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Dilip Shanghvi

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Dilip Shanghvi
Born (1955-10-01) 1 October 1955 (age 69)
Amreli, Gujarat, India[1]
Alma materBhawanipur Education Society College, University of Calcutta
Occupation(s)Founder and MD of Sun Pharmaceuticals
SpouseVibha Shanghvi
Children2

Dilip Shanghvi (born 1 October 1955) is an Indian billionaire businessman. As the founder of Sun Pharmaceuticals, he is one of the country's richest people.[2][3] The Government of India awarded him the civilian honor of the Padma Shri in 2016.[4] India Today magazine ranked him 8th in India's most powerful people of 2017 list.[5]

According to Forbes, as of March 2024, Shanghvi is the 6th richest person in India with an estimated net worth of US$25.7 billion.[6][7]

Early life

Shanghvi, often confused as a Jain, originally belongs to a Gujarati Hindu Vaishnav Kapol Vania family settled in Kolkata.[8] He was born in the small town of Amreli in the Indian state of Gujarat, the son of Shantilal Shanghvi and his wife Kumud Shanghvi.[1][9] Shanghvi earned a Bachelor of Commerce degree from the University of Calcutta.[10] He spent his childhood and college life with his parents in the Burrabazar locality of Kolkata. He is an alumnus of J. J. Ajmera High School and Bhawanipur Education Society College, where he did his schooling and graduation, respectively.[11][12][13]

Career

Shanghvi started by helping his father in his business, which was a wholesale dealership of medicines, mainly generic drugs, in Kolkata.[1] It was during this work that he thought of manufacturing his own drugs instead of selling products made by others.[1]

In 1982, the 27-year-old Shanghvi finally opened his first manufacturing unit with a capital of INR 10,000. He named his venture Sun Pharmaceutical Industries. The unit, located in Vapi in his native state of Gujarat, a short drive away from Mumbai, produced exactly one psychiatry drug.[1] However, the business soon picked up, thanks to Shanghvi's acumen and energy, and by 1997, Sun Pharma was even able to acquire Caraco Pharma, an American company.[14] Sun also acquired Israel's Taro Pharma in 2007.[15] Shanghvi stepped down as chairman and CEO in 2012 and chose Israel Makov, formerly CEO of Teva Pharmaceuticals, as his successor;[citation needed] Shanghvi became managing director.[16] In April 2014 Sun, Ranbaxy, and Daiichi Sankyo (the majority shareholder in Ranbaxy) agreed that Sun would acquire all outstanding shares of Ranbaxy for $3.2 billion in Sun stock and that Sun would take on $800M in Ranbaxy debt; the deal closed in March 2015 and made Sun the largest drug company in India and fifth largest in the world, and made Daiichi the second-largest shareholder in Sun.[17][18][19] In May 2021 he stepped down from the position of Managing director of SPARC and will continue to function as a non-executive director and chairman.[20]

Community

In January 2018, the Indian government appointed Shanghvi to the Reserve Bank of India's 21-member central board committee.[13] He is chairman of the board of governors at IIT Bombay.[21] He was made a trustee of the Rhodes scholarship programme at Oxford University in 2017.[22]

Personal life

He is married to Vibha Shanghvi.[9][23] They have a son, Aalok and a daughter, Vidhi, both of whom work for Sun Pharmaceuticals.[24]

Shanghvi is a devotee of Shrinathji and makes regular pilgrimage with his family to the deity's abode in the city of Nathdwara in Rajasthan. Photos and idols of the deity adore Sun Pharma's factory and offices.[25][26]

Book

In 2019, journalist Soma Das authored The Reluctant Billionaire, the first and only biography of Dilip Shanghvi.[27] Published by Penguin Random House, the book was nominated for Tata Literature Award[28] in the Best Business Book category in November 2019.[29]

