Inspirational Stories: Billionaire businessman Satyanarayan Nuwal founded Solar Industries India in 1995. He began by trading in industrial explosives but eventually moved into producing them. According to Forbes, the defence industry, housing and infrastructure, state-owned coal firms, and exports bring in the most money for Satyanarayan Nuwal. Although Nuwal’s father worked for the government, he always had an entrepreneurial spirit and, at the age of 18, he established an ink manufacturing facility. Even though the firm did not succeed, Nuwal continued to try his hand at other ventures before opting to continue with the industrial explosives business.
Hardship and Humble Beginnings
When times were difficult, Nuwal would sleep at the railway station. Due to domestic duties, Satyanarayan Nuwal dropped out of school after the tenth grade, yet he now controls a business worth Rs 36,000 crore. In Bhilwara, Rajasthan, Satyanarayan Nuwal was born into a middle-class family. His father was a patwari, and the family through a lot of problems following his retirement in 1971. Previously, Nuwal’s grandfather owned a small food store. Nuwal married when she was 19 years old. Nuwal arrived in Balharshah in the Chandrapur district of Maharashtra in 1977. Here he met Abdul Sattar Allahbhai, a supplier of explosives used in mines, wells, and road construction. Nuwal’s encounter with Abdul Sattar gave his life a new perspective.
The Impact of Imperial Chemical Industries
Using his permit to sell explosives, Nuwal began conducting business with Abdul Sattar’s by paying Rs 1,000 each month. Nuwal’s life was suddenly transformed when Imperial Chemical Industries, a British company, caught his attention. He used to purchase 25 kg of explosives for Rs 250 and sell it for Rs 800 on the market. He began operating a modest explosives manufacturing facility in 1995 after obtaining a Rs 60 lakh loan from the State Bank of India. As part of the Make in India initiative, Nuwal’s company today produces everything from explosives and propellants to grenades, drones, and warheads. By November 2022, the market will have grown from Rs 1,765 crores in 2012 to Rs 35,000 crores. The value of Satyanarayan Nuwal’s assets is US$ 1.9 billion (about Rs. 17000 crore). A 73% interest in Solar Industries is held by Nuwal.
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