Meet Man Who Built Rs 4,285 Cr Renewable Energy Empire In India From Just Rs 5,000; Know His Networth After IPO

He was born in Tunki, Maharashtra, Hitesh Chimanlal Doshi took a major step by moving 600 kilometres to attend Shri Chinai College of Commerce and Economics, University of Mumbai, in 1985. This journey marked the beginning of his educational and entrepreneurial path.

He also holds a doctorate in professional entrepreneurship in business project management from the European Continental University.  

At 57, Doshi leads as chairman and managing director of Waaree Energies. His family is deeply involved in the business, with two brothers and a nephew as board directors. Together, they are significant shareholders in Waaree Renewable Technologies Ltd. and Waaree Technologies Ltd., both publicly listed entities.  

Starting small, Doshi funded his college expenses by trading hardware and electronics. Later, he borrowed Rs 1,50,000 to start a company manufacturing industrial valves and pressure gauges. By the early 2000s, he shifted to trading power equipment, securing big orders from the US and Europe.  

With Waaree Energies Ltd.’s listing on the Mumbai Stock Exchange, Doshi and his family have joined the ranks of the world's wealthiest. This significant achievement underscores their success in solar energy. 

Waaree Energies shares surged 56 per cent after its $514 million (roughly Rs 4,285 crore) initial public offering, taking the Doshi family’s net worth to about $5.2 billion (roughly Rs 43,716 crore), according to the Bloomberg Billionaires Index, almost doubling the clan’s pre-listing wealth.   

Doshi named his company "Waaree" in homage to the Wari temple in his village. His dedication to renewable energy reflects India's focus on sustainability, with solar energy making up 20% of the country's total energy capacity as of October 2024. 

With a 12,000 MW production capacity, Waaree Energies dominates India's solar module manufacturing market. Export sales, especially to the US, have been a primary growth driver due to tariffs on Chinese solar cells. The company is investing Rs 2,800 crore in a new 6 GW plant in Odisha and expanding its manufacturing footprint in Gujarat and the US. (Image Credit: Social Media/Freepik)