People lacking self-belief often fault their luck or others when they fail. To understand how to reach the top despite challenges, consider the story of Balvant Parekh, known as ‘India’s Fevicol Man.’
Balvant Parekh was a pioneering entrepreneur in India after independence. He played a key role in boosting the economy. His company, established in 1959, now earns a billion dollars every year. Building Pidilite Industries was not easy for Parekh and he faced many struggles. Despite his humble beginnings, he rose to become the 45th richest Indian in 2013 according to Forbes. Today, we explore his inspiring journey.
Who is Balvant Parekh?
Joined Quit India Movement
Law to Business Success
Balvant Parekh’s father hoped he would follow in his grandfather’s footsteps and become a legal expert. However, Parekh had different aspirations. He dreamed of achieving great things in Mumbai. He wasn’t a business student and didn’t have family support in business, but he worked hard and built a successful brand. He completed his law degree and passed the bar council exams, but he was uncomfortable with the dishonesty he saw in the profession. Despite his family’s objections, he left the legal field.
Setbacks and Disappointments
When was Fevicol founded?
Parekh’s first big opportunity came while working for a company that represented Hoechst in India. In 1954, he and his brother Sushil Parekh established Parekh Dyechem Industries in Mumbai’s Jacob Circle. They began manufacturing pigment emulsions for textile printing.
Global Growth of Pidilite Industries Limited
In 1984, the company launched its consumer product division. By 1989, it had entered the market for Fevicryl Acrylic Colours, which are used for fabric and multi-surface painting. Fevicol, the company’s flagship brand, was among the Top 15 Indian brands in 1997 according to the FE Brandwagon Year Book. Starting with Fevicol, the company now produces over two hundred products. These include M-Seal, Fevikwik, Fevistik, Dr. Fixit, and Hobby Ideas. Pidilite was the first company in India to produce violet pigment, starting in 1973.
Influence of Fevicol’s Humorous Ads
Awards and achievements
Balvant Parekh believed that with passion and enthusiasm, no goal is out of reach. He was not just an entrepreneur, but also a philanthropist. He helped start an Arts and Science college in Mahua, Gujarat. He donated Rs 20 million to Bhavnagar’s Science city project and contributed to the Gujarati Sahitya Parishad. In 2009, he founded the Balvant Parekh Centre for General Semantics and Other Human Sciences in Baroda, Gujarat.
On October 28, 2011, the Institute of General Semantics in Texas honored him with the J Talbot Winchell Award. He was the first Asian to receive this award. He was ranked 45th on Forbes Asia’s India Rich List with a family fortune of $1.36 billion. Parekh passed away in 2013 at the age of 88.
Balvant Parekh’s journey from an unknown person to ‘India’s Fevicol Man’ and a leading industrialist inspires us to strive to be the best we can be.
