Hitesh Chimanlal Doshi: Another company in the energy sector, Waaree Energies, has entered the stock market on Monday. The company’s stock is getting a lot of support from investors on the stock market. With this, Hitesh Chimanlal Doshi, Chairman and MD of solar cell maker Vaari Energies, has come in the list of the world’s richest people. Hitesh Doshi started his business in 1985 by taking a loan of only Rs 5000. Today the net worth of Hitesh Doshi and his family is around $ 5.2 billion (approximately Rs 400 crore). Hitesh Doshi named the company after the temple of his village.
IPO doubled the net worth of Doshi family
Hitesh Chimanlal Doshi has been leading Waaree Group for almost 40 years. It is counted among the renowned companies in the renewable energy sector. According to Bloomberg Billionaires Index, Vari Energies issue price was Rs 1503 but its listing went up by Rs 997 to Rs 2500. Due to this, the net worth of Doshi family has almost doubled. Waari Energies’ two brothers and nephews are on the company’s board of directors. Doshi family is the largest shareholder of Waaree Group’s engineering company Waaree Renewable Technologies and Waaree Technologies. The listing of both these companies has already been done.
Waari Energies is the largest solar module manufacturer
Vari Energies is India’s largest solar module manufacturer. Its capacity is 1200 MW. Most of its revenue comes from exports to America. The company has benefited greatly from the increased tariff on China’s solar cells. A lot of growth is also visible in solar stocks this year. The IPO of the company has made the investors happy by giving good returns. The company will use Rs 2,800 crore from the IPO to build a 6 GW manufacturing plant in Odisha.
The company was named after the Wari temple present in the village.
Hitesh Chimanlal Doshi was born in Tunki village of Maharashtra. While studying in Mumbai, he started the business of hardware and electronics trading in 1985 by borrowing Rs 5000. With this money he used to pay his college fees and other expenses. After completing his studies, he took a loan of Rs 1.5 lakh from the bank and started manufacturing pressure gauges, gas stations and industrial valves. After this he went to Germany and from there turned towards solar cell manufacturing. He named his company after the Wari Temple present in his village. With the blessings of God, today the whole world has become a witness to their progress.
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