Solar panel manufacturing company Vaari Energies IPO started trading on the stock market last Monday, which has been much discussed since the time of the IPO. This IPO gave tremendous returns to investors upon its listing. The company’s shares were trading at Rs 2,550, up about 70 per cent from its price band of Rs 1,503. On the second day of trading, this share increased by 5 percent and reached Rs 2,454. But do you know how this company that offers strong returns started?
Actually, Hitesh Chimanlal Doshi, Chairman of Vari Renewables Technologies Company, had founded this company. He entered the business world while studying in Mumbai. He had taken a loan of Rs 5,000 from a relative in the year 1985 and then started the business. He started the business of selling pressure and temperature gauges with borrowed money of Rs 5,000. However, Doshi found it very difficult to manage both studies and business.
The company did wonders from the first year.
Still, Doshi used to pay his college fees and living expenses with a monthly earning of Rs 1,000. When his business grew, he thought about registering it as a company. In September 1989, he registered his company under the name Vari Instruments. His company’s turnover for the first year was Rs 12,000. After about 40 years, his company has become one of the largest companies in the renewable energy sector and its market capitalization has reached Rs 71,244 crore.
father’s grocery store
In an interview, Hitesh said that he was born in a small village in Buldhana district of Maharashtra. His father used to run a grocery store. Facilities like electricity and telephone were also limited in the village. In that town, education was only provided up to the seventh grade, so he had to leave to continue his studies. After completing 12th, he came to Mumbai and obtained a degree from Chennai College of Commerce and Economics, University of Mumbai. He then showed interest in business and then to reduce the financial burden of his family, he borrowed money in the year 1985 and started the temperature gauge business, then he started selling electrical equipment like water pumps, heaters, stoves and flashlights. . in.
The company is named after the village temple.
After doing business for a few years, he established his own small company and named it Wari Energies after the village’s Wari temple. Apart from starting the company, he also took a loan of Rs 1.5 lakh from a bank. Little by little the business continued to grow and in 2007 it began manufacturing solar equipment. This was the same time when Vari Energy was going to grow rapidly. For the first time, the largest order came from customers in America and Europe. Little by little this company has become a leader in this sector.
How much property do the owners own?
With Vari Energy’s IPO on Monday, Doshi and his family have joined the ranks of the world’s richest. According to the Bloomberg Billionaires Index, after the listing of Vari Energy shares, the total wealth of the Doshi family reached about $5 billion (Rs 500 crore). Let us tell you that Hitesh Doshi, 57, is the chairman and managing director of Wari Energies, while his two brothers and nephews are directors on the group’s board of directors. The family is also the largest shareholder in engineering arm Waari Renewable Technologies Ltd and energy storage company Waari Technologies Ltd, both of which are already listed.
