Paradise papers: Low-key Indian group 2nd-largest client of Bermuda firm

Nand Lal Khemka is the founder of the Khemka Group (now referred to as Sun Group), which is mentioned in the Paradise Papers as Bermuda-based firm Appleby's second-largest client. The group has, since 1958, been involved in developing and managing trade between India and the former Soviet Union (and after the split, the countries that came out of it) and Europe.

The trade involved especially the supply of heavy capital goods for mining, power generation, oil, gas, transportation and the metallurgical industries, according to news agency Bloomberg.

Nand Lal is also a partner at investment group Sun Capital Partners. He is said to have also promoted industrial joint ventures in the tyre, rubber and finance sectors. The group also has significant investments in renewable energy.

Earlier this year, the group established a joint venture with the Bengaluru-based Mainis, who had founded the Reva electric car. The project, called Sun Mobility, aims to reduce the overall cost of buying an electric car by offering the car battery on a pay-as-yougo model. Khemka is originally from Kolkata, where his father Rameshwar Lal Khemka is said to have migrated to from Kahalgaon in Bihar.

Nand Lal joined the World Economic Forum's Foreign Business Leaders' Council for Russia, chaired by the Russian prime minister, in 1997, says Bloomberg. He also served as an honorary consul general of Iceland in India.