Satyanarayan Nuwal: Man who slept at railway stations now owns Rs 35-crore solar firm
In 1995, Satyanarayan Nuwal founded Solar Industries India to trade industrial explosives and later manufactured them
Satyanarayan Nuwal. ANI
Solar Industries India’s Chairman, Satyanarayan Nuwal, can best be described as full of grit and tenacity. He is someone who never gives up despite the challenges. A native of Bhilwara in Rajasthan, Nuwal founded Nagpur-based industrial explosives and ammunition company in 1995. The major revenue sources include exports, housing and infrastructure, state-owned coal companies, defense among others. With an outstanding presence in 65 countries, industrial explosives’ market capitalisation stands at Rs 35,800 crores.
Life and education
Satyanarayan Nuwal’s father worked as an accountant for the government. In contrast to traditional education, his father emphasised the importance of learning business skills at a young age. He wished a similar path for his son and so after passing the 10th standard, Satyanarayan Nuwal spent a year in the company of his guru. He tried his hand at business. In 1977, Nuwal, then 19, moved to Chandrapur, Maharashtra, and got married.
Early career: A quintessential rags-to-riches story
As an 18-year-old, he joined a small chemicals and trading firm, but it failed. He had a hard time affording basic necessities during that time. He slept at railway stations. Despite this, he did not give up and continued to work hard. Later, he met Abdul Sattar Allah Bhai, a man with an explosives licence, but uninterested in operating a business with Nuwal.
The opportunity presented itself, and Nuwal rented explosive magazines in 1970. Eventually, he began making money selling ammunition to coal miners. As his company grew, he became a consignment agent and became one of India’s largest explosives dealers.
In 1995, he founded Nagpur-based Solar Industries. Explosives were supplied to coal mines by the industry. In 2010, Solar Industries became the first private company licensed by the government to manufacture explosives for warheads for the Indian armed forces. As per Forbes, the industry currently manufactures everything from explosives and propellants to grenades, drones, and warheads.
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Net worth
With 73 percent of the company, Nuwal has accumulated a fortune of $3 billion. As a result, he was ranked 72nd on the Forbes India Rich List for 2022. Satyanarayan Nuwal has an estimated net worth of $1.9 billion, according to Forbes. “I can only say it’s Almighty’s grace,” Nuwal said about his inclusion on the list.
Solar Group, once a single-site manufacturer has grown into a global explosives company since 1995. Decades of experience in the Industrial Explosives segment have helped the company expand into defence, fuelling the Government of India’s ‘Make in India’ initiative. It has also built one of the most advanced ammunition facilities in the world.
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