Sandeep Engineer

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Sandeep Engineer
Sandeep Engineer .jpg
Born11 May 1961[1][2]
Ahmedabad, Gujarat, India
OccupationManaging Director, Astral Limited [3] Managing Director, Resinova Chemie Limited
Known forFounder, Astral Limited
Spouse(s)Jagruti Sandeep Engineer
Children2

Sandeep Engineer (born 11 May 1961) is an Indian billionaire industrialist based in Ahmedabad, Gujarat. A chemical engineer by profession, he is the founder and managing director of Astral Limited, a Fortune 500 India company.[4] As of December 2021, his net worth is estimated at US$ 3.0 billion.[5]

Early life[]

Sandeep Engineer was born on 11 May 1961 to Pravin Chandra and Hansaben Engineer in Ahmedabad, Gujarat.[5] After doing his schooling at Udgam School, Ahmedabad, he then earned a bachelor's degree in chemical engineering.[5] from Lalbhai Dalpatbhai College of Engineering.[6]

Career[]

He started as a project engineer with Cadila Pharmaceuticals.[7] [2] Then, his first entrepreneurial stint was as a distributor of flavoured Isabgol, a home remedy for constipation, across Ahmedabad. The venture shut down in a couple of years, leaving him with losses.

In 1987, he started Shree Chemical to manufacture pharmaceutical intermediates.[8] Sandeep later established Kairav Chemicals Pvt Ltd to start pharmaceutical bulk drugs at Santej, near Ahmedabad in 1992.[9]

Engineer had a particular interest in polymers right from his college days. After eight years of business in pharmaceutical bulk drugs, he decided to venture into polymer processing.[10] He came in contact with B.F. Goodrich, a US Fortune 500 company (now Lubrizol), pioneers in patented chlorinated polyvinyl chloride [CPVC] polymers used in piping industries.[11] He soon approached B. F. Goodrich and tied up for the processing license for the first time in India.[12] This tie-up formed a new company named Astral Poly Technik Limited (now Astral Ltd).[13]

In 2014, Engineer diversified Astral business by entering into the adhesives and sealants market. Astral acquired an 80% controlling stake in UK-based company Seal It Services Ltd.[14][15], manufacturing a diversified range of adhesives and sealants, and also acquired Kanpur-based ResinovaChemie Ltd.[16][17]

In 2020, Engineer entered the plastic storage tanks business through the acquisition of Sarita Water Tanks,[18] an Aurangabad-based company and also started production of water tanks with the brand name Astral.[19]

Personal life[]

Engineer is married to Jagruti and lives in Ahmedabad with his two sons, Kairav and Saumya.[20]

References[]

  1. ^ "Sandeep Engineer's Forbes Profile". Forbes.
  2. ^ a b Thaker, Naini (3 April 2019). "How Astral Pipes' Sandeep Engineer became a mint-new billionaire". Forbes India. Retrieved 24 April 2019.
  3. ^ "Astral Ltd". The Economic Times.
  4. ^ "Fortune India 500". Fortune India.
  5. ^ a b c "Forbes profile: Sandeep Engineer". Forbes. Retrieved 14 September 2021.
  6. ^ Pandey, Piyush (6 May 2004). "An engineer who means business". Business Standard India. Retrieved 14 June 2013.
  7. ^ Pandey, Piyush (6 May 2004). "An engineer who means business". Business Standard India. Retrieved 14 June 2013.
  8. ^ Pandey, Piyush (6 May 2004). "An engineer who means business". Business Standard India. Retrieved 14 June 2013.
  9. ^ Yadav, Shekhar (11 April 2020). "The 'Astral Poly Technik' story". MyInvestmentDiary. Retrieved 11 April 2020.
  10. ^ Mukherjea, Saurabh (17 August 2016). The Unusual Billionaires. Penguin UK. ISBN 978-93-86057-67-9.
  11. ^ Yadav, Shekhar (11 April 2020). "The 'Astral Poly Technik' story". MyInvestmentDiary. Retrieved 11 April 2020.
  12. ^ Yadav, Shekhar (11 April 2020). "The 'Astral Poly Technik' story". MyInvestmentDiary. Retrieved 11 April 2020.
  13. ^ "Astral Poly Technik renamed as 'Astral Limited'; Stock tumbles 3%". IIFL Securities. Retrieved 13 April 2021.
  14. ^ "Astral Poly Technik forays into adhesive manufacturing". The Hindu Business Line. Retrieved 26 August 2014.
  15. ^ Vishal, Dutta. "Astral Poly Technik acquires British company Seal It Services for Rs 44 crore". The Economic Times. Retrieved 26 August 2014.
  16. ^ Anuradha, Verma (25 November 2014). "Astral Poly acquires 76% stake in adhesive maker Resinova Chemie for $34M". VCCiRCLE. Retrieved 25 November 2014.
  17. ^ "Astral to acquire adhesive maker Resinova". MINT. 21 November 2014. Retrieved 21 November 2014.
  18. ^ "Astral Poly Technik Rating: Add; Deal with SPPL can be very rewarding". Financial Express. 30 November 2020. Retrieved 30 November 2020.
  19. ^ Market, Capital (14 December 2020). "Astral Poly gains on commencing production of water storage tanks". Business Standard India. Retrieved 14 December 2020.
  20. ^ "Don't have any acquisition plan for now: Sandeep Engineer, Astral Poly Technik". The Economic Times. Retrieved 9 July 2021.

"How Astral Pipes' Sandeep Engineer became a mint-new billionaire". Forbes India.

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