Hitesh Chimanlal Doshi, in his remarkable journey spanning nearly four decades, has risen from a modest beginning in India's energy sector to helm Waaree Group, a renewable energy powerhouse. On Monday, Doshi and his family entered the ranks of the world's wealthiest individuals following the successful listing of Waaree Energies Ltd., the group's solar cell manufacturing arm, on the BSE, as per Bloomberg.
Shares of Waaree Energies surged by 56 per cent following its $514 million initial public offering (IPO), elevating the Doshi family's net worth to about $5.2 billion, as estimated by the Bloomberg Billionaires Index. This surge nearly doubled the family’s wealth from pre-listing levels. Waaree Energies has declined to comment on Doshi's fortune.
At 57, Doshi serves as Chairman and Managing Director of Waaree Energies, alongside two brothers and a nephew who are board members. The Doshi family is the majority shareholder of Waaree Renewable Technologies Ltd., an engineering arm, and Waaree Technologies Ltd., an energy storage entity — both of which are already publicly traded.
Waaree Energies leads the solar module market in India, boasting a manufacturing capacity of 12,000 megawatts, primarily for export to the US. The company's revenues have surged in recent years due to tariffs on Chinese-made solar products, spurring investor enthusiasm in India's renewable energy sector. The IPO marks a milestone in India’s busy IPO landscape, which has seen a record number of listings this year.
Proceeds from the IPO, totaling Rs 2,800 crore, will support Waaree Energies' plans to build a 6-gigawatt manufacturing facility in Odisha, advancing India’s clean energy infrastructure.
Doshi's journey began in 1985 when he left his small hometown of Tunki in Maharashtra to attend Shri Chinai College of Commerce and Economics in Mumbai. A Rs 5,000 loan from a relative helped Doshi start trading in hardware and electronics, covering his college fees and living expenses. After graduating, Doshi secured a Rs 1,50,000 bank loan to establish a company manufacturing industrial equipment, including pressure gauges and valves. He soon recognised the potential of power equipment, securing large orders from clients in the US and Europe.
A pivotal moment came in 2007 when Doshi attended a trade exhibition in Germany, where he was captivated by the potential of solar energy. Inspired, he sold his thermal equipment business to focus on solar cell manufacturing, founding Waaree Energies — a name paying homage to the Wari temple in his village.
Today, Doshi’s success is emblematic of India's booming renewable energy sector, which now represents nearly half of the nation's total installed energy capacity. Solar power alone accounts for 20 per cent of India's 457-gigawatt energy capacity as of October 2024, highlighting India's commitment to sustainable energy growth and the transformative impact of leaders like Doshi on the global energy landscape.