Age is just a number and never a hindrance to your creative endeavors or when you are determined to achieve your goals. Ashok Boob, the managing director of Clean Science and Technology Limited, is one such example. He started a new business with his nephew at the age of 54 and earned himself a place in the Forbes list.
Ashok Boob’s Early Life
Ashok Boob graduated from the Institute of Chemical Technology, also known as the University Department of Chemical Technology, UDCT, in Mumbai, with a Bachelor’s degree in Chemical Engineering. He has been working in the industry for over 25 years and has throughout his career held significant positions. He was an executive director at Mangalam Drugs and Organics Limited till 2004. Using his expertise in integrating cutting-edge engineering solutions in manufacturing, the success obtained in R&D labs is effectively commercialised, and that has taken the firm to achieve significant goals.
Clean Science and Technology is a manufacturer of speciality chemicals that Ashok Boob created in 2003 with his family. Everything from newborn food formulas to cosmetics and cereals uses its compounds. Additionally, it produces pharmaceutical intermediaries for antiretrovirals and cough syrups. With the assistance of his nephew Siddharth Sikchi and younger brother Krishnakumar, both of whom serve as executive directors, Boob divides his wealth. The Pune-based business debuted in July 2021 at a price that was nearly double its IPO price as per Forbes.
Starting his entrepreneurial journey at 54
At Clean Science and Technology Ltd (CSTL), Ashok Boob and Siddharth Sikchi are creating history by putting India on the map of the world by creating distinct, environmentally friendly, and economically viable catalytic manufacturing techniques in specialty chemicals.
Their approach is consistent with India’s goal of positioning itself as a competitive alternative for international businesses looking to de-risk supply chains. Their journey began in 2006 when Siddharth, his nephew, who had just returned from Canada with a Master’s degree in Organic Chemistry, and Ashok, an industry veteran with five decades of expertise, joined forces to create CSTL. With the goal of increasing yields while lowering costs, they set out to create “green” environmentally friendly production procedures.
The pair started looking for land to build a facility after spending a year working in their modest laboratory in Vapi. At the time, rates in Vapi were unaffordable at Rs. 1 crore per acre, so they moved to Kurkumbh, an industrial complex outside of Pune that was home to a few chemical industries. The final 7.5 acre location that was on an elevation and had been turned down by other businesses was offered to Clean Science and Technology as per Forbes.
Monomethyl ether of hydroquinone (MEHQ) and Guaiacol were the first goods that Clean Science put on the market. When compared to Guaiacol, which is utilised as a pharmaceutical intermediate in cough syrup, MEHQ is employed in diapers and sanitary napkins. The company had difficulty producing the product at scale and to the necessary specs in 2008–2009, but by the following year they had perfected the chemistry, and with the right catalyst the product technology was in place.
Due to the pioneering leadership of its founders, R&D, and engineering are CSTL’s strongest suit. Siddharth is the driving force behind R&D initiatives to delve into unique goods by utilising creativity and building internal R&D to develop capabilities for the plant scale. In order to manage production and establish manufacturing facilities with a global reach, Ashok makes use of his engineering knowledge. Within a brief 16-year period, CSTL has become a global leader in its major product offerings thanks to the complementary skill set of its promoters.
Revenues for the company as per Ernst and Young reports were Rs 685 crore, up 34% from FY21 to FY22. 70% of sales are exported to multinational corporations in wealthy countries.
Ashok and Siddharth have ensured the development of a strong and resilient business model through consistent use of innovation, in-house R&D, capital allocation, and a relentless focus on execution to create long-term value for all of their stakeholders. Additional investments are planned to expand capabilities.
Ashok Boob’s net worth
Ashok Boob and his family had a net worth of $2.09 billion and Boob alone has a whopping net worth of $1.2 billion as of 2022, Forbes reported making him one of the richest men in the country.
