5 November 1944
78 Years Old
|Full Name||Abhaykumar Navalmal Firodia|
|Education||Scindia School, Fergusson College|
Abhay Firodia is an Indian billionaire businessman who serves as the Chairman of Force Motors (formerly known as Bajaj Tempo), the flagship company of the Firodia Group.
Early Life and Education
Abhay Firodia was born in a Jain family on 5 November 1944 to Late Mrs. Jamnabai Firodia and Late Shri Navalmal Kundamnal Firodia, a philanthropist, freedom fighter, and industrialist. He completed his schooling at the Scindia School, Gwalior. He attended Fergusson College, Pune from where he earned a BE (Hons.) in Economics.
Abhay Firodia joined Force Motors, in 1975. He currently serves as the Chairman of Force Motors and various other group companies. Force Motors is India’s largest van maker by volume and has a market share of 67% in the LCV (Light Commercial Vehicle) Segment.
He handed over the reins of managing director in 2009, to his son Prasan, who has been running the business since.
In 1997, Mercedes-Benz and Force Motors entered into a partnership where Force Motors produces engines and axles for all the cars produced by Mercedes Benz in India. To date, Force Motors has supplied over 1,15,000 engines and over 1,00,000 axles for Mercedes Benz India. This portfolio has grown to include the front and rear axles of the C, E, and S class passenger cars and GL Class SUVs.
He spearheaded a joint venture with German truck manufacturer MAN Truck & Bus (Maschinenfabrik Augsburg Nurnberg) in 2003 to manufacture high-tonnage trucks for the East Asian market
His privately-held Jaya Hind Industries has a joint venture with Rheinmetall Automotive (formerly known as KS-Huayu Alutech GmbH), to make aluminum castings for the auto sector.
In 2015, BMW assigned Force Motors to produce and test the engines for all cars and SUVs to be made in India. Force Motors set up a dedicated state-of-the-art facility in Chennai close to the BMW factory to produce and supply engines for their 3, 5, 7, and GT series cars and X1, X3, and X5 series SUVs made in India. To date, Force Motors has supplied over 44,000 engines to BMW.
In 2018, Force Motors signs an agreement with Rolls-Royce Power Systems to set up a joint venture to make in India and supply worldwide their renowned Series 1600 MTU engines (545 to 950hp) for power generation and underfloor rail applications.
In 2022, Jaya Hind Industries, the holding company of the Firodia Group, acquired LMG Manufacturing GmbH, an auto parts maker, located in East Germany.
Abhay Firodia has a 20% stake in Israel’s, Rivulis, the world’s third-largest drip irrigation company.
He also has a significant stake in several Bajaj Group companies such as Bajaj Auto, Bajaj Finserv, Bajaj Finance, and so on.
In October 2022, Forbes India Magazine estimated his net worth to be around US$3.15 billion.
Force Motors ranked 359th (2020) on the Fortune India 500 companies list.
Abhay Firodia is Chairman of Shri Firodia Trust and Multanchand Bora Trust – founded by his ancestors, active in providing relief and support in the field of Health Care, Education, and Social Welfare.
Firodia has been President of Veerayatan, founder of Navalveerayatan – a hilltop Center of Value Education, Ahmednagar Education Society – operating 15 schools in Ahmednagar district, with 18000 students, from pre-school to high school, Sanmati Teerth, engaged in teaching Jainology and Prakrit, Maharashtra Jain Education Society, operating the Firodia Hostel, in Pune for Jain students and Bhausaheb Firodia Vridhashram, An old peoples home in Ahmednagar.
He has been the recipient of a number of national and international awards for his contribution to the business he is involved as well his philanthropic activities.
Total: 945 Views