With Waaree Energies’ solar cell manufacturing arm debuting on the Mumbai Stock Exchange this Monday, Doshi and his family have ascended into the ranks of the world’s wealthiest individuals.
In recent years, increased government spending on infrastructure and supportive policy reforms at both federal and state levels have significantly benefited Doshi and other entrepreneurs in the renewable energy sector.
Hitesh Chimanlal Doshi, the founder of Waaree Energies, has officially joined the billionaire ranks after his company’s recent IPO sent shares skyrocketing. Starting in 1985 with a ₹5,000 loan, Doshi has transformed his small venture into one of India’s most prominent renewable energy empires, valued today at around $5.2 billion.
A Remarkable IPO Success
Waaree Energies, India’s largest solar module manufacturer, listed on the Mumbai Stock Exchange this Monday. Its shares surged by 56% after the initial public offering raised $514 million, doubling the net worth of Doshi and his family overnight, according to the Bloomberg Billionaires Index. The family’s wealth now places them among the world’s elite, reflecting the remarkable success of India’s booming renewable energy sector.
Waaree’s Expanding Impact
With a production capacity of 12,000 megawatts, Waaree Energies leads India in solar module manufacturing, a sector seeing substantial growth due to increased exports to the United States. Fueled by tariffs on Chinese imports, demand for Indian-made solar modules has surged, driving strong investor interest in Waaree’s future. The company plans to use ₹28 billion from the IPO proceeds to establish a new 6-gigawatt manufacturing facility in Odisha, further boosting its production capacity.
From Humble Beginnings to Global Aspirations
Born in Tunki, Maharashtra, Doshi moved to Mumbai in 1985 to attend college, where he borrowed ₹5,000 to start trading in hardware and electronics to support his education. After graduating, he took another loan of ₹150,000 to launch his own business, initially manufacturing industrial equipment like pressure gauges and gas station components. By the early 2000s, Doshi had shifted his focus to power equipment for overseas clients, setting the stage for his transition into the renewable energy sector.
A Vision Sparked by Solar Power
In 2007, a visit to a German trade show ignited Doshi’s interest in solar energy. Inspired, he sold his thermal equipment business to launch Waaree Energies, named after a temple in his hometown. His vision aligns with India’s rapidly expanding renewable energy capacity, which as of October 2024, accounts for nearly half of the nation’s installed power.
India’s Renewable Boom
India’s renewable energy industry, now representing 20% of the nation’s 457-gigawatt energy capacity, continues to attract global investors. Waaree Energies’ remarkable IPO highlights India’s increasing prominence in the renewable sector, positioning it as a key player in the global energy landscape.
Hitesh Doshi’s journey from a ₹5,000 startup to a billion-dollar empire is a testament to India’s dynamic renewable energy industry and the entrepreneurial spirit driving it forward.
