Success comes to those who defy odds and tread the path of hard work with dedication. One such story is of Inder Jaisinghani. According to the Forbes India list of the 100 wealthiest Indians for the year 2023, Inder Jaisinghani has secured the 32nd position. He serves as the Chairman and Managing Director of Polycab India, a prominent company specializing in electrical wires and cables. In 2023, the company’s net worth witnessed a remarkable increase, nearly doubling. Jaisinghani’s net worth for 2023 is estimated at approximately Rs 53,000 crore, reflecting a staggering 91% surge from his 2022 net worth of $3.35 billion. Consequently, his ranking also experienced a significant improvement, moving up 28 places from 60 in the previous year to the 32nd spot. As of October 14, 2023, the market value of Polycab India stands at approximately Rs 79,700 crore.
At the age of 15, Inder Jaisinghani had to discontinue his education to assist his elder brother, Girdhari, in managing the family business following their father’s demise. Later, the two younger siblings, Ramesh and Ajay, joined them in their entrepreneurial journey. Together, they established Polycab in 1983, commencing their operations within a modest 1,000-square-foot workspace that resembled a garage. While his brothers focused on manufacturing, Inder took charge of the company’s marketing and sales efforts. Despite initial challenges, they eventually set up a manufacturing facility in Halol, Gujarat, and steadily expanded their business, achieving consistent growth year after year.
A pivotal moment arrived in 2008 when the International Finance Corporation, the private equity division of the World Bank, acquired shares in Polycab. In 2014, the company diversified its product range by adding electric fans, switches, and LED lighting. Polycab’s value soared after the Jaisinghani brothers took the company public in 2019. The favorable growth in the electricity sector in 2022 greatly contributed to the surge in Polycab’s share value, and Inder Jaisinghani joined the ranks of Indian billionaires in 2021.
