According to The Sunday Times report, Mukesh Jagtiani, 63, the Dubai based NRI billionaire and former London taxi driver who now runs a retail empire, is reportedly behind the UK shareholder rebellion at Debenhams, Britain’s major fashion retailers.
Mukesh Jagtiani also has a holding company, Milestone Resources, which has joined hands with Schroders and Old Mutual to demand change at the struggling British department stores. Jagtiani with his two investors own 25% of Debenhams. He was also rumored before the monetary crisis struck, to have had takeover ambitions for Debenhams.
Mukesh is presently sprawling an empire at UK-based Debenhams from the Middle East. He owns a wealth of around 3 billion pounds, most of it derived from his Landmark Group, which has stores across the Middle East and India.