Success does not always depend on having a degree from an elite university or coming from a wealthy family. Satyanarayan Nuwal, an Indian billionaire, is an excellent example of this. Nuwal never learned English as a first or second language and left school after class 10. Learn about the challenges this Indian industrialist faced on the road to success by knowing about how he developed a Rs 35,800 crore firm with just Rs 1000.
Who is Satyanarayan Nuwal?
His father worked as a government accountant in the Rajasthani village of Bhilwara, where Satyanarayan Nuwal was brought up. He was more concerned with learning about business than he was with receiving a regular education. So, after completing class 10, he spent a year with his mentor and endeavored to succeed in business.
With no experience at the age of 18, he made an attempt at a little chemicals and trading company, but it wasn't very successful. At the age of 19, Satyanarayan Nuwal got married and stayed in Chandrapur, Maharashtra, where he faced challenges until 1977.
During his stay at Chandrapur, Satyanarayan Nuwal faced difficulties. He often slept at train stations since he couldn't afford to buy basic necessities. He never gave up hope, though, and it was this sheer confidence that brought him into contact with Abdul Sattar Allah Bhai.
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Although he had an explosives license and a magazine, he had no special passion for using these resources to run a business. However, Satyanarayan Nuwal saw a business opportunity in this. In 1970, Nuwal began leasing explosive magazines at Rs 1000 and soon began to profit from clients looking for explosives for use in coal mines.
Before becoming the biggest explosives dealer in India, Satyanaryan Nuwal eventually expanded his business and turned into a consignment agent. This idea was finally given flight in 1995 by Satyanaryan Nuwal, who also came up with the idea for and established Solar Industries. Its main office was in Nagpur. Solar Industries first provided explosives to state-owned coal mines.
After that, it began producing its own explosives and entering the defense sector. The company planned to go public in 2006 when its revenue was close to Rs 78 crore and its net profit was close to Rs 11 crore. Satyanaryan Nuwal primarily utilised this money to develop the business over 29 sites and construct 13 additional production centers.
As part of the Make In India initiative, the company currently manufactures explosives, propellants, grenades, drones, warheads and more. In a decade, the market value for the solar industry climbed by 1,700%, from 1,765 crores in 2012 to over 35,000 crore last year. According to Forbes, Nuwal is one of the wealthiest self-made billionaires with a net worth of $2.3 billion, or Rs 19,000 crore.
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