How did Balvant Parekh build Fevicol’s multibillion-dollar empire?
He had previously launched his import business, importing cycle, areca nut, and paper dyes from western countries.
New Delhi: In India, the term “Fevicol” means “sticky.” We often recommend using Fevicol to repair something that has broken. Since 1959, the glue has been around. And we all know how popular it is, whether it’s a Bollywood song or the catchphrase featured in Fevicol commercials. It has remained with us throughout the years.
But this popularity was not an overnight success.
Balvant Parekh, the man of the famous white and blue Fevicol, had his ups and downs.
Born in Mahuva, Bhavnagar, Balvant’s parents wanted him to become a lawyer.
The country was also striving for independence at the time. Like many other students, Balvant left his studies midway and joined the Freedom struggle. But he returned later and earned his law degree from Mumbai’s Government Law College. He passed all of his bar exams. He did not, however, practise law.
He married Kantaben because he couldn’t find work. He began his career in a Mumbai dyeing and printing press. He changed employment because that did not work out. He began his career as a peon. Balvant and his wife used to live in the warehouse due to a lack of resources.
Indian industries received a major boost shortly after independence. More Swadeshi items and industries were needed in the country.
Parekh Dyechem Industries was founded in Mumbai in 1954 by Parekh and his brother Sushil to trade and manufacture dye and industrial chemicals, as well as pigment emulsions. He had previously launched his import business, importing cycle, areca nut, and paper dyes from western countries.
Balvant observed craftsmen joining wood with fat. There was no adhesive they could trust in the country. And he desired to alter that.
Fate intervened, and Balvant was forced to spend a month in Germany. He began purchasing more stocks in Fedco, a German company in which he had a 50% stake. He created the Favicol adhesive. The suffix -col is a German term that refers to anything that joins two things together. It was made for his glue.
Narendra, Balvant’s younger brother, finished his education and joined his brother’s company. In 1959, the company was renamed Pidilite Industries and only produced one product, Fevicol.
From just one office in Mumbai, the company has 14 overseas subsidiaries. With a fortune of $1.36 billion, Balvant featured at Number 45 on Forbes Asia’s India Rich List 2013.