Kampala – Tycoon Shumuk takes possession of Nakawa prime plot, announces sh3bn investment in modern car bond & group expansion
City tycoon and property magnate Shukla Mukesh the Shumuk Group chief executive officer (C.E.O) has announced plans of investing a whopping sh3bn in a modern In-land Car Depot (ICD) Bond and related developments on their newly re-possessed Nakawa based plot Marked M-24/26 Mukabya road as a means of expanding on their Shumuk Group Investments and company profile in Uganda.
Shumuk was speaking to Journalists at Shumuk head offices in Kampala on Friday, Mukesh said several meaningful developments have been carried out on the site after clearing their fate and reaching a compromise with the different stakeholders whom they had previously held several differences on matters to do with the said plot.
“I would like to announce to all members of the Press and public our latest and most recent Group milestone and achievement of having us repossessed and taken ownership of the plot M24/26 Mukabya Road in Nakawa which belongs to one of our Group (Shumuk Group subsidiaries) Middle North Agencies Ltd but had been an empty piece of land for so many years, ” Mukesh said.
He added: “We have already cleared the plot and made the necessary improvements and developments on the land to give room for our planned Shumuk Group expansions as well as our new-line investments in the form of a modern in-land car depot (ICD)/Bond and related investments.”
The controversial plot which is just opposite and adjacent to the Shumuk factory in Nakawa had until recently been a subject of contention between Shumuk and another fellow city business-man Drake Lubega on one hand as well as well as Shumuk and the family of the late Haruna Semakula formerly of the defunct Big Ways (U) Ltd on the other.
However, Mukesh, who maintained claim on the plot’s ownership over the years, said the new status quo is backed by a new free-hold title they recently acquired in 2015 from the KCCA lands division.
He said the title was marked FRV KCCA 2785/2015 folio 9.
Mukesh said they had also already reached a compromise with the family of the late Haruna Semakula and paid them off to have their interests removed on the land.He however contends that Drake Lubega had been blocked by the courts in his attempt to grab the same plot and his moves did not see the light of day.
Mukesh further told reporters on Tuesday that their new ICD was bound to open soon and that it will trade under the names of “Shumuk Car Bond” and “Middle North Agencies Ltd”, one of their Group subsidiaries.
He said the plot which measures close to 2/half-3 acres would have a capacity of accommodating over 1000 cars at any given time.
“After over 30-years of waiting I am pleased to inform the world that we are now ready to conduct a meaningful development on a plot that has always taken us back. There is now a reason to smile. We have earmarked sh3bn for our planned investments and projection, among others,” a jovial Mukesh said.
Until recently the plot had hosted a make-shift washing bay under the watch of a section of some youths and women operating mini kiosks and shops.
This new development on the Shumuk site is now set to bring about yet another booming business in the form of a car bond located in the centre of the city with the large amount of the car business it will naturally attract.
The plot alone is already too prime considering it sits on a very strategic location adjacent to the Shumuk factory and opposite City Oil, all in the face of a hard economy which has not really been much affected by car purchases across the country.
According to Mukesh they decided to venture into the car business to cater for the gap of every average Ugandan.
“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.
“Besides that, the car business still has a lot of potential. 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.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 stressed.
Mukesh said they are also partnering with not only banks but other accessible lending institutions and financiers to help individual customers in funding their car purchases.
Over the years Shumuk has invested in so many sectors including the maiden company of the Shumuk Aluminium Industries producing aluminium utensils and related products, a company which was founded in 1984.
Over the years Shumuk brand has grown to become a house-hold name owing to our design consistency and brand identification.
“I should say this success of our brand has largely been a result of our resilience and desire to create a lasting brand that kept us at the top of our game as well as enabling us to remain competitive.”He said.
Shumuk has engaged in several other businesses which include among others Shumuk Tours and Travel, Shumuk Forex Bureau, the hospitality industry i.e Shumuk Emerald Hotel Ltd, Springs International Hotels Ltd, Shumuk Diaries Ltd i.e. distribution of ‘Top Dairies products in Uganda.
Shumuk ventured into the Dairy sector after Shumuk bought Alpha Diaries in Mbarara, but later relinquished the company and sold it off to a new player whom they later partnered with to only help in their distribution gap.
Also Shumuk has ventured into the beverage industry with Shumuk Springs mineral water brand.The firm also do real estate i.e. Shumuk properties Ltd which led to the birth of our Shumuk House in the heart of the city, Shumuk warehouses and many other properties in the city in company names.
“It is hard to place the figure of how many people we employ but they are over 1500-2000 people both directly and indirectly. Not until the 2018 pre Covid era, our Group alone was contributing up-to over 20m USD to the URA coffers per annum and we were ranked among the top taxpayers in Uganda then, but of course the figures deteriorated in the post Covid era and up to today we are still struggling to bridge that gap just like many individual Companies have been doing in the country and world over,” Mukesh explained.
About Mukesh
Mukesh Shukla popularly known as Shumuk is the CEO/Managing Director and founder of the Shumuk Group Empire.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 1950s.
In 2021 Mukesh stood for MP Nakawa and lost to Joel Senyonyi.
In 2012 Mukesh Shukla who is popularly known as Shumuk was ranked among the wealthiest individual Ugandans in the country a highly coveted profile he has continued to dominate over the years.
“The lessons I have learnt (Shumuk) for success in business 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.
