Hitesh Chimanlal Doshi, Chairman of Waaree Energies, transformed a small Rs 5,000 loan in 1985 into a renewable energy giant, now valued at $5.2 billion.
The recent IPO of Waaree Energies Ltd. in Mumbai saw shares surge by 56%, nearly doubling the Doshi family’s wealth. As India’s largest solar module manufacturer with a 12,000-megawatt capacity, Waaree Energies exports primarily to the U.S., benefitting from increased tariffs on Chinese imports. The company plans to invest Rs 2,800 crore from IPO proceeds to build a 6-gigawatt manufacturing facility in Odisha.