Satyanarayan Nuwal is a billionaire businessman who launched Solar Industries India in 1995. Initially he used to trade in industrial explosives but later he started manufacturing them. Satyanarayan Nuwal earns maximum revenue from exports, followed by housing and infrastructure, state-owned coal companies and the defense sector, according to Forbes. Nuwal’s father was a government employee but Nuwal was always inclined towards launching his own business and he set up an ink manufacturing unit when he was just 18. The business did not work well but Nuwal kept on trying his hands at several businesses before finally deciding to move ahead with the business of industrial explosives.
Nuwal used to sleep at the railway station when he was facing tough times. Satyanarayan Nuwal left the school after Class 10th due to family responsibilities of the house, but today he owns a company worth Rs 36,000 crore. Satyanarayan Nuwal was born in a middle-class family in Bhilwara, Rajasthan. His father was a patwari and after his retirement in 1971, the family faced a lot of hardships. Nuwal’s grandfather used to run a small grocery shop. Nuwal got married at the age of 19.
In 1977, Nuwal came to Balharshah in Chandrapur district of Maharashtra. Here he met Abdul Sattar Allahbhai, who was a dealer in explosives used for digging wells, building roads and digging mines. Nuwal’s meeting with Abdul Sattar brought a new dimension in his life.
Nuwal started doing business with Abdul Sattar’s by paying Rs 1,000 a month, using 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. In the beginning, he used to buy 25 kg of explosives for Rs 250 and sell it in the market for Rs 800. In 1995, he started a small unit of manufacturing explosives by taking a loan of Rs 60 lakh from the State Bank of India.
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 1.9 billion (Rs 17000 crore). Nuwal holds 73% stake in Solar Industries.
