City tycoon Shumuk Mukesh commended for tackling unemployment in Uganda

19 December 2024, 6:47 pm

By Ronald Ssemagonja

The Chief Executive Officer of Shumuk Group, Mr. Shukla Mukesh, has been widely recognised by Ugandans for his efforts in combating unemployment in the country. Many Ugandans have expressed their appreciation, acknowledging that the city tycoon has helped them earn a living through various ventures.

Isma Kanyankole, a dealer in domestic merchandise in Kampala, said he has greatly benefited from purchasing Shumuk Group products. “Their products are long-lasting and not as expensive as some found in other places. I want to thank Mr. Shumuk for creating a platform where even those with limited resources can buy items to sell to others,” Kanyankole stated.

In August this year, while addressing the media at his offices in Kampala, the CEO highlighted several significant developments undertaken by the company. “I would like to announce to all members of the press and the public that our latest and most recent milestone is the repossession and ownership of plot M24/26 Mukabya Road in Nakawa. This plot belongs to one of our subsidiaries, Middle North Agencies Ltd, and had been an empty piece of land for many years,” Mukesh revealed.

This announcement followed a resolution to a long-standing dispute over the plot, which is located opposite the Shumuk factory in Nakawa. The plot had been a contentious issue involving city businessman Drake Lubega and the family of the late Haruna Semakula, formerly of Big Ways (U) Ltd. “After over 30 years of waiting, I am pleased to inform the world that we are now ready to make meaningful developments on this plot. We have earmarked UGX 3 billion for our planned investments and projections, among other things,” Mukesh said.

The new development on the Shumuk site includes plans to establish a car bond in a prime location in Kampala. Mukesh expressed optimism about the venture, stating that it would attract substantial business given its strategic location adjacent to the Shumuk factory and opposite City Oil. “Despite the challenging economy, the car business remains resilient. We aim to ensure every average Ugandan can afford a car. Today, a car is no longer a luxury but a necessity. We will design tailor-made incentives to make car ownership more accessible,” he explained.

Mukesh further noted that buyers would need to pay only 10% of a car’s value upfront, with the remaining balance payable under a simple and fair payment plan. He revealed partnerships with banks and other lending institutions to facilitate the financing of car purchases.

Over the years, Shumuk Group has diversified into various sectors. The company was established in 1984 with Shumuk Aluminum Industries, which produces aluminum utensils and related products. Its other ventures include the dairy sector through Alpha Dairies in Mbarara, the beverage industry with the Shumuk Springs mineral water brand, and real estate under Shumuk Properties Ltd. The latter has contributed iconic projects like Shumuk House and other properties in Kampala.

The group employs over 1,500 to 2,000 people, both directly and indirectly. “Before the 2018 pre-COVID era, our group contributed over USD 20 million annually to the Uganda Revenue Authority (URA), ranking us among the top taxpayers. However, like many companies, we have been struggling to recover from the post-COVID economic downturn,” Mukesh said.

Mukesh, an acclaimed businessman with an MBA from Makerere University, has built a lasting legacy. In 2012, he was listed among Uganda’s wealthiest individuals of Indian origin. Despite numerous legal battles involving the Katatumba family and other business rivals, he has maintained his business empire.

Mukesh is the son of the late Pradeep Shukla, a former revenue officer in the Uganda Revenue Authority in the 1950s. In 2021, he contested the Nakawa MP seat but lost to Joel Senyonyi. His enduring wealth and business acumen continue to earn him recognition as one of Uganda’s most successful entrepreneurs.