Forbes Spotlights Aether Industries’ CMD Ashwin Desai: $1.3B Net Worth Despite $1B Market Cap Loss in Fire

Seven months ago, Forbes announced its list, which included Surat’s Aether Industries owner Ashwin Desai. Among the affluent magnates in Gujarat’s textile hub, Ashwin Desai holds a prominent position. His wealth amounts to $1.3 billion. However, tragedy struck on the night of November 28 when a blast occurred in Aether Industries’ chemical storage tank in Surat. Twenty-seven workers were present during the incident, seven of whom lost their lives, and Ashwin Desai suffered injuries. On Tuesday, a fire broke out, causing the company’s shares to plummet by 8.50% until it reached a market cap of ₹10,000 crore.

Ashwin Desai Tops Forbes Billionaires List Among 168 Indian Industrialists

Out of the globally renowned Forbes Magazine’s list of 2259 billionaires, 168 Indian industrialists secured positions. Surat’s Aether Industries’ CMD Ashwin Desai topped the list as the first businessperson from Surat in this elite group. With a fortune of $1.3 billion, Ashwin Desai and his family operate Aether Industries.

Chemical Engineering Graduate of 1974 – Ashwin Desai’s Early Years

In 1974, Ashwin Desai earned a bachelor’s degree in chemical engineering. Before establishing Aether Industries, he was a founding member of Anupam Rasayan in Surat. In the Forbes Billionaires list for the year, he holds a special place as the first Surati businessman.

Family-Run Business with Wife and Two Sons

Starting Aether Industries in 2013 at the age of 72, Ashwin Desai leads the company alongside his wife Purnima and sons Rohan and Aman. Purnima manages the financial operations, while Rohan oversees sales, sourcing, and human resources. Aman, with a Ph.D. in organic chemistry from Michigan State University, is in charge of R&D and new projects. The company, with two factories in Surat, specializes in supplying a portfolio of 25 distinct chemical products to industries such as pharmaceuticals, agrochemicals, oils, and gases.

Aether Shares Experience a Setback Post Fire Incident

After the fire incident, Aether Industries‘ shares suffered a setback, dropping by 8.50% when the stock market opened on Wednesday. The company’s market cap also decreased to ₹10,000 crore. In the coming days, the company is expected to face various challenges and criticisms in the aftermath of the tragic event involving human casualties.