After winning court battle over Nakawa land, Mukesh Shukla the proprietor of Shumuk Group is now ready to set up modern car bond facility in Nakawa Division,this website has learnt.
According to detailed plans seen by this website, Shukla Mukesh plans to invest sh 3billion in a modern In-land Car Depot (ICD) Bond and related developments on the newly re-possessed Nakawa plot Marked M-24/26 Mukabya road as a means of expanding Shumuk Group Investments and company profile in Uganda.
“After over 30-years of waiting I am pleased to inform the world that we are now ready to conduct a meaningful development on plot M24/26 Mukabya Road in Nakawa Division,” Mukesh said.
“There is now a reason to smile. We have earmarked sh 3billion for our planned investments and projection, among others,” a jovial Mukesh emphasized.
According to Mukesh, the new ICD set to open soon will trade under the names of “Shumuk Car Bond” and “Middle North Agencies Ltd”, one of their Group subsidiaries.
The 2/half-3 acres land located next to Shumuk factory has capacity of accommodating over 1000 cars at any given time.
The controversial plot in Nakawa had until recently been a subject of contention between Shumuk, Drake Lubega and the family of the late Haruna Semakula formerly of the defunct Big Ways (U) Ltd on the other.
According to Mukesh they decided to venture into the car business to ease car transactions.
“We want every average Ugandan who can at-least manage to save 1/3rd of their income to afford a car. In today’s world, a car is no-longer a luxury, but a necessity. We are going to design a lot of tailor-made incentives that will cater for all our would-be clients to afford these cars, “Mukesh stressed.
“The future of the motor industry is very bright and speaks for it-self as every single day there is a new innovation that car manufacturers come up with.Our goal is to change the dynamics and remove all the hurdles being financial or otherwise that many have been facing in their quest for new cars so as to enable all and every regular Ugandan to drive new cars at a very affordable price under very flexible terms, “he added.
“All one will need to do is pay 10percent of the value of the car and walk-away with their dream car as we work out a payment plan for them for the rest of the balances and terms which will be quite simple and fair to all,” Mukesh explained.
Currently Mukesh is partnering with banks and other financiers to facilitate acquisition car purchases once the car bond is up and running.
Shukla line of business
Over years Shukla has invested in. Shumuk Aluminium Industries producing aluminium utensils and related products, a company which was founded in 1984.
His other businesses include Shumuk Tours and Travel, Shumuk Forex Bureau, Emerald Hotel Ltd, Springs International Hotels Ltd, Shumuk Diaries Ltd i.e. distribution of ‘Top Dairies products in Uganda.
He currently employs over 1500-2000 people both directly and indirectly and contributing up-to over $20million to the URA coffers per annum.
About Mukesh Shukla
Mukesh Shukla popularly known as Shumuk is the CEO/Managing Director and founder of Shumuk Group of Companies.
Mukesh is an acclaimed business-man with a bias in business and an MBA from Makerere University.
In 2012 he was named among Uganda’s single individual wealthiest and richest Ugandans of Indian origin, a highly coveted status he has managed to redeem and kept afloat over the years regardless of the seamlessly endless court battles he’s empire has been subjected to with the Katatumba family and many other business rivals.
He is son to the late Pradeep Shukla, a former revenue officer in the Uganda Revenue Authority in the country.
“The lessons I have learnt over the many years of doing business has been to remain consistent in whatever you are doing so you can do it to your best. What defines your success is not in doing or venturing in many businesses at the same time, but rather in majoring in one particular product, service or business to build a brand for yourself that is strong and sustainable and give it your best shot then when it succeeds you can move to other prospective ventures, ideally that’s the message I can send out as our winning formula in business over the years,” says Shumuk.
