For nearly thirty years, Pankaj Oswal has embodied a true symbol of perseverance and tenacity: an entrepreneur who has built a multi-billion dollar empire from scratch, covering the mining, energy, and industry sectors across three continents. Today, this industrialist proud of his Indian origins is passing on this legacy to his daughters, Vasundhara and Riddhi Oswal, as the family opens a new chapter in its history dedicated to the energy transition of the African continent.
The Bet on Africa’s Untapped Potential
Pankaj Oswal’s entrepreneurial journey is marked by bold bets and unwavering resilience. At a time when few international investors dared to venture into Guinea, he saw potential where others saw only risks. Since 2013, through Axis Minerals, he invested in the bauxite sector in Guinea, long before the country became a key player in the global aluminum supply chain, a metal essential to renewable energy infrastructure, electric vehicles, and construction.
“I invested in Guinea at a time when very few investors were interested,” recalls Oswal. “There were no major projects in the Boffa region at that time. I believed in the long-term potential of the region and in the rule of law to protect this investment.”
This vision paid off. Despite the Ebola epidemic, political instability, the COVID-19 pandemic, and significant logistical challenges, Axis Minerals became the country’s second-largest bauxite producer in 2020, employing several thousand people and helping position the country as a major contributor to the global clean technology supply chain. Since 2020, the company has exported over 40 million tons of bauxite. However, in May 2025, the company’s operating license was abruptly revoked by the Guinean junta – a decision Oswal describes as a “shock.”
“Overnight, our operations were halted. Our 5,000 employees and subcontractors were left without work,” he explains. “We received no warning, no letter, nor any discussion asking us to correct anything.”
Axis Minerals has since initiated an international arbitration process in New York for over one billion US dollars. This fight illustrates Pankaj Oswal’s deep conviction in contractual integrity and respect for the rule of law, principles he deems essential to the development of any country.
“Mining requires patience and trust,” he emphasizes. “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.”
A New Generation Takes the Lead
While Pankaj Oswal continues to defend the group’s legacy in Guinea, his daughters, Vasundhara and Riddhi, are now directing the family’s vision towards the east of the continent, at the heart of the emerging biofuel and mining industries. At 27, Vasundhara Oswal heads PRO Industries, the largest ethanol producer in East Africa, based in Luwero, Uganda. Her $100 million complex, combining ethanol production and CO2 capture, inaugurated in October 2024, already plays a key role in the country’s energy sovereignty and agricultural strategy.
After obtaining a finance degree with honors from a university in Switzerland, Vasundhara Oswal made the bold choice to enter traditionally male-dominated sectors: petrochemicals and mining. Her sister, Riddhi Oswal, studied chemical engineering at University College London (UCL), reflecting the family’s commitment to technical and managerial excellence while contributing to the expansion of the family group. In just three years, Vasundhara has been involved in managing one of West Africa’s largest bauxite mines and East Africa’s largest ethanol plant. These achievements make her one of the most promising young industrial leaders on the continent.
Under her leadership, PRO Industries has become a cornerstone of Uganda’s green energy ambitions. The company produces 120,000 liters of extra neutral alcohol (ENA) and 35,000 liters of fuel ethanol daily, while standing out for its sustainability innovations: wastewater recycling into “zero liquid discharge” and carbon capture for the beverage sector, two firsts in the country.
“We wanted to prove that world-class environmental standards can be achieved in Africa,” says Vasundhara Oswal. “This plant is not just about fuel – it’s about instilling confidence in the ability of local industries to drive the green transition.”
Her strategy aligns with Uganda’s Biofuels Act 2020, which mandates the incorporation of locally produced ethanol into all fuels in the country starting January 2026. This ambitious policy is expected to reduce the annual fuel import bill, estimated at $2 billion, while reducing dependence on foreign oil and freeing up public resources for education, health, and infrastructure.
“Energy independence is the foundation of development,” she emphasizes. “Uganda should not import what it can produce sustainably and locally. Every liter of ethanol we produce contributes to retaining value in the country – and in Africa.”
The plant employs over 500 people, with 80% being Ugandan nationals, and sources corn from hundreds of local farmers, strengthening rural livelihoods. For Vasundhara, this is not just a business project but a personal calling.
“My father taught me that entrepreneurship is not about extracting value, but creating it,” she confides. “Africa has the resources and talent needed. What it requires is confidence and audacity. The continent needs to mobilize more private investments to achieve the Sustainable Development Goals and accelerate its economic transformation.”
Building Africa’s Industrial Future
Together, the Oswals embody a rare alliance between heritage and innovation: a generation that laid the industrial foundations and the next generation leading the green transformation. Their group, Oswal Global, employs hundreds of people across Africa, Asia, and Europe, with diversified activities in mining, textiles, real estate, and manufacturing. But father and daughters affirm: Africa remains at the heart of their ambitions.
“Few places in the world offer such an opportunity to have a lasting impact,” observes Pankaj Oswal. “Africa is not just a market: it is the next engine of global growth. Investors who understand this will shape the century ahead.”
This conviction now guides their new projects, particularly in the mining and agriculture sectors in Tanzania. In the long term, the family aims to create an integrated industrial ecosystem – from mining to energy transformation – capable of powering both Africa and the world in the transition to a low-carbon economy.
At the core of this strategy lies aluminum, derived from bauxite. As the planet accelerates towards renewable energies, the demand for aluminum, essential for solar panels, wind turbines, and electric vehicles, is expected to rise sharply. Axis Minerals’ operations, although suspended, remain a crucial part of this strategy.
“Bauxite is not just an ore: it is a fundamental pillar of the energy transition,” insists Pankaj. “Our work in Guinea has directly contributed to global decarbonization – and will do so again.”
A Legacy of Tenacity, Leadership, and Vision
From Pankaj Oswal’s bold first investment in Guinea to Vasundhara’s pioneering ethanol project in Uganda, the Oswals’ journey in Africa is an odyssey of perseverance and generational continuity. They are entrepreneurs who refuse to be held back by challenges – whether political instability, market headwinds, or gender stereotypes – and who continue to bet on the tremendous potential of the African continent.
“You don’t lead from a boardroom,” shares Vasundhara. “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.”
As the Oswals expand their presence across the continent, their adventure illustrates a broader trend: the strengthening economic interdependence between India and Africa, whose bilateral trade surpassed $100 billion for the first time in 2025. This relationship, based on shared industrial ambition and joint growth, paves the way for a new generation of private investors and family conglomerates focused on sustainable, long-term projects in Africa.
The handover from Pankaj to his daughters, Vasundhara and Riddhi, marks both a generational transition and a strategic shift towards clean energies, in line with Africa’s aspirations for energy sovereignty and environmental responsibility. Their journey, from textiles in India to ethanol plants in Uganda, through Guinea’s mines, illustrates both the complexity and promise of South-South cooperation.
Ultimately, the Oswals’ story offers a glimpse into a changing investment landscape: a landscape where capital, rooted leadership, and regional cooperation quietly reshape the future of African industry.
