Karsanbhai Patel
 |
Karsanbhai Patel | |
|---|---|
| Born | 1945 (age 78–79) Patan, Gujarat |
| Nationality | Indian |
| Occupation | Businessman |
Karsanbhai Khodidas Patel (born 1945) is an Indian billionaire businessman, industrialist and founder of the Nirma group a company with major business interests in cement, detergents, soaps and cosmetics,pharma , pkg, high chemicals , As of 2024, hurun has listed his net worth at US$ 9 billion.[1] He has interests in education and founded Nirma University.
Life
[edit]Born in 1945 into a farmer family from Patan, Karsanbhai finished his BSc in Chemistry at age 21 and worked as a lab technician, first in the New Cotton Mills, Ahmedabad, of the Lalbhai group and then at the Geology and Mining Department of the state Government. In 1969, Karsanbhai started selling detergent powder, manufactured and packaged in his backyard. This was an after-office business – a one-man company. Karsanbhai would cycle through the neighbourhoods selling handmade detergent packets door to door. At a price of Rs. 3 per kg, (one-third the price of leading detergents), it was an instant success. Karsanbhai branded his detergent soap, Nirma, after the name of his daughter. [2] After three years, Karsanbhai felt confident enough to quit his job. Later he said, "The lack of any such precedent in my family made the venture fraught with failure. But farmers from North Gujarat are known for their spirit of enterprise." Karsanbhai set up shop at a small workshop in an Ahmedabad suburb. The Nirma brand group quickly established itself in Gujarat and Maharashtra.
The high quality and low price of the detergent made for great value. Fuelled by housewife-friendly advertisement jingles, Nirma revolutionized the detergent market, creating an entirely new segment in the market for detergent powder. At the time, detergent and soap manufacture was dominated by multinational corporations with products like Surf by Hindustan Lever, priced around Rs. 13 per kg. Within a decade, Nirma was the largest selling detergent in India. Since production was labour-intensive, Nirma also became a leading employer (employing 14,000 people 2004). Made without some phosphates, Nirma was also somewhat more environment friendly.
After establishing its leadership in economy-priced detergents, Nirma entered the premium segment, launching toilet soaps Nirma bath and Nirma beauty soap, and premium detergent Super Nirma detergent. Ventures into shampoo and toothpaste were not as successful, but the edible salt Shudh is doing well. Nirma beauty soap is one of the leading soaps, behind Lifebuoy and Lux. Overall Nirma has a 20% market share in soap cakes and about 35% in detergents. Nirma also has successful operations in neighbouring countries.
In 1995, Karsanbhai started the Nirma Institute of Technology in Ahmedabad, which grew into a leading engineering college in Gujarat. An Institute of Management followed, with the entire structure being consolidated under the Nirma University of Science and Technology in 2003, overseen by the Nirma Education and Research Foundation. The Nirmalabs education project, aimed at training and incubating entrepreneurs, was launched in 2004.
Karsanbhai's two sons, daughter and son-in-law are now at leading positions in the Nirma organization:[3] Rakesh K Patel (MBA) looks after procurement and logistics, Hiren K Patel, chemical engineer and MBA, heads marketing and finance, while Kalpesh Patel is in human resources and Healthcare Industry (Nirlife healthcare).
Awards and recognition
[edit]In 2019, Karsanbhai was ranked No. 30 by Forbes magazine, for the list of India's Richest persons.[4]
In 2001, Karsanbhai was awarded an honorary doctorate by Florida Atlantic University, recognizing his exceptional entrepreneurial and philanthropic accomplishments.
In 1990, the Federation of Association of Small Scale Industries of India (FASII), New Delhi, awarded him the 'Udyog Ratna' award. The Gujarat Chamber of Commerce felicitated him as an 'Outstanding Industrialist of the Eighties'. He has served twice as Chairman of the Development Council for Oils, Soaps and Detergents.
Patel has been conferred with Padma Shri Award for the year 2010.[5] The award was formally conferred by the President of India Mrs Pratibha Patil.
It was also announced on 7 June 2013 that he bought 400 million six-seater chopper. After Adani Group chairman Gautam Adani and Zydus group promoter Pankaj Patel, Karsanbhai is the third Ahmedabad-based industrialist to buy a chopper.
In 2017, Karsanbhai was ranked No. 38 by Forbes magazine, for the list of India's Richest persons ($3.6 billion).[6]
In 2019, Karsanbhai was ranked No. 30 by Forbes magazine for the list of India's richest persons ($3.9 billion).[7]
As per Forbes list of India’s 100 richest tycoons, dated OCTOBER 09, 2024, Karsanbhai Patel is ranked 48th with a net worth of $6.05 Billion.[8]
References
[edit]- ^ "Karsanbhai Patel". Forbes. Retrieved 11 May 2021.
- ^ Swati Daftuar (2 November 2014). "...and then NIRMA stormed in". The Hindu.
His Nirma, derived with love from the name of his daughter Nirupama, was going to be "Sabki Pasand Nirma".
- ^ "Nirma group home page: Genesis". 2004. Retrieved 24 November 2006.
- ^ "Indian Billionaires". Forbes Magazine.
- ^ "This Year's Padma Awards announced" (Press release). Ministry of Home Affairs. 25 January 2010. Retrieved 25 January 2010.
- ^ "India Rich List 2017 – Forbes India Magazine".
- ^ "Forbes India Rich List 2019 – Forbes India Magazine".
- ^ "India's 100 Richest". India’s 100 Richest. 9 October 2024.