Yesterday nosotros published an article near Amitabh Bachchan's entry inwards Nitin Fire Protection Industries. Today nosotros are publishing the inspiring flush of Nitin Shah,M D of Nitin Fire Protection Industries who built a Rs 1000 crore burn downwards protection companionship from less than Rs xx of his own. This flush was originally published inwards EconomicTimes.
My Childhood My virile individual bring upwards had a modest firefighting equipment manufacturing draw solid Zenith Fire services. Since the historic menses of eight, I started accompanying him to the firm's manufacturing unit of measurement inwards Mumbai. As I grew, I began managing shifts at the unit of measurement during my schoolhouse in addition to college vacations. But, I was the youngest inwards the household unit of measurement in addition to my eldest blood brother inherited the business. I idea near starting my ain venture without whatever assist from my family. But I did non cause got fifty-fifty Rs xx to get-go out with.
My First Loan I took a loan of Rs 500 from some of my friends in addition to started working at a friend's auto garage. This was inwards Jan 1984. By in addition to therefore I had completed a diploma inwards mechanical engineering. While working amongst my father, I built useful contacts. One of them was a senior advisor to the Department of Atomic Energy (DAE). He told me near a maintenance contract for burn downwards extinguishers at the department. His recommendation helped me win the contract. This was inwards Apr 1984.
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| Nitin Shah |
Our First Contract The contract required repair in addition to maintenance of firefighting cylinders. DAE would carry the cylinders to the garage where I was working, I would repair the cylinders in addition to they would hold upwards transported back. I employed 3 people to assist me amongst the work. When nosotros started off, I did non cause got the coin to purchase trolleys, pulleys or conveyer belts. I improvised amongst whatever equipment were available. For the rolling machine, nosotros used a component of an sometime car. It terms me near Rs 1,000. H5N1 novel rolling machine would cause got terms some Rs 45,000.
Our First Office Building Within 6-7 months, nosotros had saved plenty to purchase a 1,200 sq. ft infinite at Ghatkopar for some Rs xx lakh. The companionship was named Nitin Fire Protection Industry. When nosotros were non repairing ability cylinders, nosotros were busy manufacturing extinguishers. Based on our move for the DEA, nosotros got a maintenance contract for ONGC inwards 1986. It required consummate maintenance of hose grills, engines in addition to tanks at their plant. By end-1986, our turnover had crossed Rs 7 crore.
Getting into End-to-end Firefighting Solutions In 1987, nosotros decided to growth our manufacturing capacity in addition to bought a 50,000 sq. ft infinite at Umargaon inwards Gujarat for Rs 1 crore. We employed some 25 people for manufacturing firefighting equipment at the facility. The headcount at Bombay was nonetheless five. They were responsible for the DAE in addition to ONGC maintenance contracts. We started offering end-to-end firefighting solutions similar designing, manufacturing in addition to maintenance of equipment for firefighting units including Goa burn downwards forcefulness in addition to Bombay burn downwards brigade inwards 1988. At that time, no companionship was offering burn downwards detection equipment. We planned on getting into that segment but lacked the expertise.
Our First Foreign Collaboration In 1989, nosotros decided to bring together hands amongst someone who had the science in addition to know-how. We teamed-up amongst UK-based Apollo Fire Detectors, i of the largest manufacturers of smoke detectors, modules in addition to notification devices. It was an exclusive tie-up in addition to nosotros move on to hold upwards the sole distributors of their devices inwards the country. We expanded from manufacturing to marketing in addition to distribution of firefighting equipment.
Getting into Stock Market On June 5, 2007 nosotros went populace to fund our expansion plans. The size of our initial populace offering (IPO) was Rs 65 crore. We got a huge response. We used the proceeds from the IPO to laid upwards a manufacturing unit of measurement for CNG cylinders at Visakhapatnam. We laid upwards a divide companionship Nitin Cylinders to operate the unit. But shortly nosotros realised that the infrastructure needed to operate the unit of measurement wasn't available. We were non getting a laid furnish of CNG for the cylinders. We decided to partner amongst a global expert. We sold threescore per cent of Nitin Cylinders to US-based Worthington Industries for $21 i chiliad 1000 inwards Dec 2010. The companionship was renamed Worthington Nitin Cylinders.
More Subsidiaries Across Globe Since 2008, nosotros also started acquiring stake inwards a UAE-based draw solid New Age Company through Nitin Ventures. It is a 30-year-old companionship amongst mandates from local civic bodies, airdrome evolution authorities, port authority, telecommunications sites, cement plants, Emirate Ministry of Education in addition to Civil Defence. In 2010, nosotros acquired the company. The buyout terms us Rs xl crore. New Age Company has offices at Abu Dhabi, Dubai in addition to Sharjah in addition to has installed burn downwards protection systems inwards all vii emirates. We also launched some other companionship Firetec Systems, through Nitin Ventures, for the European market. We are at in i lawsuit the world's solely companionship to offering all types of burn downwards protection products including inert gases, chemic gases in addition to water.
We Aim Big!! Last year, our consolidated revenues were over Rs 1,000 crore. We are aiming to hold upwards a $1-billion draw solid inwards the side past times side 5 years.
NB: This is non a purchase telephone weep upwards but but sharing an interesting story
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