The Shah Family: From Rice Traders to Shipping Tycoons and a 30-Billion-Baht Fortune /By Longtunman
The name Precious Shipping Public Company Limited (PSL)—a titan in Thailand’s dry bulk shipping industry—has recently become a major talking point. This follows reports that one of its vessels, the "Mayuree Naree," was attacked while transiting the Strait of Hormuz yesterday.
Beyond the headlines, the backstory of this business is fascinating. It was founded by the Shah family, a billionaire dynasty of Indian descent that has achieved monumental success in Thailand.
As of 2025, the Shah family commands a net worth of approximately 30 billion Baht, ranking them as the 34th richest in Thailand. The architect of this modern empire is Mr. Kirit Shah, who transformed a modest family rice-trading business into the sprawling GP Group.
Did you know that beyond PSL, the GP Group now oversees more than 100 subsidiaries globally, including four companies listed on the Stock Exchange of Thailand (SET) ?
How did Kirit Shah build this empire ?
Let’s dive into the journey.
The roots of GP Group stretch back to 1860, when Kirit Shah’s great-great-grandfather began trading rice in Bombay (now Mumbai), India. By 1968, the family had formally incorporated and began expanding internationally to meet the surging global demand for rice following World War I.
One of those expansion destinations was Thailand. Remarkably, the Shahs were the only Indian rice traders in a market dominated by Thai-Chinese merchants at the time.
Kirit Shah joined the family business in 1975 at the age of 21. He made the bold choice to drop out of university in India to assist his father in Bangkok. Back then, the office was a small operation with fewer than ten employees.
Kirit spent his first nine months traveling across the globe to visit hundreds of clients and partners—a journey that laid the groundwork for diversifying into other commodities.
In 1979, Kirit’s father suffered a sudden stroke, forcing the young Kirit to take full control of the business. During this period, the company capitalized on rapid growth in the Middle East and South Africa.
Small orders grew exponentially. A client who once ordered 50 tons of rice began asking for 500 tons—and then asked for other products. Under Kirit’s leadership, the portfolio expanded from rice to corn, sugar, pineapple, steel, timber, asphalt, cement, and even PVC pipes.
This rapid growth in commodity trading led naturally to the need for logistics, resulting in the birth of Precious Shipping (PSL). Today, PSL is listed on the Thai stock market with a market capitalization of around 10.8 billion baht.
But Kirit didn’t stop at shipping. He also founded Mega Lifesciences (MEGA), the first company in Thailand to manufacture capsules for medicines and supplements. Today, MEGA is a powerhouse with a market value of 30.7 billion Baht.
The journey wasn't always smooth. During the 1997 Tom Yum Goong Crisis, the devaluation of the Baht and the economic standstill nearly wiped out Kirit’s entire fortune. He faced near-bankruptcy and was forced to close or sell over 100 businesses, focusing all his energy on saving the core companies.
Ironically, the crisis provided a "silver lining." The weakened Baht made Thai goods and services significantly cheaper for foreign buyers. This surge in export demand became the lifeline for PSL, making it the first company in the group to recover.
Kirit humbly attributes his survival to "luck," noting that while everyone worked hard, the timing of the currency shift played in his favor.
Whether through luck, skill, or a blend of both, GP Group emerged stronger than ever. Their portfolio now spans:
- Shipping & Logistics
- Pharmaceuticals & Supplements (MEGA)
- Construction & Engineering
- Energy, Mining, & Chemicals
- Hotels & Tourism
- Software
- Private Jet Services, and more
Aside from PSL and MEGA, the group controls two other SET-listed companies :
1. Christiani & Nielsen (Thai) (CNT): A construction giant with a market value of 1.1 billion Baht.
2. Golden Lime (SUTHA): A chemical manufacturer (specifically lime products) valued at 800 million Baht.
Today, while Kirit Shah remains the Chairman of GP Group, you won't find his name on the ownership documents of the subsidiaries. He transferred those roles to his children years ago. His philosophy is simple: he works for the family, and therefore, personal ownership is unnecessary.
One of his heirs, Nishita Shah, is a familiar face to many as a former "Shark" on Shark Tank Thailand.
Much like her father, she actively invests in high-potential startups. Notably, Nishita has previously held the title of the wealthiest woman in Thailand.