They were DigambarJain Baniya family hailing from Wankaner in Gujarat, who had settled in Solapur in the erstwhile Bombay Presidency.

Also, it needs to be noted that the government also had a strong interest in the operation of these industries as it directly helped in its war efforts.

He understood the power of mass media and cultivated it to gather public support for his projects; while this may appear to be easy in the politically charged days of the British Raj, it also has to be kept in mind that running newspapers perceived to be in opposition with the government was fraught with dangers.

However, he supported the Indian independence movement and most of his projects were inaugurated (including launching of new ships) by famous freedom fighters.

[2][3][4][5] Walchand along with Annie Besant and M. R. Jayakar together were the first sponsors of the pioneering national news agency, the Free Press of India founded in 1927.

[12] In 1930, various merchant bodies of Bombay under the presidency of Walchand passed a resolution for the immediate release of Mahatma Gandhi; but again, in 1931, it was Walchand, who on behalf of the Indian Merchants' Chamber demanded from Gandhi that they were not happy with the Gandhi–Irwin Pact and demanded the protection of Indian industries.

Again, in 1933, Walchand sent a deputation on behalf of the Indian Merchants' Chamber to Gandhi to persuade him to call off the Civil Disobedience Movement in the interest of trade and commerce.

Phatak left the firm after it bought a foundry and undertook a mining lease, with the view that it was stretching itself into too many areas.

Meanwhile, the firm found it difficult to bag larger contracts due to its small size and the absence of marquee names.

Some of the major projects executed by the company include the commissioning of the tunnels through the Bhor Ghats for a railway route from Mumbai to Pune and laying of water pipes from Tansa Lake to Mumbai and also the laying of tracks for the Barsi Light Railway.

In 1935, the company was renamed Premier Construction to reflect the fact that the Tatas had sold their stake in the firm to Walchand.

[17] Walchandnagar Industries is today a diversified company manufacturing also boilers, turbines and also supplies strategic components to India's defence and aerospace sector.

[18] WIL was subject to sanctions by the United States following Pokhran-II[19] for its involvement in India's nuclear and space programs.

[25][26] It was named Scindia Shipyard Limited and its first product, the ship Jalusha was launched soon after independence by Jawaharlal Nehru in 1948.

In 1940, he signed an MOU with Chrysler but could not get clearances and concessions from the Mysore government unlike in the case of the aircraft company.

[2][3][4][27] Walchand was one of the founding members of the Maharashtra Chamber of Commerce, Industry & Agriculture, and served as its president for eleven consecutive years from 1927 to 1938.

[28] Walchand was also the founder of the Indian National Shipowners' Association, which was founded in 1929, and served as its president for 19 consecutive years from 1929 to 1948.

[2] He was looked after by his wife, Kasturbai, in his last years, who took him away to natural surroundings and the religious town of Siddhpur in Gujarat, away from Mumbai, so that he could recover his health.

The first Indian ship SS Loyalty made its maiden international voyage on 5 April 1919 by sailing from Mumbai to London.

While Walchand pioneered a role for India in several industries, his dependence on excessive leverage and nationalisation seem to have taken the sheen off his contributions.

During his lifetime, he started several charitable trusts, to look after several and also establish new educational institutions, boarding house and carry on other philanthropic works and sponsorships, including: A stone statue has been erected in junction near Eastern naval command and Hindustan shipyard limited in Visakhapatnam to commemorate his contribution towards Indian marine initiatives.