The story of billionaire businessman Satyanarayan Nuwal, who founded Solar Industries India in 1995, is a typical rags-to-riches story and it would not be wrong to say that Nuwal changed his destiny through his hard work and sharp business kills. Satyanarayan Nuwal belongs to a middle-class family. He was born in Bhilwara, Rajasthan. Nuwal’s father was a government employee but Nuwal was interested in doing business from a young age and he fulfilled his dream by setting up an ink manufacturing unit when he was just 18. The business failed after some time but Nuwal did not lose heart and kept on trying his hands at several businesses before setting up a company which is now worth Rs 36,000 crore.
Satyanarayan Nuwal’s life was full of struggles and there was a time when he used to sleep at the railway station because of lack of money. Satyanarayan Nuwal dropped out of school after Class 10 and never went to college due to family responsibilities of the house.
Satyanarayan Nuwal’s father was a patwari and after his retirement in 1971, the family faced a lot of hardships. Nuwal got married when he was just 19. In 1977, Nuwal came to Balharshah in Chandrapur district of Maharashtra and this changed his fate forever. In Balharshah, Nuwal met Abdul Sattar Allahbhai, who was a dealer in explosives used for digging wells, building roads and digging mines.
After few months, Nuwal decided to do business with Abdul Sattar and he started business by paying Rs 1,000 a month to Abdul Sattar. Initially, Nuwal paid money to Sattar to use his license to sell explosives. Soon the officials of Imperial Chemical Industries, a British firm, noticed Nuwal and this opened a whole new world for him. Nuwal’s company currently manufactures everything from explosives and propellants to grenades, drones and warheads as part of the Make in India mission. The market value for the solar industry grew 1,700% in a decade. From 1,765 crores in 2012, the market has become more than Rs 35,000 crore by November 2022. Satyanarayan Nuwal's net worth is USD 2.2 billion (around Rs 19000 crore).
