His consecration ceremony was attended by both Jain spiritual leaders and the city's top industrialists.
The father of three, 2 boys and 1 girl, now looks at a life of austerity -- he can't cut his hair and has to walk without any type of footwear.
As many as 101 people from the audience also took a sankalp (resolution) to take Jain diksha during the next five years.
"Taking diskha is not easy. A Jain muni's life is like that of conch shell that cannot be painted by any other colour," Surishwarji Maharaj said.
Doshi's status as a Jain monk will be unique since he's a married man, has money and considerable social standing
A Times of India report said 1,500 servers were appointed to serve food to guests during the three-day ceremony. The venue was built in the form of a ship. 500 hotel rooms were booked to accommodate guests. An estimated 150,000 people participated in the event.