Satyanarayan Nuwal, the founder of Solar Industries, transformed the company into a top industrial and ammunition manufacturer. As of 2023, his net worth is estimated at $190 crores.
Satyanarayan Nuwal, hailing from Bhilwara, Rajasthan, had a keen interest in the business from a young age and prioritized gaining practical knowledge over formal education. After completing his 10th grade, he spent a year under his guru and ventured into entrepreneurship.
At the age of 18, Satyanarayan Nuwal tried running a small chemicals and trading firm but it wasn’t successful. He got married at 19 and faced struggles until 1977 while living in Chandrapur, Maharashtra.
Despite facing financial challenges in Chandrapur, Satyanarayan Nuwal never lost hope. He often slept at railway stations due to a lack of resources. However, his unwavering spirit led him to meet Abdul Sattar Allah Bhai, who had a magazine and explosives license but was not interested in operating a business.
Satyanarayan Nuwal saw a commercial opportunity when he met Abdul Sattar Allah Bhai who had an explosives license but wasn’t interested in operating a business. Nuwal started renting explosive magazines and grew his company to become the biggest explosives dealer in India.
In 1995, Satyanarayan Nuwal brought his vision to life and founded Solar Industries, headquartered in Nagpur. The company initially supplied explosives to state-owned coal mines but has now expanded to operate in 65 countries.
Subsequently, Solar Industries began manufacturing its own explosives and ventured into the defence industry. As of 2006, the company was generating a turnover of nearly Rs 78 crore with a net profit of around Rs 11 crore and was preparing to go public. Satyanaryan Nuwal utilized most of the funds to establish 13 more manufacturing units and expand the business to 29 different locations.
During this time, Solar Industries also expanded its operations globally, entering the manufacturing sectors of six countries including Tanzania, South Africa, Zambia, Ghana, and Nigeria.
Solar Industries has further expanded its operations and is currently working on establishing production facilities in Thailand, Australia, and Indonesia. In 2010, the Indian government granted the company a license to manufacture explosives for the Indian army, making it one of the pioneering private enterprises to receive such a license.
Solar Industries, part of the Make In India mission, produces explosives, propellants, grenades, drones, and warheads. Its market value increased by 1,700% in a decade, from 1,765 crores in 2012 to over 35,000 crores in Nov 2022. Founder Satyanarayan Nuwal has a net worth of $190 crores in 2023.
Nuwal’s significant ownership in Solar Industries has earned him a considerable fortune of $3 billion, making him the 72nd richest Indian according to the Forbes India Rich List.