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This profile was last updated on 12/20/13  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Ramakrishna Karuturi

Wrong Ramakrishna Karuturi?

Chief Executive Officer

Local Address: Bangalore, Karnataka, India
Company Description: Karuturi sells its products to boutique manufacturers and supermarkets across 15 countries namely Holland, Germany, United Kingdom, Italy, Singapore, Taiwan,...   more
Background

Employment History

Board Memberships and Affiliations

Education

  • MBA
  • Bachelors' degree , Mechanical Engineering
    Bangalore University
  • Bachelor's degree , Computer Engineering
162 Total References
Web References
Karuturi Global CEO Sai Ramakrishna ...
www.farmlandgrab.org, 20 Dec 2013 [cached]
Karuturi Global CEO Sai Ramakrishna Karuturi at his farm in Gambela.
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In 2008, Karuturi acquired a 99 year lease for 100,000 ha in Itang and Jokau districts, with an option for a further 200,000 ha if the company succeeded in developing the first lease area. Karuturi has been unable to come close to developing the first 100,000 ha of land, yet nevertheless the company has illegally cleared the entire 300,000 ha, causing serious destruction to locally protected trees, holy sites, and wild animals and destroying local construction materials and blocking water passage routes.
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Earlier this year, Karuturi was convicted of tax evasion by the Kenya Revenue Authority due to transfer pricing within its cut flower operations. The company's flower farms in Naivasha, Kenya have not been operating for several months now, and workers have been protesting over unpaid wages. Investigations by ASO show that Karuturi's flower farms in Oromia, Ethiopia, and its farm in Gambela have also ceased operations, and it appears that Karuturi has even removed its tractors and other farm machinery from its Gambela farm.
Business Leaders in Action: Sai Ramakrishna Karuturi | IGD Blog
blog.igdleaders.org, 21 Oct 2012 [cached]
Business Leaders in Action: Sai Ramakrishna Karuturi Business Leaders in Action: Sai Ramakrishna Karuturi | IGD Blog
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Business Leaders in Action: Sai Ramakrishna Karuturi
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By investing in Ethiopia, Sai Ramakrishna Karuturi set the scene for his rise to become the "Rose King," the world leader in rose production. He founded Karuturi Global in 1994 in Bangalore, India and in 2003 expanded his business to take advantage of floriculture opportunities in Ethiopia. Today, Karuturi Global is a top 25 transnational agribusiness. Karuturi is currently expanding his business into cereals, oils and processed foods, with the goal of becoming a complete agriculture production company.
Karuturi Global focuses on having a positive impact on the lives of its employees. The company ensures its employees have good living conditions with electricity and water, healthcare, and free primary and secondary education for each of its 5,000+ employees and their families. In 2008 every student from employee families finished secondary school and over 70% of students went on to college. As the company expands, Karuturi is focusing on ensuring environmental and socio-economic sustainability.
Karuturi brings valuable agricultural experience to the Frontier 100 group of CEOs. His remarkable success in African agriculture has contributed to the development of IGD's agriculture strategy and Karuturi has shared his expertise and experience to make Frontier 100 develop into a valuable knowledge sharing and relationship building platform. Karuturi is currently working with Frontier 100 to improve investor perceptions of Africa and showcase success stories.
Although Karuturi has a ...
www.ethiopiainvestor.com, 24 April 2012 [cached]
Although Karuturi has a presence in other African countries, such as Kenya, none of its investments are highlighted in its portfolio beside those in Ethiopia.
It has a large presence in the country, having been promised 300,000ht of land from the government in Gambella Regional State, 721km southwest of the capital, in 2008. It has already leased 100,000ht of this land, for 50 years, which it will have to finish developing before it is given the remaining land from the government.
Karuturi also runs a commercial farm on an 11,000ht plot in Bako, a small town farther south from Ambo, in Oromia Regional State. Part of over 30,000ht reserved for the state, remaining unutilized since its nationalization in the mid-1970s, Karuturi has already developed 2,300ht of this land, sowing maize.
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Karuturi has hired an Indian company, i-maritime Marine consultancy group, to advise it on transport logistics from Gambella to these markets.
Karuturi will have its first ever harvest of maize and sesame in April and September, 2012, according to Ramakrishna Karuturi, managing director of Karuturi Global Ltd.
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"We need an additional 180 million dollars for further land development [in Ethiopia]," Karuturi told Fortune. "We have managed to secure most of the finance for our investment, borrowing from a consortium of banks, mostly in India and some from Mauritius and Ethiopia. However, we want to raise about 12 million dollars locally by selling shares."
Although the company's initial plan was to issue bonds in order to raise the 12 million dollars locally, it could not do so in Ethiopia, as the issuance of bonds is restricted to government financial institutions.
"We have been advised to sell shares, instead," said Karuturi. "Our shares will be more sophisticated than common stock. We will offer the best that there is in the absence of a stock market in Ethiopia."
The company will sell preferred shares at face value, which guarantees shareholders precedence on dividends, after all debts have been paid. For those who want to sell their shares, they can redeem up to five per cent of the value of the total shares floated twice a year, according to Karuturi.
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Raising the 12 million dollars by selling shares in Ethiopia will garner local trust and business partners, which may help overturn the image of a "foreign company here to grab land" that many attach to Karuturi, the company says.
Karuturi has long been associated with land grabbing, a term given to commercial farm developers, especially from the Middle East and Asia that lease and buy large tracts of land in Sub-Sahran Africa at low prices.
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"Although the current plan to float shares has nothing to do with the 'land grab' accusation, it is always good to overturn the image that we are all foreigners in Ethiopia," Karuturi told Fortune. "Ethiopia has been good to me.
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Karuturi already secured 127 million Br in loans two months ago from the CBE, which disbursed 35.9 million Br in loans and mobilized deposits of 86.5 million Br, the previous fiscal year.
Sai Ram Karuturi, a former ...
www.corpwatch.org, 10 Oct 2013 [cached]
Sai Ram Karuturi, a former cable shop operator from Bangalore and the founder of Karuturi Global, is one of the leading examples of investors who have been snapping up land in Africa.
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Karuturi disputed this allegation. "In regards to the claims of unpaid salaries, we wish to inform you that Karuturi has always been ready and willing to settle any salaries," the company told the website in a statement.
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Kenya is not the only country in which Karuturi has been accused of taking advantage of local farmers.
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In addition to the human rights issues, Karuturi's Ethiopian operations were hit by major flooding in 2011, which caused it to lose most of its crops, which led to investors dumping shares in the company.
Sai Ramakrishna Karuturi, ...
www.indianewengland.com, 1 April 2013 [cached]
Sai Ramakrishna Karuturi, founder and managing director of Karuturi Global, the world's largest producer of cut roses.
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