TEHRAN: The attack on the Thai bulk carrier Mayuree Naree in the Strait of Hormuz on March 11 has spotlighted the Shah family, the owners of the vessel and one of Thailand’s wealthiest business dynasties.
The ship is part of the Naree fleet operated by Precious Shipping (PSL), a Thai dry bulk shipping company listed on the Stock Exchange of Thailand.
PSL is part of the multinational investment conglomerate GP Group, a business empire with a history spanning more than 157 years and controlled by the Shah family.
From Indian rice traders to the ‘Shah of Bangkok’
According to the company’s history, the origins of GP Group date back to 1860, when Khetsee Khinsi Harbham, an early ancestor of the family, left a small village in India to pursue opportunities in the rice trade in Mumbai.
In 1868, he and his son founded Devjee Khetsee & Company, later expanding operations to Yangon, Myanmar, which was then one of the world’s major rice export centres.
The family eventually expanded its business into Thailand, then known as Siam, in 1918 under the name Gangjee Premjee & Company.
After World War II, the family established Bangkok as its main business base, and in 1950 formally adopted the surname Shah.
During that era, Chimanlal Shivjee Shah, a fourth-generation family member, became widely known as the “Shah of Bangkok” due to his prominent role within the Indian community and his extensive business network in Thailand.
Owners of the Naree fleet and Mega Lifesciences
A major transformation in the group’s business came when Kirit Shah, a later-generation heir, took over leadership during the 1970s and 1980s.
Under his leadership, the group shifted from traditional agricultural trading into diversified investments across multiple industries, guided by a philosophy known as Pick and Believe.
Key businesses within the group include:
Precious Shipping (PSL) – a dry bulk shipping company established in the 1980s, whose vessels all carry names ending with “Naree”, a signature identity of the fleet.
Mega Lifesciences – a pharmaceutical and nutraceutical manufacturer, considered the most valuable asset within the family’s business portfolio.
Other ventures including Golden Lime mining, construction, energy investments, the technology start-up Eka, and the private aviation company MJets.
Among Thailand’s richest families
In 2025, Forbes Thailand ranked the Shah family 34th among Thailand’s richest, with an estimated net worth of US$945 million.
Today, Nishita Shah, the eldest daughter of Kirit Shah, has emerged as a key figure in the GP Group and represents the third generation of the family continuing the business legacy.
She is also widely known to the public as one of the “Sharks” on the television programme Shark Tank Thailand. - The Nation/ANN
