Hitesh Doshi, a man who built India’s largest solar business despite competition from China. Solar Power is one of the renewable sources of energy and very sustainable. On 24th July, In Taj Lands End, Hitesh Doshi won the Renewable Energy Leader of the Year Award and is also known as the person who is India’s solar module manufacturer and a leader who is recognised by AsiaOne Magazine & URS Media International as India’s Greatest Brand.
But what’s the start to this incredible journey? How did 5000 Rs and his intellect changed his life and of many others?
Hitesh Doshi didn’t come from a very rich background. He was just finding means to earn his living. His father ran a grocery store in Maharashtra. Hitesh came to Mumbai for college in 1989 and thought of starting something of his own to reduce the financial burden of his father.
Since he didn’t have a penny on his own, he borrowed Rs.5000 from his relatives, promising them he would return it back in a month. That is when his life took a turn. He started taking a few orders of thermal equipment, temperature and pressure gauges, making a profit of Rs.1000 per month.
Having registered for his company in 1989, he started making good money. His first turnover was Rs12,000. He started venturing from Rajkot, Kolkata, to start another company for manufacturing Mahaveer Thermo Equipments and soon hired people and that year.
It took him seven years to build this Empire. He faced many problems because he was new to the market and had to wait for a long list of approvals, but did not give in. His first overseas deal was with Italy worth Rs 26 lakhs. Waaree Enterprises, his company which provides all bit of services today from engineering, supply, solar power plants and is leading in them. He made strategic tie-ups with Dwyer Instruments (USA), Keller (Switzerland) and many other overseas countries.
On being asked why he chose solar energy as a business, he replied that his trip to Germany at a solar exhibition made him awestruck and sure that it will be the next best thing and will help India in ways one can’t even imagine. He did face difficulties because of the Covid situation, but he focused on new suppliers all the time.
The Indian Government aims to achieve 114W of solar capacity to which he thinks that the solar sector is going to make a comeback. He also remarked that he sees his company making a turnover of Rs 2000 crore this year or grow by 15 percent.
Solar sector has a lot of advantages in India since it is very sustainable and urgent. Climate change and depletion of resources are worldwide. The only problem is that this sector doesn’t have a lot of funding, which is changing day by day.