Ashwin Desai, the founder of Aether Industries, is recognized as the wealthiest individual in Surat, with an impressive fortune of ₹100,462 crore. Following him is Faruk G. Patel of KP Group, valued at ₹9,700 crore, known for its focus on green energy solutions.
In third place is Niraj Choksi from NJ India Investment, who has amassed ₹9,600 crore, while Babubhai Lakhani of Kiren Gems holds the fourth position with ₹7,400 crore.
Aether Industries: A Leading Player
Aether Industries, founded by Desai in 2013, specialises in producing specialty chemicals for sectors such as agrochemicals, pharmaceuticals, and oil and gas. The company operates two factories in Gujarat, showcasing its significant role in the industry.
In June 2022, Desai took Aether Industries public, raising $103 million and debuting the company’s shares at a 10% premium. This milestone solidified his status as a billionaire. Desai’s family plays a vital role in the business, with his sons, Rohan and Aman, overseeing operations and technical aspects, respectively, while his wife, Purnima, serves on the board.
Early Beginnings and Challenges
Desai’s entrepreneurial journey began in 1976 when he co-founded a specialty chemicals business with his brother-in-law. After relocating to Surat with his mother, Desai faced challenges due to their lack of experience in the chemical industry. Starting from scratch, he rented a small farm on the city’s outskirts to produce sulfuryl chloride, a hazardous chemical essential for dye and pharmaceutical applications.
Personal Interests and Future Plans
Beyond his business endeavours, Ashwin Desai is passionate about swimming, nature, and poetry. Aether Industries continues to expand, having recently acquired land in Surat for a new factory, signalling further growth in the company’s future.
