[2] He was a well-known Indian businessman, and founded the Akbarallys group of departmental stores in Mumbai.
[1][3] He acquired Worli Chemical Works which later was incorporated as Wockhardt Ltd, becoming India's 5th largest pharmaceutical company.
[1] Khorakiwala was the Sheriff of Mumbai in 1992[3] and instrumental in bringing peace to the city after communal riots broke out after the destruction of the Babri Masjid by organising a 100km human chain against sectarian violence.
[1] In 1995, Khorakiwala took over as the President of the Indian Merchants' Chamber (IMC)[1] In 2003, he was appointed Chancellor of Jamia Millia Islamia university in New Delhi, a post which he held till his death.
[5][1] He was also the Chairman of the Advertising Standards Council of India, the Founder and President of the Indo-Swiss, Indo-Arab and India-Indonesia Friendship Societies.