See also

References

  1. ^ a b c d e "From a drug distributor to global pharma tycoon". DNA India. 8 April 2014. Retrieved 9 April 2015.
  2. ^ "Bloomberg Billionaires: today's ranking of the world's richest people: Dilip Shanghvi". Bloomberg. Retrieved 2 October 2014.
  3. ^ "Top 10 Gujarati billionaires". India TV News. 1 August 2015.
  4. ^ "Padma Awards 2016". Press Information Bureau, Government of India. 2016. Retrieved 2 February 2016.
  5. ^ "50 power people". India Today. 14 April 2017.
  6. ^ "Dilip Shanghvi". Forbes. Retrieved 2 March 2024.
  7. ^ "Real Time Billionaires". Forbes. Retrieved 20 January 2024.
  8. ^ Das, Soma (7 June 2019). The Reluctant Billionaire: How Dilip Shanghvi Became the Richest Self-made Indian. Penguin Random House India Private Limited. pp. 30, 581. ISBN 978-93-5305-541-7.
  9. ^ a b "Dilip Shanghvi's mother gifts Sun Pharma shares to his wife". Financial Express. 4 February 2015. Archived from the original on 26 September 2015. Retrieved 5 July 2016.
  10. ^ "Forbes – Dilip Shanghvi". Forbes. Retrieved 31 August 2014.
  11. ^ "The Rise of a Common Man: Dilip Shanghavi - KnowStartup". KnowStartup. 4 August 2015. Archived from the original on 19 April 2018. Retrieved 19 April 2018.
  12. ^ "Dilip Shanghvi- From start up to India's largest drug maker". 7 December 2016. Archived from the original on 20 April 2018. Retrieved 19 April 2018.
  13. ^ a b "Govt appoints Dilip Shanghvi, PK Monhanty at RBI's central board". Zee Business. 25 January 2018. Retrieved 30 April 2018.
  14. ^ Reporter, B. S. (23 February 2011). "Sun Pharma to acquire Caraco's remaining stake". Business Standard India. Retrieved 15 September 2021.
  15. ^ Balakrishnan, Reghu (10 April 2014). "Newsmaker: Dilip Shanghvi". Business Standard. Retrieved 31 August 2014.
  16. ^ Economic Times Bureau 30 May 2012 Sun Pharma's Dilip Shanghvi steps down in favour of Israel Markov
  17. ^ Economic Times. 11 Apr 2014 Ranbaxy-Sun Pharma merger deal may close by 2014 end: Daiichi Sankyo
  18. ^ BBC 7 April 2014 Sun Pharmaceutical to acquire Ranbaxy in $4bn deal
  19. ^ Eric Palmer for FiercePharma 26 March 2015 Deal done, Sun Pharma must now fix Ranbaxy's deep problems
  20. ^ "Dilip Shanghvi resigns as MD of SPARC". Economic Times. 26 May 2021. Retrieved 13 January 2023.
  21. ^ "HRD ministry finalises Sun Pharma head as IIT-Bombay chairman". Hindustan Times. 19 March 2016. Retrieved 18 September 2018.
  22. ^ "Rhodes House - Home of The Rhodes Scholarships". Rhodes House - Home of The Rhodes Scholarships. Retrieved 1 April 2018.
  23. ^ "Dilip Shanghvi, Sun Pharma promoter, a pharma maven with midas touch". Economic Times. 8 April 2014. Archived from the original on 10 April 2014.
  24. ^ "Sun rises on Ranbaxy". India Today. 18 April 2014. Retrieved 5 July 2016.
  25. ^ "Dilip Shanghvi, Did You know". Forbes. Retrieved 16 October 2023.
  26. ^ Das, Soma (7 June 2019). The Reluctant Billionaire: How Dilip Shanghvi Became the Richest Self-made Indian. Penguin Random House India Private Limited. p. 581. ISBN 978-93-5305-541-7.
  27. ^ "PENGUIN TO PUBLISH THE FIRST EVER BIOGRAPHY OF SUN PHARMA FOUNDER DILIP SHANGHVI". Penguin India.
  28. ^ "Tata Literature Live! The Mumbai LitFest announces longlists for five literary awards". 2 November 2019.
  29. ^ "Biography of 'Medicine Mogul' Dilip Shanghvi, the founder of Sun Pharma, to hit stores soon". cnbctv18.com. 15 May 2019.
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