Ignatius Navil Noronha, the CEO and Managing Director of Avenue Supermarts Ltd, operates the popular retail chain DMart, is one of India's wealthiest corporate professionals. His journey from a sales executive to one of the richest CEOs in the country is a testament to his leadership and strategic vision. According to the Hurun Rich List, Noronha holds a net worth of Rs 6,900 crore, making him a prominent figure in India's business landscape.
Noronha's professional path began with an eight-year stint at Hindustan Unilever, where he gained valuable experience in sales, market research, and modern trade. This foundation proved instrumental when he joined Avenue Supermarts, the parent company of DMart. Hired by renowned investor Radhakishan Damani in his twenties, Noronha quickly rose through the ranks, significantly contributing to the company’s operational success. Today, under his leadership, DMart has become a retail giant in India, known for its customer-focused approach and efficient business strategies.
Often referred to as the 'Management GOAT (Greatest of All-Time)' by industry insiders, Noronha has introduced innovative strategies, including a game-changing 48-hour supplier payment policy that has reshaped the fast-moving consumer goods (FMCG) sector. Despite his considerable wealth, Noronha is known for his modesty and prefers to keep a low profile. His office is reportedly much smaller than what is typical for CEOs of his stature, reflecting his down-to-earth nature.
Noronha's academic background includes a degree in science from SIES College of Arts, Science, and Commerce, and a management degree from the prestigious Narsee Monjee Institute of Management Studies (NMIMS). His strong educational foundation and years of experience have played a crucial role in DMart's rise to success.
Though he generally avoids the spotlight, Noronha made headlines with his purchase of a luxurious apartment in Mumbai's Bandra East for Rs 70 crore. The expansive property spans 9,552 square feet and includes a 10-vehicle garage, marking a rare public display of his wealth.
Navil Noronha holds a 2% stake in Avenue Supermarts Limited, contributing significantly to his wealth. In 2021, the company’s stock saw a remarkable 113% rise, further solidifying his position among India’s richest CEOs. Despite his success, Noronha continues to focus on innovation and growth, propelling Avenue Supermarts and DMart to new heights in the retail industry.
