‘This’ person who holds the Title of the Richest Person in Nagpur?
‘This’ person who holds the Title of the Richest Person in Nagpur?
Nagpur, the second capital of Maharashtra, is growing rapidly. The city has become a hub for many big industries. Several wealthy businessmen live in Nagpur. Among them, Satyanarayan Nandlal Nuwal is considered the richest person in Nagpur.
Satyanarayan Nuwal is the founder of Solar Industries, a company that manufactures industrial explosives and ammunition. Today, Solar Industries operates in more than 65 countries. Nuwal started his business journey with just Rs 1,000.
He was born in a middle-class family in Bhilwara, Rajasthan. At the age of 19, he got married. In 1977, he moved to Balharshah in Chandrapur district of Maharashtra for livelihood. There, he started trading explosives used for well digging, road construction, and mining. He used the license of an acquaintance to begin this business. During this time, he secured a contract from British company Imperial Chemical Industries (ICI).
In 1984, Nuwal shifted to Nagpur and focused on growing his business. In 1995, he took a loan of Rs 60 lakh from the State Bank of India and set up a small explosives factory. Coal India Limited became one of his first major clients.
Through hard work and determination, he expanded his business rapidly.
In 2006, Solar Industries was listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The company now exports its products to 60 countries and accounts for 70% of India’s total explosives exports.
When the government promoted ‘Make in India’ in defence, Solar Industries got another big opportunity. The company now makes drones, grenades, military explosives, rockets, and warheads for missiles like Pinaka and Agni.
Satyanarayan Nuwal has a net worth of $4.4 billion (around Rs 38,028 crore). His company’s market cap is close to Rs 84,216 crore.
