tale for the over 100 year old listed company. After decades of operations, the Phoenix Mills had become a loss-making firm, struggling in the face of labour issues and rising production costs. While the fate appeared sealed for the asset, Atul Ruia saw massive value in the 33 lakh square feet of area of the mill.
Atul took over the family business in 1994 and started the metamorphosis of the struggling family textile business into a retail-led real estate behemoth. Phoenix mills was one of the first to undergo redevelopment. By the late 90s, brands started coming in. India’s first bowling alley opened here. In 2007, he opened a five-star luxury hotel in the compound. From a low-value estate in Mumbai’s Lower Parel, Phoenix Mills developed into the most sought after retail space in India’s economic capital.
Atul Ruia was educated in the United States at the Wharton School, University of Pennsylvania. In 2021, he bought a luxury apartment on the 26th floor of the compound for Rs 32.8 crore. Ruia’s Phoenix Mills has developed over 17.5 million square feet of real estate. The company today operates 8 malls across 6 Indian cities - Mumbai, Ahmedabad, Indore, Lucknow, Chennai, Pune and Bengaluru - and also has hotels like the St Regis Mumbai and Courtyard Marriott Agra in its portfolio. In December 2019, Atul retired as the Managing Director of Phoenix Mills but remains the Chairman.
