Rising Specialty Chemical Demand Creates India's Newest Billionaire
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| Rising Specialty Chemical Demand Creates India's Newest Billionaire |
This month, Ashwin Desai became India's newest billionaire in Surat, a city better renowned for its diamond sector thanks to the listing of his specialty chemicals manufacturer, Aether Industries.
Aether's creator and managing director, Desai, owns 87 percent of the business. Aether raised a total of 10.4 billion rupees ($134 million), including pre-placements, at the listing price of 672 rupees ($8.51), which was 10% over the IPO price.
Aether is run by the 70-year-old chemical engineer's wife, Purnima, and sons, Rohan and Aman. He founded the company in 2013.
Aether, which has two factories in Surat, provides a variety of industries, including the pharmaceutical, agrochemical, and oil and gas industries, with a portfolio of 25 specialty chemical products.
In the fiscal year that ended in March 2022, the company's revenue increased 31% to 5.9 billion rupees ($75 million), while its net profit increased by 53% to 1.1 billion rupees ($14 million).
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