Hitesh Chimanlal Doshi, Chairman and Managing Director of Waaree Energies Limited, reportedly started out in India's energy sector using a ₹5,000 loan from a relative in 1985. After nearly 40 years, Doshi is leading the Waaree Group, one of India's largest renewable energy companies. With the listing of Waaree Energies, the Doshi family joined the ranks of the world's richest people, Bloomberg reported on Tuesday, October 29. The shares of the solar cell manufacturing company surged 56 per cent after its $514 million initial public offering (IPO), increasing the Doshi family's net worth to nearly $5.3 billion, according to the Bloomberg Billionaires Index cited in the report. The family is the largest shareholder of the company's engineering arm, Waaree Renewable Technologies, and energy storage company, Waaree Technologies, both of which are listed on the stock exchanges. Doshi's two brothers and nephew are also board directors in the group. Also Read | Waaree Energies share price dips after strong debut in Indian stock market The Journey Hitesh Chimanlal Doshi was born in Tunki, Maharashtra. He left his small village in the heart of Maharashtra and moved 600 kilometres to attend Shri Chinai College of Commerce and Economics at the University of Mumbai in 1985, as per the report. While he was at college, Doshi borrowed ₹5,000 from a relative to start trading in hardware, electronics, and instrument gauges. The profits from his venture paid for his living expenses and college fees, Doshi told The Economic Times in 2014. After graduating, he borrowed ₹1.5 lakh from a bank to set up a manufacturing company that made pressure gauges, gas station equipment and industrial valves. Doshi received his biggest orders from clients in the US and Europe. In 2007, he visited a trade exhibition in Germany and was “spellbound” by the potential of solar energy, reported the news portal YourStory, cited by Bloomberg. That incident inspired him to pivot, sell his thermal equipment business, and focus on solar-cell manufacturing. According to the report, he named the company Waaree Energies after the Wari temple in his village. The Indian government's higher spending on infrastructure and policy reforms at the central and state levels have helped Doshi and other entrepreneurs in the renewable energy space. According to a government report, renewable energy accounts for nearly half of the total installed energy capacity in India and solar energy accounts for 20 per cent of the 457 gigawatts of energy as of October 2024. Also Read | Waaree Energies share price dips after strong debut in Indian stock market About Waaree Energies Waaree Energies is the largest solar module maker in India, with a capacity of 12,000 megawatts. The company earns the most from its revenues generated from export sales to the US, which have increased significantly in the last few years due to tariffs on Chinese solar cells. The company plans to build a 6 gigawatt manufacturing plant in Odisha, for which it plans to spend ₹28 billion from the public issue fundraise. Waaree Energies is also building a solar cell manufacturing unit in Chikhli, Gujarat and a solar module unit in the US.

Read more