Pioneering investment in Guinea to a new generation's innovative ethanol project in Uganda, the Oswals’ investment pool in Africa is phenomenal, reflecting determination and forward-thinking. The family with Axis Mineral and PRO Industries are not easily persuaded by unstable political affairs, market hindrances or gender biases, firmly believing in Africa’s immense and untapped opportunities.
Pankaj Oswal's entrepreneurial journey: From local to international
Audacious bets and stubborn resilience perfectly reflect upon Pankaj Oswal's entrepreneurial journey, taking him from the national boundaries to the international realms. At a time when Guinea had not emerged as the key player in bauxite and other investors viewed it as too risky for investment, through Axis Minerals, Oswal had invested in the country's bauxite sector, particularly in the Boffa region, viewing potential risks as an investment opportunity since 2013. Bauxite, the key raw material in the global aluminium supply chain, is essential for renewable energy infrastructure, construction and electric vehicles.
Hurdles that could not stop Axis Minerals from shining
Despite navigating through a series of challenges, from the Ebola outbreak and political unrest to the COVID-19 pandemic and persistent logistical issues, Axis Minerals hit a notable landmark in 2020, becoming the nation’s second-largest bauxite producer. With operations that employ thousands of people, the company is playing a crucial role in boosting the country’s status as a key player in the global clean technology supply chain.
Since its operation inception in 2020, the company has shipped out over 40 million tonnes of bauxite. But in May 2025, in a surprising turn of events, Guinea's military-led government suddenly revoked its operating license, a decision that left Oswal in "shock." The decision to halt the entire operation in Guinea came to the company overnight, without prior indication, warning, letter or discussion, leaving all subcontractors and more than 5 thousand employees without work.
Resolving the dispute
Axis Minerals initiated an international arbitration case in New York, with the purpose of claiming damages exceeding USD 1 billion. With this, Oswal’s strong commitment to maintaining contractual integrity and the rule of law reflects what he believes are essential for fostering sustainable national development.
Pankaj Oswal, commented, "Mining requires patience and trust. One must believe that the investment environment will remain stable for decades. As entrepreneurs, our only weapon is the power of contracts and respect for the law."
New generation, new leader, new vision
While Oswal is hustling for the challenges faced in Guinea, his daughters, Vasundhara and Riddhi, are taking the reins and are on the road to take over the charge of guiding the family's strategic vision. With the new charge, both his daughters are working towards East Africa and are zeroing in on viable opportunities to secure a significant position in the booming biofuel and mining industries.
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Vasundhara Oswal, the head of PRO Industries, which in East Africa's Luwero, Uganda, is deemed to be the largest ethanol producer. With its inception in October 2024, and its USD 100 million complex, which combines ethanol production as well as CO2 capture, is said to be playing a crucial role in saving energy and developing agricultural strategies. Within 3 years, she is expected to be involved in managing West Africa's largest mines in parallel to East Africa's largest ethanol plant.
Under Vasundhara's guidance, PRO Industries has become a major player in Uganda's shift towards green energy. The company delivers an impressive 120,000 litres of extra neutral alcohol (ENA) and 35,000 litres of fuel ethanol every day. Groundbreaking sustainability efforts, like recycling wastewater to achieve "zero liquid discharge" and implementing carbon capture solutions for the beverage industry, are what set them apart.
Vasundhara Oswal stated, "We wanted to prove that world-class environmental standards can be achieved in Africa. This plant is not just about fuel – it's about instilling confidence in the ability of local industries to drive the green transition."
On the other hand, Riddhi Oswal is working towards expanding the family legacy by providing continuous support at the technical front alongside managerial excellence.
Aligning with Uganda's Biofuels Act 2020
Vasundhara's approach is directly tied to Uganda's Biofuels Act of 2020, mandating that all fuels be locally produced ethanol starting in January 2026. Adhering to this policy will help slash the country's annual fuel import costs, which are currently estimated to be around USD 2 billion. Not only this, this policy will also decrease the dependence on foreign oil and channel public funds into essential areas like education, healthcare and infrastructure development.
Read our report on “A Comprehensive Analysis of Bauxite Residue - Red Mud” to get a detailed and insightful analysis of bauxite & red mud
Vasundhara Oswal enunciated, "Energy independence is the foundation of development. Uganda should not import what it can produce sustainably and locally. Every litre of ethanol we produce contributes to retaining value in the country – and in Africa."
As of now, the plant employs over 500 people, with 80 per cent being Ugandan nationals. It sources corn from hundreds of local farmers, which helps strengthen rural economies and improve livelihoods. For her, this initiative is a heartfelt mission focused on making a positive impact in the community.
Vasundhara Oswal confides, "My father taught me that entrepreneurship is not about extracting value, but creating it. Africa has the resources and talent needed. What it requires is confidence and audacity. The continent needs to mobilise more private investments to achieve the Sustainable Development Goals and accelerate its economic transformation."
Upholding Africa's industrial future
"Africa is not just a market: it is the next engine of global growth. Investors who understand this will shape the century ahead."
With this belief in mind, the Oswal family keenly focuses on new opportunities in Tanzania's mining and agriculture sectors. Apart from this, their long-term vision is set upon creating a comprehensive industrial ecosystem that connects mining to energy transformation, helping to steer Africa and the world to achieve a sustainable, low-carbon future.
The vision further propels aluminium, which is extracted from bauxite. With the rapid shift towards renewable energy, the demand for aluminium, especially for solar panels, wind turbines and electric vehicles, is expected to rise rapidly. Even though Axis Minerals is currently on hold, its operations are still a vital part of this long-term plan.
Pankaj Oswal stated, "Bauxite is not just an ore: it is a fundamental pillar of the energy transition. Our work in Guinea has directly contributed to global decarbonization – and will do so again."
The remarkable legacy of vision & leadership
As the presence of the Oswal family expands across the continent, their journey mirrors a broader trend, highlighting the strengthening economic ties between India and Africa, with bilateral trade expected to exceed USD 100 billion for the first time in 2025. This burgeoning partnership, built on shared industrial goals and a vision for mutual growth, is opening doors for a new generation of private investors and family-owned businesses dedicated to fostering sustainable, long-term development throughout Africa.
The leadership transition from Pankaj Oswal to his daughters, marks a change in generations, and upholds a strategic shift towards clean energy, which is perfectly aligns with Africa’s aspirations for energy independence and environmental care. The family's journey, including ventures in textiles in India, ethanol production in Uganda and mining in Guinea, showcases and reflects the richness and promise of South-South collaboration.
Vasundhara Oswal commented, "You don’t lead from a boardroom. You have to be on the ground, see, listen, work alongside your teams. That’s where true leadership is born. We don’t see Africa as a difficulty but as an opportunity to innovate, empower, and build sustainable industries."
The mixture of tradition and modernity stipulates the core value of the Oswal family. As the new generation rises in charge, laying down solid industrial roots to achieve green innovation. Oswal Global currently employs hundreds of employees across Africa, Asia and Europe. Employment ranges in different interests, including mining, textiles, real estate and manufacturing. Nonetheless, both generations believe and are clear about Africa being the heart of their long-standing strategy and growth vision.
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