Hitesh Doshi's wealth soars to $5.3 billion as Waaree Energies thrives in India's renewable sector
livemint.com — October 29, 2024, 02:01 PM UTC
Hitesh Chimanlal Doshi, chairman of Waaree Energies, has seen his wealth rise to $5.3 billion after the company's shares surged 56% following its $514 million IPO. He started with a ₹5,000 loan in 1985 and has built one of India's largest renewable energy firms. Waaree Energies is now the largest solar module manufacturer in India, with a capacity of 12,000 megawatts. The company is expanding its operations, including plans for a new 6-gigawatt plant in Odisha, funded by its recent public offering. The growth of Waaree Energies aligns with India's increasing focus on renewable energy, which now constitutes nearly half of the country's total installed energy capacity. Solar energy accounts for 20% of this capacity as of October 2024.