Ashwin Desai of Aether Industries ranks as the wealthiest individual from Surat, boasting a fortune of Rs 100462260000 crore Following him is Faruk G Patel from KP Group, with a wealth of Rs. 9,700 crore. While Aether Industries is involved in the production of electric vehicles, KP Group focuses on green energy.
In third place among Surat’s billionaires is Niraj Choksi of NJ India Investment, who has amassed Rs. 9,600 crore, while Babubhai Lakhani of Kiren Gems takes the fourth spot with Rs. 7,400 crore. Ashwin Desai, who founded Aether Industries in 2013, has grown the company into a major supplier of specialty chemicals to industries like agrochemicals, pharmaceuticals, and oil and gas. Aether operates two factories in Gujarat, India.
In June 2022, Desai took Aether Industries public, raising $103 million, with the company’s shares debuting at a 10% premium, cementing his billionaire status. His sons, Rohan and Aman, handle business operations and technical aspects, respectively, while his wife, Purnima, holds a seat on the board. Desai's entrepreneurial journey began in 1976, when he cofounded a specialty chemicals business with his brother-in-law.reportedporte by Forbes, Desai relocated to Surat with his mother, where his brother-in-law resided, with a strong determination to build something of his own. "We started from nothing since he (my brother-in-law) also had no knowledge of the chemical industry," Desai recalls. Living in a one-bedroom apartment in Surat, Desai rented a small farm with a well on the outskirts of the city to begin producing sulfuryl chloride, a highly hazardous inorganic compound that was being imported into India at the time. This chemical plays a crucial role in the dye and pharmaceutical industries.
In addition to his business success, Ashwin Desai is passionate about swimming, nature, and poetry. Aether Industries is also expanding, having acquired a new site in Surat for another factory.
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