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Dilip Shanghvi

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Dilip Shanghvi
Born (1955-10-01) 1 October 1955 (age 61)
Amreli, Gujarat, India[1]
Residence Mumbai, India
Nationality Indian
Alma mater University of Calcutta (B.Com)
Occupation Founder and MD of Sun Pharmaceuticals
Net worth US$13.7 billion (Mar 2017)[2]

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.[3] The Government of India awarded him the civilian honour of the Padma Shri in 2016.[4]

Early life, family and education[edit]

Dilip was born in small town of Amreli in Gujarat to Shantilal Sanghvi and Kumud Sanghvi.[1][5] Shanghvi earned a Bachelor of Commerce degree from the University of Calcutta.[6] He is an alumnus of J. J. Ajmera High School and Bhawanipur Education Society College, from where he did his schooling and graduation, respectively.[7]

He is married to Vibha Sanghvi.[5][8] The couple have a son, Aalok and daughter Vidhi from their marriage. Both of whom are currently working in Sun Pharmaceuticals.[9]

Career[edit]

He started by helping his father in his wholesale generic drugs business in Kolkata.[1] It was during his work as a drugs distributor at Kolkata, he thought of manufacturing his own drugs instead of selling others' products.[1]

Dilip Shanghvi started Sun Pharmaceutical Industries with capital of ₹10,000 in 1982 at Vapi, with one psychiatry drug and a partner, Pradeep Ghosh.[1][3] In 1997, Sun acquired Caraco Pharma, a loss-making American company, with the aim of expanding Sun's reach in the United States.[citation needed] Sun also acquired Israel's Taro Pharma in 2007.[10] Shanghvi stepped down as Chairman and CEO in 2012 and chose Israel Makov, formerly CEO of Teva Pharmaceuticals, as his successor;[3] Shangvi became Managing Director.[11] 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.[12][13][14]

As of August 2014, he had a net worth of $17.2 billion.[15]

See also[edit]

References[edit]

  1. ^ a b c d e f "From a drug distributor to global pharma tycoon". DNA India. 8 April 2014. Retrieved 9 April 2015. 
  2. ^ "Dilip Shanghvi". Forbes. Retrieved 21 March 2017. 
  3. ^ a b c "Bloomberg Billionaires: today's ranking of the world's richest people: Dilip Shanghvi". Bloomberg. Retrieved 2 October 2014. 
  4. ^ "Padma Awards 2016". Press Information Bureau, Government of India. 2016. Retrieved February 2, 2016. 
  5. ^ a b "Dilip Shanghvi's mother gifts Sun Pharma shares to his wife". Financial Express. 4 February 2015. Retrieved 5 July 2016. 
  6. ^ "Going by market value, Sun Pharma's Dilip Shanghvi is richest Indian". Times of India. 20 February 2015. Retrieved 9 April 2015. 
  7. ^ "Forbes – Dilip Sanghvi". Forbes. Retrieved 31 August 2014. 
  8. ^ "Dilip Shanghvi, Sun Pharma promoter, a pharma maven with midas touch". Economic Times. 8 April 2014. 
  9. ^ "Sun rises on Ranbaxy". India Today. 18 April 2014. Retrieved 5 July 2016. 
  10. ^ Balakrishnan, Reghu (10 April 2014). "Newsmaker: Dilip Shanghvi". Business Standard. Retrieved 31 August 2014. 
  11. ^ Economic Times Bureau May 30, 2012 Sun Pharma's Dilip Shanghvi steps down in favour of Israel Markov
  12. ^ Economic Times. 11 Apr, 2014 Ranbaxy-Sun Pharma merger deal may close by 2014 end: Daiichi Sankyo
  13. ^ BBC 7 April 2014 Sun Pharmaceutical to acquire Ranbaxy in $4bn deal
  14. ^ Eric Palmer for FiercePharma Mar 26, 2015 Deal done, Sun Pharma must now fix Ranbaxy's deep problems
  15. ^ 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.