Jayesh Parikh had a modest goal when he set up Chem Process System in 2001. "I wanted to do business of Rs 50 lakh to Rs 60 lakh a year and make a profit of 10 per cent, so that I could buy a Maruti 800," he says. Revenue touched Rs 70 lakh in the first year, and Parikh bought his car.
Since then, the engineering equipment maker has grown exponentially. In 2011/12, it earned a net profit of close to Rs 7 crore on sales of Rs 108 crore.
Parikh, who is also Chem Process's Managing Director, is now turning his attention to water desalination plants. This is apt given that his state Gujarat has India's longest coastline. "We are targeting rural areas," he says. "These plants will be small, not very energy-intensive, and easy to operate."
Parikh, who worked with two family-run businesses before setting up Chem Process, wants his company to have wholly professional management.
He is confident Chem Process has the potential to be a Rs 400-crore company in five years' time. But he is not in a hurry to expand. "We look at our success in terms of new technical developments and not money," he says.