Ashok Boob is one of the top 100 richest Indians as per the list by Forbes. He ranked at 94 with a net wealth of $2.09 billion (approximately 6 crores).
At 54, one considers retiring more often than doing something greater. Soon after turning 54 in 2006, Ashok Boob started his own business and turned out to be an entrepreneur.
He worked as a promoter director for Mangalam Drugs and Organics for his entire career before deciding to leave after thirty years due to disagreements with the owners. Boob, who considers himself to be well-versed in the sector, was nevertheless certain that he wanted to stay in it. There was a chance for a second act.
Nephew Siddharth Sikchi had just received his master's in organic chemistry at about the same time, in May 2006. Boob and Sikchi both received their bachelor's degrees from the Institute of Chemical Technology in Mumbai. There was a chemical background in both families. They so decided to take action as a group. The two chose to work on several chemistries in a tiny 300 sq ft lab in Vapi, Gujarat, even though the new company's structure was still being planned and funding was scarce.
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Boob knew that the next phase of the business needed to be much cleaner because he had been in the field for thirty years. Due to tougher environmental regulations in India at the time, units were closing in Vapi. However, he had heard reports of rivers in China being contaminated as a result of wastewater discharge and the ensuing acid rain. He chose to focus only on sustainable technologies because they were aware of the background, explains Boob. Additionally, he made it clear that he didn't want to compete with his former employer's products or hire staff there.
He and Sikchi decided to work on intriguing cleaner and catalytic technologies that can be applied to the production of specialised chemicals. Only a small number of businesses are currently attempting this, and it requires time and research to get it perfect. However, once it is, it has the potential to lower the cost of finished goods. They started out concentrating on hydroxylation technology. They were transacting business for Rs. 10 crores by 2009–2010.
Boob and Sikchi both represent a new generation of business leaders who have helped India become a global leader in the production of specialised chemicals. These companies have shown remarkable growth over the past five years and have strong financial ratios. Investors think they have a long runway ahead of them since China is making room for other countries in the business.
With the products they produce, their competitors SRF, Atul, and Vinati Organics, to name a few, have established enviable reputations and are recognised as manufacturers of repute around the world. They all have a market capitalization in the billions of dollars and might grow into significant exporting sectors over the coming ten years that compete with IT and pharmaceuticals.
