Set up in 1930, the MGF Group (Motor and General Finance Group) was initially managed by its Board of Directors under the astute leadership of the Founder Chairman of the Company, Ved Prakash Gupta,Shravan Gupta’s grandfather and Rajiv Gupta Chairman of MGF Group. Says Shravan Gupta about his grandfather, ‘He was one of the pioneers of automobile financing in India, particularly the hire-purchase model.He was instrumental in turning MGF into one of India’s leading, non-banking finance companies (NBFCs)’.
He adds, ‘My grandfather was an active member of the Dhotre and Shah Committees constituted by the Reserve Bank of India. His vision helped frame the rules and regulations for NBFCs in India. He believed that even a common man can become self-reliant, and contributed immensely to making thousands of families benefit, directly or indirectly’.
Shravan Gupta: A Chip of the Old Block
Born in 1973, Shravan has a Bachelor’s degree from Shri Ram College of Commerce, Delhi. Hejoined his family business of financial services, Motor & General Finance Ltd. (MGF)., and served as a non-executive director until March 30, 2007.
Diversification into Real Estate
In 1997, the MGF Group diversified into real estate when Shravan founded MGF Developments. The company created over 5 million square feet of retail space, along with residential and commercial spaces.It developed shopping malls, including The Metropolitan, The Metropolis and Megacity Mall in Gurugram, and the City Square and MGF Metropolitan malls in Delhi and Jaipur.
International Joint Venture in Real Estate
In 2005, Shravan Gupta's MGF Developments entered into a joint venture with Emaar Properties PJSC Dubai, bringing in the largest foreign direct investment(FDI) in India in the realty sector.It invested close toRs. 8,500 crores in the Indian real estate market through this joint venture firm.
In June 2016, Shravan, who served as the Executive Vice Chairman & Managing Director of Emaar MGF,vacated his post after the two joint venture partners-- Dubai-based Emaar Properties and India's MGF Development – decided to part ways and restructure the company's business.Currently,Shravan Gupta is the chairman of MGF Group and Director of Emaar MGF Land.
The MGF Strategy
Shravan Gupta has laid out a clear, well-thought-out strategy in real estate development. He asserts, ‘At MGF, we first identify and acquire key land locations through the adoption of best practices internationally. We then develop premium real estate products across various categories with the help of experienced professional teams. Our emphasis at all stages is on technological advances and techniques implemented by performance standards and excellence in service quality.
Summing up, Shravan Gupta says, ‘THE MGF GROUP believes in CREATING VALUE THAT LASTS.Today, we are debt-free and have a 3000-acre land bank.With experience of over three decades in delivering on the promise of an unmatched way of life, we have constantly innovated and evolved. Understanding the needs of a vibrant world, we are committed to developing integrated townships with world-class infrastructure that complements the development’.
The MGF Group is on the threshold of a bright future. With a visionary at the helm.