Meet Satyanarayan Nuwal, who went from sleeping on railway platforms to building defence equipment worth Rs 35,800 crore. Satyanarayan Nuwal was up in the Rajasthani village of Bhilwara, where his father worked as a Government Accountant. He was more concerned with learning about business than he was with receiving a regular education. So, after completing his Tenth Grade, he spent a year with his guru and tried his hand at business.
At the native and immature age of 18, he made an attempt at a little chemicals and trading company, but it wasn't very successful. At the age of 19, Satyanarayan Nuwal got married and stayed in Chandrapur, Maharashtra, where he battled until 1977.
The period Satyanarayan Nuwal spent at Chandrapur was difficult. He frequently slept at Railway Stations since he couldn't afford to buy basic necessities. He never gave up hope, though, and it was this unrelenting attitude that brought him into contact with Abdul Sattar Allah Bhai. Although he had an explosives license and a magazine, he had no special interest in exploiting these resources to run a business.
However, Satyanarayan Nuwal saw a business opportunity in this.
He understood that there was never enough explosive material. In order to profit from customers looking for ammunition to use in coal mines, Nuwal began renting explosive magazines in 1970. In the end, Satyanaryan Nuwal expanded his business and became into a consignment agent before becoming the biggest explosives dealer in India.
This idea was finally given flight in 1995 by Satyanaryan Nuwal, who also came up with the idea for and established Solar Industries. Its main office was in Nagpur. Solar Industries first provided explosives to state-owned coal mines.
The corporation is headquartered in Nagpur and has operations in 65 different nations.
After that, it began producing its own explosives and entering the defence sector. The company planned to go public in 2006 when its revenue was close to Rs 78 crore and its net profit was close to Rs 11 crore. Satyanaryan Nuwal primarily utilised this money to develop the business over 29 sites and construct 13 additional manufacturing facilities.
The corporation also started to branch out outside of India about this time, investing in the manufacturing industries of six different countries: Tanzania, South Africa, Zambia, Ghana, and Nigeria. Currently, Thailand, Australia, and Indonesia are among the countries where Solar Industries is striving to construct production facilities.
In 2010, Solar Industries became one of the first private businesses to be authorised by the government to produce explosives for the Indian army.
As part of the Make In India initiative, the company currently manufactures everything from explosives and propellants to grenades, drones, and warheads.
From 1,765 crores in 2012 to more than 35,000 crores as of November 2022, the market value for solar industries surged by 1,700% during a ten-year period.
In 2023, Satyanarayan Nuwal will have a net worth of $190 crores.
With a 73% stake in Solar Industries, Nuwal has built a $3 billion fortune. He is currently the 72nd richest Indian, according to the Forbes India Rich List.
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