A pocketful of ideas

Subhash Runwal’s success story is one of willpower, perseverance and never-say-die attitude

Entering the intimidating city of Mumbai with a hundred rupees requires the tenacity that only the likes of Subhash Runwal can possess. The latest entrant into India’s billionaire list, with a fortune worth one billion dollars, has a fascinating story that has a lesson or two for all budding entrepreneurs.

The Runwal Group, established in 1978, was set to build apartments for the middle class on the suburban stretch of the city. Today Subhash is the proud owner of a palatial property that lies adjacent to Shah Rukh Khan’s building Mannat. According to an article in Forbes India, Subhash’s humble beginning was marked by his arrival to Pune from a small town Dhulia, Maharastra.

After his jeweler grandfather’s business stumbled into losses, Subhash, along with his four siblings, grappled with trying circumstances. The young lad was then persuaded to pursue chartered accountancy. After his education and a dissatisfying stint in St Louis, Missouri, with what was then known as Ernst & Ernst, Subhash came back to India and worked as an accountant with a chemical firm.

It was here he learnt to wade through the murky waters of bureaucracy and established a strong rapport with local politicians. Subhash told Forbes India that he was approached for all the impossible tasks and his never-say-die attitude was all that stood by him.

After establishing strong contacts, Subhash decided to dive head first into the business of real estate, a move that profited from his knowledge of the city and his confidence in himself. He would later acquire pieces of land caught in litigation and work his way through the then draconian Urban Land Ceiling Act to get the titles cleared.

His bold yet thought-out deals fetched him the money he required to aggressively expand his business and also enter the steel and pharma industries. Subhash firmly believes that nothing is impossible for the one who knows where to look and how hard to work. He proudly states that he had never let the procedures for approvals stall his projects.

Having successfully made his way to the top of his business, the patriarch now wishes to give back to the society and contribute his bit. Every year, Subhash donates 1.5 million dollars to several causes. He has also built hostels for students in Navi Mumbai and offers scholarships to deserving candidates. Subhash’s success story shows that sky is the limit for an enterprising individual who possesses an undying resolve and nerves of steel, never mind the innumerable obstacles.