Early Life
Ashwin Desai was born in Isipingo, Durban, on September 18, 1951. He grew up in Indore. Desai was always interested in chemical engineering and went on to study chemical engineering and enrolled at the Institute of Chemical Technology (ICT), formerly the University Department of Chemical Technology, in Mumbai. Desai's father had an umbrella manufacturing business.
Rise to Success
Ashwin Desai's entrepreneurial journey began in 1976 when he co-founded a specialty chemicals business with his brother-in-law. In 2013, he founded Aether Industries in Surat, Gujarat. Aether supplies chemicals to the agrochemical, pharmaceutical, and oil and gas industries. Desai took Aether public in June 2022, raising $103 million. This move, with the company's shares listed at a 10% premium, made him a billionaire.
Key Business Strategies
Desai's key business strategy involved focusing on research and development. Aether Industries has two factories in Gujarat. His sons, Rohan and Aman, manage the business operations and the technical side, respectively, and his wife Purnima has a board seat. The company primarily operates under three business models: large-scale manufacturing of its own intermediates and specialty chemicals, CRAMS, and exclusive contract manufacturing. Aether is the lone maker of some specialty chemicals in India, including 4MEP, MMBC, and DVL.
Philanthropy
Specific details of Ashwin Desai's philanthropy are not available.