The journey of an individual could not be so exciting as it has been for Nitin Shah, the Chairman and Managing Director of Nitin Fire Protection Industries Ltd, India. Beginning at an early age of 12 years with keen interest in fire protection and on completion of Mechanical Engineering, this individual has proved himself as a first generation successful entrepreneur in the field of Fire Protection and Safety with a vision to create an Indian Multinational and proved that nothing is impossible.
Starting with the seed capital of Rs.500 (USD9) in 1984, today Nitin heads Nitin Group of Companies with annual revenue of over 200 Million USD, with offices in India, UK, UAE and Singapore. The Journey would not have been so exciting if his vision was not to prove that “together we can, and will, make this possible.” “Providing solution for complex projects” has been the motto of the Group.
During his journey, beginning in 1984, Nitin started with the maintenance of portable Fire Extinguishers and gradually moved to tie up with international fire protection product manufacturers and introduced their products in India.
During the 1980s-90s, when fire detection system was in its innovation period, Nitin introduced products into the Indian market and till date he continues to do so. To move the company to the next level, the proprietory company was transferred to a limited company in 1995 known as “Nitin Fire Protection Industries Ltd” and moved to the next level of growth.
Since the start of the journey, Nitin has never looked back. He now runs India’s Largest network of Fire Protection systems for manufacturing, designing, supply, installation and maintenance.
With a vision to create a large empire, this company introduced many ozone-friendly fire protection systems in India and was one of the forerunners to bring this innovation in India. Creating a vision and making that vision successful has been the key motto of Mr Nitin Shah’s. “Innovative methods helped us make a start,” shares Nitin. During the early days they did not have the money to buy trolleys, pulleys or conveyer belts but instead used whatever equipments were available, such as part of an old car for a rolling machine.
In 2007, this privately held family company approached the Indian stock market. The company got listed on the Indian stock exchange and was over-subscribed for its maiden subscription over 50 times. The stocks were listed on the Indian exchange proving its own history by being listed at Rs.555/- against the offer price of Rs.190/-
The company since then has been giving high-level dividends to shareholders and wide bonus shares at its 25th anniversary. The stock has given 500% returns in 7 years. This all has been possible due to the hardship of the Chairman, Mr Nitin Shah with the support of the entire team of Nitin Group inclusive of its staff, customers, vendors, stakeholders and bankers.
“Success cannot be an individual effort. It is always the joint effort.” Nitin strongly believes in this policy and continues to believe that there is no success without teamwork. “What do you need to start a business? Three simple things: know your product better than anyone, know your customers, and have a burning desire to succeed.”
Moving to the next level, Nitin ventured into the new geographical territory of United Arab Emirates in 2008, and now is one of the well known fire protection company with offices in Dubai, Sharjah, Abu Dhabi, Ajman, Ras Al Khaimah and Fujairah. Nitin took up stake of a local UAE company in the field of fire protection as a minority stakeholder. Nitin has always understood how and when to make the right move. After understanding the market and business there, the balance stake was acquired in 2012 and now it forms a part of the Nitin Group.
Along with this, much focus was made on research and development and the make of the products, which were further internationally approved by agencies and recognized worldwide. Some of these products have been innovative and specialized. An additional strategic move taken by Nitin was when he opened a new unit in
2013 to support the growing demand in European market. With the current sales of over $200 Million, the company is looking at achieving target of USD 1 Billion by 2020.
“Fire is the biggest enemy of man but can be put to efficient use of mankind if handled properly.” Nitin has always looked to possess and provide capabilities to handle and manage fire. With a lot of technology, development and advancement, the support of various approving agency and regulators, the organization has been able to provide latest innovative solutions and avoid disasters from the risk of fire.
Competition makes Nitin more aggressive, as he does not fear competition but takes it in a healthy way. As hard work in the business has been a great passion, Nitin has also dedicated time and efforts to social causes through religious activity and educational subjects. He commits to Corporate Social Responsibility initiatives for under-privileged families through means of education, housing and clothing.
Furthermore, Nitin has been President of the Fire Protection Association of India for last two consecutive years and is also active in various social groups such as the Jain Jagruti Centre. In October 2013, Nitin Shah was awarded “The Best Inspiring Businessman and Prominent Industrialist by Institution of Fire Engineers” (India) for his enthusiastic and exuberant performance in the business world. The company has also been awarded the prestigious Forbes Asia’s “Best Under a Billion” award for 3 consecutive years.
Nitin Shah has long lived his dream by taking risk. He adds, “Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, you can achieve it.”