Second Richest Pharma Billionaire: Even though India is home to many pharmaceutical giants, only a few have been able to match or surpass the consistent growth and expansion of Sun Pharmaceutical Industries Limited. Dilip Shanghvi, founder and managing director of Sun Pharma, now India’s largest pharmaceutical manufacturer, is primarily responsible for its unparalleled success.
After Cyrus Poonawalla, the 67-year-old is the richest billionaire in the pharmaceutical industry. Forbes estimates that as of 19 July 2023, Shanghvi’s total assets were around Rs 1,46,090 crore. According to the magazine, he is at the 97th position in the list of richest people. In 2016, he was the second richest citizen of India. Additionally, Shanghvi’s Sun Pharmaceutical Industries, which has a market value of Rs 2,60,000 crore, is considered India’s most valuable pharmaceutical company.
Dilip Shanghvi: Background
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Shanghvi founded Sun Pharmaceutical in Vapi, Gujarat in 1982 with the help of equipment borrowed from a friend and a loan of Rs 10,000 from his father. Shanghvi was born in a Gujarati family in the small village of Amreli, Gujarat. Starting with five psychiatric drugs, they have grown to become India’s largest drug maker and most trusted pharma company. His father had a wholesale drug business in Kolkata. He attended JJ Ajmera High School before earning a bachelor’s degree in commerce from Bhawanipore Education Society College, affiliated to the University of Calcutta.
Ability to rescue failing enterprises
Shanghvi had a gift for rescuing failing businesses. Their expansion plans and implementation have also been consistent and fair. Many business gurus didn’t think the acquisition of Caraco Pharma in 1997 was a wise idea. Due to his efforts the loss making business is now profitable. To reach the pinnacle of success in his remarkable career, Dileep did not follow the safe path; Instead, he took the opposite direction to propel Sun Pharmaceutical Industries to the top spot. He is also the Chairman and Managing Director of Sun Pharmaceutical Advanced Research Company, the first pure R&D company to be listed on Indian stock exchanges. As a result of his decision to buy the troubled drugmaker Ranbaxy in 2020, the company’s revenue increased significantly.
Shanghvi is an avid reader who enjoys comic books, novels and science fiction. However, as he worked in business, his interest turned to literature in business and management. Furthermore, he has the same passion for films as any Indian and would often take his children, Alok and Vidhi, out to watch movies when they were young. However, he hates being in the limelight because of his wealth. The Government of India also honored him with the Padma Shri in 2016.