At just 42, Ashish Monpara is a visionary leader driving an ambitious expansion of the Modern Group of companies, which now employs over 13,000 people, both directly and indirectly.
Monpara’s investments have not only created employment opportunities but also generated significant revenue for the government.
The company has emerged on the list of top tax contributors to the Uganda Revenue Authority (URA), averaging 12.5 billion shillings annually.
The company’s commitment to quality and innovation has earned it numerous awards, including the best Foreign Direct Investment project award for Modern Tiles in the Annual Investment Meeting Awards in 2022.
Monpara’s journey in Uganda began in 2015, when he first set foot in the country alongside his father. The breathtaking beauty of Mabira Forest, coupled with the serene atmosphere he experienced on his way to the eastern city of Jinja, left a lasting impression on him.
Captivated by the country’s charm, he made the decision to invest in Uganda.
“When I came for the first time to Uganda, I was passing through Mabira Forest. The breathtaking beauty, peace, and calm that I got over here is what actually attracted me. Previously, I had no idea what Uganda was all about”, says Monpara.
According to Monpara, his father had been scouting investment opportunities in Africa since 2010, with Uganda emerging as the prime destination.
“From our research hubs in India and the United Arab Emirates, we began analysing potential investment opportunities in Africa in 2010. Our data and analytics team consistently indicated that Uganda stood out as the most stable market, boasting economic, political, and social stability, coupled with vast potential. Consequently, we designated Uganda as our investment anchor”, he says.
Uganda has indeed made deliberate efforts to attract enterprising investors like Monpara to support its ambitious industrialization agenda through the Uganda Investment Authority and the “Buy Uganda, Build Uganda” policy, which aims to achieve import substitution and boost local production.
Monpara, reflecting on his first visit to Uganda, says he told his father, “I love it here. I want to build my life and vision from the ground up in this captivating place”. And so, the Modern Group’s journey in Uganda took off with Monpara’s inaugural venture – Modern Distillers – in December 2015.
Monpara is well on his way to becoming a young dollar billionaire, with the Modern Group now comprising 10 companies and boasting a total investment of over 700 million dollars (approximately UGX2.4 trillion), and achieving an impressive import substitution value of 100 million dollars (UGX356 billion).
The Modern Group’s diverse portfolio highlights its innovative spirit and commitment to Uganda’s industrial growth and development. At the heart of its operations is Modern Gas, established in 2018, which manufactures carbon dioxide gas for major clients like Coca-Cola and Pepsi.
Building on this success, Modern Aluminum was launched in 2019, producing high-quality aluminum products that meet the demands of a growing market. He strategically filled a market gap for high-quality aluminum products.
The same year saw the introduction of Modern Organic Fertilizer, underscoring the group’s commitment to supporting Uganda’s agricultural sector and sustainable practices.
When the COVID-19 pandemic broke out in early 2020, it presented new challenges, and Modern Sanitiser was created to produce hand sanitisers, hence addressing a critical health need.
That same year (2020), Modern Tiles was established, and its facility, the largest in eastern and central Africa, produces an impressive 49,000 square metres of tiles daily. Monpara seized the opportunity to substitute imported tiles with locally produced high-quality alternatives. Today, Modern Tiles controls 45 percent of Uganda’s tile market.
Modern Group’s expansion continued with Kidera Sugar, a sugar production plant launched in 2021 in Buyende District in eastern Uganda. This was followed by Lamborghini Drinks and Beverages (Modern Spirits) in 2022, a partnership that would see the manufacture of products in Uganda for export to the United States and Asian markets.
Modern Group’s most recent ventures include Modern Power, established in 2023, which generates electricity for factory consumption and the national grid.
The acquisition of Kaliro Sugar Factory, also in 2023, which President Yoweri Museveni launched on August 22, 2025, further solidified Modern Group’s position in Uganda’s “sugarspace”, boosting capacity and cementing its status as a leading industrial player.
The commissioning of the revamped Kaliro Sugar marks a significant milestone in Modern Group’s growth story. This strategic investment, exceeding 100 million dollars, aims to boost local sugar production and sector competitiveness. With a daily capacity of 2,500 tonnes, translating to between 70,000 and 80,000 tonnes of sugar annually, the factory is poised for substantial impact.
“We saw an opportunity, and this development is expected to increase Uganda’s sugar production and create more employment opportunities, contributing to the country’s economic growth”, says Monpara.
Kaliro Sugar factory currently employs 1,500 people directly and 3,000 indirectly, with around 3,000 outgrowers benefiting from sugarcane farming. He outlines an ambitious expansion plan, aiming to ramp up production to 7,500 tonnes of sugar per day over the next two years, requiring an additional investment of 100 million dollars.
Says Monpara: “I have always haboured a dream of becoming an industrialist. After pursuing my master’s degree in Switzerland and furthering my education at Harvard University in the United States, my ambition was to create something impactful, and it only grew stronger. My father played a pivotal role in selecting my first business venture. At the time, I was not even familiar with Uganda, but I trusted his vision, and it (Modern Distillers) became the foundation of our investment journey”.
Modern Distillers, an ethanol plant, marked the beginning of a remarkable investment journey. The plant’s production of carbon dioxide has enabled it to supply global brands like Coca-Cola and Pepsi.
A key aspect of Monpara’s business model is his commitment to reinvesting profits in Uganda. His faith in the country’s economy and government policies has facilitated expansion across various industries.
He says, “This approach has enabled Modern Group to become a significant player in Uganda’s industrial sector, with investments totaling 700 million dollars, and plans for further expansion”.
Monpara attributes his success to his hands-on approach and unwavering faith in Uganda’s economy. “I believe in this economy, in this country, in its people, customers, and growing market size. The conducive investment environment provided by His Excellency President Yoweri Museveni has been instrumental”, he says.
According to Monpara, the Ugandan market is very promising, with a stable currency that has strengthened over the years. He also attributes all this success to the government’s strategic incentives, including tax breaks designed to attract top-tier investors. The incentives comprise a 10-year income tax holiday for foreign investments exceeding 50 million dollars, capital allowances, and export incentives.
Additionally, the Ugandan government offers a zero-percent import duty on factory equipment for value addition, ensuring accessibility for industrial investments. The country also offers a 100-percent tax deduction on research and training costs. Monpara says these incentives, among many others, are unparalleled in the region.
“This pro-investor stance has attracted manufacturers from countries like Kenya and Tanzania, making Uganda a hub for industrial growth”, he says, adding that “In fact, Uganda has transitioned from being a net importer to an exporter, supplying goods to countries in the region”.
To address challenges like the skills gap, Modern Group is addressing this by employing and training labour, imparting knowledge, and teaching the workers the manufacturing process, among others.
The Modern Group’s investment journey is a remarkable story of growth, innovation, diversification, and commitment to Uganda’s industrial development.
According to Monpara, his success has been built from scratch: “My money is 100-percent first generation. People often doubt what is possible, but we have proven it. We have grown from humble beginnings on a 20-acre piece of land to employing over 13,000 people, thanks to Uganda’s support and the peaceful, profitable environment”.
He adds, “Initially, I bootstrapped my business by investing my own capital. Now, with our business thriving, financing has become more accessible. The key is to start with your own investment, and then you can tap into available financing options in the country”.
***
This article, authored by Fred Kiva, was first published as a special pullout in The New Vision on Monday, August 25, 2025.
