Mr. Rishabh Desai: A Trailblazer in the Hurun Under 35 List
Mr. Rishabh Desai, a visionary Director at APAR Petroleum Specialities FZE (PSF), a wholly-owned subsidiary of APAR Industries Limited in the UAE and Member of the Board of Directors at APAR, has officially made it to the 2024 Hurun India Under 35 list! This prestigious recognition celebrates 150 extraordinary entrepreneurs under 35 who are shaping the future of India’s economy.
From College to Corporate: The Journey Begins
Mr. Desai’s journey kicked off at Babson College, where he graduated in 2014 with a Bachelor of Science in Entrepreneurship, focusing on Finance and Strategic Management. Can you imagine diving headfirst into the world of entrepreneurship at such a young age? After spending a year in finance at Ergon Inc. in Jackson, Mississippi, he joined APAR in September 2015.
Relocating to Sharjah, UAE, Mr. Desai took on the monumental task of establishing a specialty oils manufacturing plant in the Hamriyah Free Zone, Sharjah. Picture this: overseeing construction, tank farms, navigating legalities, and ensuring compliance — all while keeping an eye on innovation. The plant was completed in just a year and a half! Production kicked off in 2017, starting with Paraffinic Transformer Oil and Technical and Pharma-grade White Oils. In 2019, the company launched a diverse range of Naphthenic Transformer Oil Grades, igniting sales and expanding their market reach.
Making Waves in the Industry
Fast forward to today, Mr. Desai has been a driving force behind remarkable growth of APAR PSF. From just 51,000 MT in FY 2018-19, production volumes soared to over 1,02,000 MT in FY 2023-24 – a remarkable 100% increase!
Under Mr. Desai’s leadership, APAR PSF has expanded its global footprint, exporting to over 40 countries. Since taking charge of global exports for Transformer Oil and White Oil in November 2022, the company has achieved remarkable growth, boosting Transformer oil exports by 60% which has resulted in an overall increase in exports by 29% from FY 21-22 to FY 23-24!
Expanding Horizons: A Vision for the Future
In April 2024, Mr. Desai formed APAR’s another subsidiary in Saudi Arabia — APAR Industries Middle East Limited — and is currently overseeing an exciting expansion project in LubeHub, Yanbu, Saudi Arabia for local production of Transformer Oils and White Oils. APAR signed a Memorandum of Understanding with Luberef in September 2023, establishing a partnership that leverages the facility’s strategic location adjacent to Luberef’s refinery in Yanbu. This proximity facilitates seamless manufacturing operations, enabling direct pipeline transfer of base oil from the refinery, thereby enhancing operational efficiency and supply chain integration.
Celebrating Young Entrepreneurs
The Hurun list celebrates first-generation and next-generation outstanding entrepreneurs, who’ve built their companies from the ground up like Mr. Rishabh Desai. Heartiest congratulations to Mr. Rishabh Desai for this remarkable feat!
To read the featured article:
Hurun’s under-35 list of entrepreneurs shaping India’s economic future.