Ashwin Desai, today one of the wealthiest men in Surat, started with almost nothing. His incredible story began in the 1970s when he was living in a one-room house. With determination, Desai went on to become the founder of Aether Industries, now a leading supplier of speciality chemicals to various industries, including agrochemicals and pharmaceuticals. As of now, Desai’s net worth is a staggering ₹10,046 crore.
The Start of His Entrepreneurial Journey
Ashwin Desai’s business journey began in 1976. He moved to Surat with his mother to live with his brother-in-law. Desai wanted to create something of his own, so he ventured into the speciality chemicals business, even though neither he nor his brother-in-law had any knowledge of the chemical industry. However, Desai’s determination and vision kept him moving forward.
The One-Room Apartment and Early Struggles
In the early days, Desai lived in a single-room apartment in Surat. He rented a small farm on the outskirts of the city to kickstart his business. He began producing sulfuryl chloride, a compound that was mostly imported into India at that time. Despite its dangerous nature, sulfuryl chloride was essential for the chemical dye and pharmaceutical industries, and this gave Desai a foothold in the market.
The Birth of Aether Industries
In 2013, Desai founded Aether Industries. Today, it’s one of the top specialty chemical companies in India, supplying essential products to industries such as agrochemicals, oil, gas, and pharmaceuticals. Aether operates two factories in Gujarat and continues to grow. Desai’s sons, Rohan and Aman, manage business operations and the technical side, while his wife, Purnima, serves on the board of the company.
Going Public and Billionaire Status
In June 2022, Aether Industries went public. The company raised $103 million through its IPO, and its stock was listed with a 10% premium. This was a turning point for Ashwin Desai, making him one of the billionaires of Surat with a net worth of ₹10,046 crore.
Aether Industries’ Expansion
Ashwin Desai’s business isn’t slowing down. Aether Industries has already acquired a new site in Surat for another factory. Desai’s remarkable rise from living in a one-room home to becoming a billionaire is inspiring for many.
Today, Ashwin Desai is the wealthiest man in Surat, followed by Farooq Ji Patel with ₹9,700 crore net worth and Neeraj Chokshi of NJ India Investment with ₹9,600 crore.
