The story of the Mafatlal Group is a stirring saga of a blend of traditional values and modern technology triumphing over circumstances. Mr. Mafatlal Gagalbhai the founder, was born in 1873, to a weaver of Ahmedabad. His father, who was neither educated nor prosperous, made a living by doing odd jobs. It wasn't long before a young Mafatlal, who was still in his early teens, had to leave school to help his father peddle textile products. With goods hanging from their shoulders, both father and son would scour the countryside in search of buyers. Some of the buyers proved to be Mr. Mafatlal's benefactors in later years, when he metamorphosed into an industrialist. They not only provided him with capital, but also gave it at low rates of interest.

Driven by curiosity and ambition, he took up a job as a mill-hand. He wanted to understand the entire gamut of operations; his big break came only at the age of 31. Alongwith Chandulal Mahadevia, a friend, and Arthur Shorrock, an Englishman who knew some British textile-machinery manufacturers in Lancashire, he took over the management of a small mill in Ahmedabad, and named it the Shorrock Mill. Of the initial equity capital of Rs 3.25 lakhs, Mr. Mafatlal picked up 30 shares of Rs 1,000 each while his father picked up another 30 shares. Along with his partners, he evolved an innovative scheme to raise the rest of the funds. In those days, business concerns were run by managing agencies. So, the enterprising partners promised investors a share in the managing agency.

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