Many Indian billionaires have started their journey from scratch. They even had to borrow money to begin their Entrepreneurship journey. With their hard work and dedication, many of them become billionaires. One such person is Hitesh Chimanlal Doshi, chairman and managing director of Waaree Group. One of his companies, Waaree Energies, made its debut in the share market on October 28.
Its shares surged 56 per cent after its USD 514 million initial public offering (IPO), taking the Doshi family’s net worth to about USD 5.2 billion, according to the Bloomberg Billionaires Index. The company received the highest number of applications in the history of IPOs. Waaree Energies is one of the major players in the solar energy industry in India. The company reportedly has a market cap of Rs 68414 crore, as of October 29.
Who is Hitesh Chimanlal Doshi?
Born in Tunki, Maharashtra, Hitesh runs Waree Group as chairman and MD. He has over 22 years of experience in the engineering industry. He named the company Waaree Energies after the Wari temple in his village. He moved to Mumbai to attend a bachelor's of Commerce at Mumbai University in 1985.
He also holds a doctorate in professional entrepreneurship in business project management from the European Continental University. Presently, he also leads Waaree Energies as chairman and MD, while two of his brothers and nephew are board directors in the group.
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Hitesh once borrowed Rs 5000 from a relative to start trading hardware, electronics and instrument gauges, he told ET in 2014. After completing his graduation, Doshi secured a Rs 1,50,000 bank loan to establish a company manufacturing industrial equipment. He soon recognised the potential of power equipment, securing large orders from clients in the US and Europe.
Hitesh is currently responsible for inter alia, overseeing the company’s financial performance, investments and other business ventures and others. Waaree Energies Limited was founded in 1990. It is India’s one of largest manufacturers of solar PV modules.
