This Indian billionaire began his journey from a Mumbai chawl and made it big after retirement. Know his story.
While we are all familiar with how Dhirubhai Ambani took it from a chawl and made it big in life. Today, his son, Mukesh Ambani is regarded as the richest man in India. But the Ambani family is not the only family whose story begins in Mumbai. The story of HT Parekh also began with similar hardships.
HT Parekh is the founder of HDFC. His story started from a chawl. Hasmukh Thakodas Paresh worked part-time while he was still studying in college. Parekh was born in Surat to a banking family. He graduated from Mumbai with economics.
After completing his graduation, he was offered an opportunity to study in UK where he studied BSc degree in Banking and Finance from the prestigious London School of Economics. Once his studies were over, Parekh returned to India and worked as a lecturer at the prestigious St Xavier's College in Mumbai.
After he completed his education, Parekh entered the stock broking firm Harkisandass Lakhmidass. HT Parekh's first big exploit was ICICI when he served as the Deputy General Manager before taking up the position of Chairman and then Managing Director. He retired after 16 years of working.
While for most people, retirement is the last stop, Hansmukh, at the age of 66 came up with the idea of financing home dreams of middle-class India and founded HDFC in 1977. The company disbursed the first loan in 1978.
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As of 1984, Parekh's company was approving annual loans of over Rs 100 crore. Parekh was even awarded with the prestigious Padma Bhushan In 1992.HDFC and HDFC Bank merged into one after 30 years and formed a whopping Rs 4.14 lakh crore company.
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