Inder Jaisinghani’s meteoric rise from the bustling lanes of Mumbai’s Lohar Chawl to securing a spot among the wealthiest individuals in India is nothing short of inspiring. As the Chairman and Managing Director of Polycab India Ltd., Jaisinghani has played a pivotal role in transforming a small trading firm into a multi-billion-dollar electrical manufacturing powerhouse. With a current market capitalization of over Rs 1 lakh crore and a net worth of $8.6 billion in 2024, Jaisinghani’s journey underscores the power of visionary leadership, determination, and a customer-first approach.
Inder Jaisinghani: From Humble Beginnings to Billionaire
Inder Jaisinghani’s story begins in Mumbai’s Lohar Chawl, an area traditionally known for its dense population and small-scale trades. Born into a modest family, Jaisinghani’s early life was shaped by challenges. After the untimely death of his father, Jaisinghani dropped out of school at just 15 to support his family and take charge of their small business. This decision marked the beginning of his entrepreneurial journey.
Despite lacking formal education, Jaisinghani’s sharp business acumen quickly became apparent. His ability to understand market dynamics, identify opportunities, and execute strategies propelled him forward. His passion for business was evident in his work, and he soon found himself at the helm of Polycab, guiding it to success.
The Rise to Prominence
In 1997, Jaisinghani was appointed as the Chairman and Director of Polycab, a role that positioned him to steer the company through its formative years. Under his leadership, Polycab not only became a household name in the electrical manufacturing industry but also expanded into new sectors, including electrical goods and smart technology. In 2019, he formally assumed the role of Chairman and Managing Director, and it was during this period that Polycab truly began to soar.
By 2021, Jaisinghani’s net worth was estimated at $3.4 billion. Over the next three years, this figure grew significantly, reflecting his strategic decisions and the company’s overall growth trajectory. In 2024, his net worth stands at an impressive $8.6 billion, as recognized by Forbes India Rich List. This ascent places him among the country’s wealthiest entrepreneurs, though he continues to remain focused on Polycab’s long-term vision.
Polycab India: A Legacy of Innovation and Growth
Polycab India, founded in 1964 by Thakurdas Jaisinghani as Sind Electric Stores, has come a long way from its humble beginnings as a small electrical trading business. By the mid-1970s, the company expanded into manufacturing, and the Jaisinghani family became fully involved in the operations. Under Inder Jaisinghani’s leadership, Polycab diversified and grew into a major player in the cables and wires manufacturing sector.
The Early Years
In the 1980s, Polycab registered as a formal company, initially producing a wide range of cables and wires. The company’s reputation for quality products and innovative solutions set it apart from its competitors, and its growth was steady but consistent. By the late 1990s, Polycab had expanded its product range to include PVC-insulated power cables, telephone cables, and other specialized products.
A Leap into Diversification
The company took a significant step forward in 2006, crossing the Rs 10,000 million revenue mark. By 2011, Polycab had tripled that figure to Rs 31,000 million. This rapid growth was fuelled by the company’s expanding product portfolio, which now included items such as switches, fans, LED lighting, and circuit breakers. Polycab’s entry into the Fast-Moving Electrical Goods (FMEG) market marked a bold diversification strategy that would pay off in the coming years.
In 2013, the company set up a copper rod plant in Halol, Gujarat, in collaboration with Trafigura Pte. Ltd., and a joint venture for LED lighting with Techno Electromech. These strategic partnerships not only boosted Polycab’s manufacturing capabilities but also paved the way for its expansion into new markets and technologies.
IPO and Global Expansion
Polycab’s public listing in 2019 was a landmark moment in its history. The Rs 13,450 million Initial Public Offering (IPO) received overwhelming demand, underscoring the market’s confidence in the company’s future. The IPO allowed Polycab to raise capital for further expansion and investment in cutting-edge technologies. By 2020, the company was already making strides in the smart technology space with its IoT-enabled home automation system, HOHM.
Polycab also increased its global footprint, exporting products to over 40 countries and continuing to strengthen its position in key international markets.
Visionary Leadership: Jaisinghani’s Key to Success
Inder Jaisinghani’s leadership philosophy has been centered around a few core principles: customer-first approach, operational excellence, and innovation. He staunch supporter of the Make in India initiative, believing that India’s manufacturing potential can play a significant role in domestic and international markets.
- Focus on Quality and Customer Loyalty
Jaisinghani’s commitment to quality has earned Polycab a loyal customer base. Whether it is high-quality electrical cables, LED lighting, or smart home products, Polycab’s reputation for reliability and competitive pricing has helped the company stand out. Jaisinghani’s customer-first approach ensures that Polycab remains a trusted name in the industry, while his focus on innovation keeps the company ahead of the curve.
