Born in Mumbai slum, quit studies at 15, this man is now worth Rs 734332922490, his name is…, business is…

Polycab, which started out as a small-time trading firm in 1986, is today the leading cables and wires company in India, valued at a whopping $947.64 billion. Its Chairman, Inder Jaisinghani, who began his journey from a slum in Mumbai, is now one of the richest individuals in India,

Stepping out of crushing poverty and building a business empire from scratch is undoubtedly a cumbersome task which only a handful of people can boast to have accomplished in India. One such shining example is the inspiring story of Inder Jaisinghani, the Chairman and Managing Director (MD) of Polycab India Limited, who was born in a Mumbai slum, spent his childhood in utter poverty, yet through sheer hard work and dedication, turned a small shop in a major business empire and currently has a net-worth pegged at $8.6 billion, according to Forbes.

Who is Inder Jaisinghani?

Born in a low-income household in Mumbai’s Lohar Chawl, Inder Jaisinghani’s childhood was riddled with crushing poverty and things got worse after the death of his father, which forced him to drop out of school at the age of 15, and shoulder the burden of the family’s responsibilities at a tender age.

However, despite the overwhelming odds, Inder Jaisinghani was determined to change his circumstance in life and started by helping run the family business, Polycab, which at the time, was a small electric goods shop in Lohar Chawl.

Over the years, Inder employed his exceptional business acumen to transform Polycab from a small shop to the largest wire and cable manufacturing firm in India. In 1997, Jaisinghani took over as the Chairman and Director of Polycab, and under his leadership, the company ventured into new markets, and soon became a leading name in the cable manufacturing sector.

‘Slumdog billionaire’

Polycab, which started out as a small-time trading firm in 1986, is today the leading cables and wires company in India, valued at a whopping $947.64 billion. Its Chairman, Inder Jaisinghani, who began his journey from a slum in Mumbai, is now one of the richest individuals in India, with a net worth of 8.6 billion (approximately Rs 734332922490), making him one of richest industrialists in the country, according to Forbes Rich List.

In 2008, International Finance Corporation, the private equity arm of the World Bank, picked up a stake in Polycab, and in 2014, the company expanded its product catalog, and started manufacturing items like electric fans, LED lighting, switches and switchgear.

Polycab became a publicly-traded company in 2019, and currently has 28 manufacturing plants across India and exports its products to 79 countries. Once a small shop, Polycab has witnessed stunning growth in the last 50 years under the leadership of Inder Jaisinghani.

Apart from his business acumen, Jaisinghani is also renown for his charity and works for the upliftment of the economically and socially downtrodden communities through Polycab’s CSR initiatives. He is also a vocal supporter of the ‘Make in India’ initiative.