From Rs 5,000 to $5.3 billion: Hitesh Chimanlal Doshi of Waaree Group

Hitesh Chimanlal Doshi, Chairman and Managing Director of Waaree Energies Limited, reportedly first ventured into the Indian energy industry using $In 1985, Dorsey borrowed £5,000 from a relative. Nearly 40 years later, Doshi leads the Waaree Group, one of India’s largest renewable energy companies. With the listing of Waaree Energies, the Dorsey family has become one of the richest people in the world, Bloomberg reported on Tuesday, October 29.

Shares of the solar cell manufacturing company soared 56% following its $514 million initial public offering, boosting the Dorsey family’s net worth to nearly $5.3 billion, according to the Bloomberg Billionaires Index cited in the report. Dollar.

The family is the largest shareholder in the company’s engineering arm Waaree Renewable Technologies and energy storage company Waaree Technologies, both of which are listed on the stock exchange. Dorsey’s two brothers and nephew are also on the group’s board of directors.

journey

Hitesh Chimanlal Doshi was born in Tunki, Maharashtra. According to reports, in 1985, he left his small village in central Maharashtra and moved 600 kilometers away to study at the Shri Chinai College of Commerce and Economics, University of Mumbai.

Dorsey borrowed it during college $A relative gave him $5,000 and started trading in hardware, electronics and instrumentation. Dorsey told us his business profits paid for his living expenses and college expenses economic times 2014.

After graduation, he borrowed $The bank provided Rs 1.5 lakh to set up a manufacturing company to produce pressure gauges, petrol station equipment and industrial valves.

Dorsey has received its largest orders from customers in the United States and Europe. In 2007, he visited a trade show in Germany and became “fascinated” by the potential of solar energy, Bloomberg reported, citing news portal YourStory.

That incident inspired him to pivot, selling his thermal equipment business and focusing on solar cell manufacturing. According to reports, he named his company Waaree Energies after the Waaree temple in the village.

Doshi and other entrepreneurs in the renewable energy sector are being helped by the Indian government’s ramped up infrastructure spending and policy reforms at the central and state levels.

Renewable energy will account for nearly half of India’s total installed energy capacity as of October 2024, with solar accounting for 20% of the 457 GW of energy, according to a government report.

About afternoon energy

Waaree Energies is India’s largest solar module manufacturer with a capacity of 12,000 MW. The company derives most of its revenue from export sales to the United States, which has increased significantly in the past few years due to tariffs on Chinese solar cells.

The company plans to set up a 6 GW manufacturing plant in Odisha, plans to invest $The public offering raised 28 billion yuan. Waaree Energies is also building a solar cell manufacturing plant in Chikhli, Gujarat, and a solar module plant in the United States.

“As India’s largest capacity holder, Waaree will expand further with the announced capacity additions,” Ninad Sarpotdar, equity research analyst at Aditya Birla Capital, told the news agency. “Waaree has gained first-mover advantage by entering into cell and wafer manufacturing segments. and better control of costs,” he said.