1 October 1955 |
Amreli, Gujarat, India
|Alma mater||University of Calcutta (B.Com)|
|Occupation||Founder and MD of Sun Pharmaceuticals|
|Net worth||US$13.7 billion (Mar 2017)|
Dilip Shanghvi (born 1 October 1955) is an Indian businessman and one of the country's richest people. He founded Sun Pharmaceuticals with a partner, Pradeep Ghosh. The Government of India awarded him the civilian honour of the Padma Shri in 2016.
Early life, family and education
Dilip was born in small town of Amreli in Gujarat to Shantilal Sanghvi and Kumud Sanghvi. Shanghvi earned a Bachelor of Commerce degree from the University of Calcutta. He is an alumnus of J. J. Ajmera High School and Bhawanipur Education Society College, from where he did his schooling and graduation, respectively.
He started by helping his father in his wholesale generic drugs business in Kolkata. It was during his work as a drugs distributor at Kolkata, he thought of manufacturing his own drugs instead of selling others' products.
Dilip Shanghvi started Sun Pharmaceutical Industries with capital of ₹10,000 in 1982 at Vapi, with one psychiatry drug and a partner, Pradeep Ghosh. In 1997, Sun acquired Caraco Pharma, a loss-making American company, with the aim of expanding Sun's reach in the United States. Sun also acquired Israel's Taro Pharma in 2007. Shanghvi stepped down as Chairman and CEO in 2012 and chose Israel Makov, formerly CEO of Teva Pharmaceuticals, as his successor; Shangvi became Managing Director. In April 2014 Sun, Ranbaxy, and Daiichi Sankyo (the majority shareholder in Ranbaxy) agreed that Sun would acquire all outstanding shares of Ranbaxy for $3.2B 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 the fifth largest in the world, and made Daiichi the second largest shareholder in Sun.
As of August 2014, he had a net worth of $17.2 billion.
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- "Padma Awards 2016". Press Information Bureau, Government of India. 2016. Retrieved February 2, 2016.
- "Dilip Shanghvi's mother gifts Sun Pharma shares to his wife". Financial Express. 4 February 2015. Retrieved 5 July 2016.
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- "Dilip Shanghvi, Sun Pharma promoter, a pharma maven with midas touch". Economic Times. 8 April 2014.
- "Sun rises on Ranbaxy". India Today. 18 April 2014. Retrieved 5 July 2016.
- Balakrishnan, Reghu (10 April 2014). "Newsmaker: Dilip Shanghvi". Business Standard. Retrieved 31 August 2014.
- Economic Times Bureau May 30, 2012 Sun Pharma's Dilip Shanghvi steps down in favour of Israel Markov
- Economic Times. 11 Apr, 2014 Ranbaxy-Sun Pharma merger deal may close by 2014 end: Daiichi Sankyo
- BBC 7 April 2014 Sun Pharmaceutical to acquire Ranbaxy in $4bn deal
- Eric Palmer for FiercePharma Mar 26, 2015 Deal done, Sun Pharma must now fix Ranbaxy's deep problems
- R Shyam, Ashutosh (4 August 2014). "Sun Pharmaceutical's Dilip Shanghvi tops global rich list of drugmakers with net worth of $17.2 billion". Economic Times. Retrieved 31 August 2014.