Dilip Shanghvi

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Dilip Shanghvi
Dilip Shanghvi1.jpg
Born (1955-10-01) 1 October 1955 (age 68)
Amreli, Gujarat, India[1]
Alma materBhawanipur Education Society College, University of Calcutta
OccupationFounder and MD of Sun Pharmaceuticals
Net worthUS$12 billion (June 2021)[2]
Spouse(s)Vibha Shanghvi
Children2

Dilip Shanghvi (born 1 October 1955) is an Indian billionaire businessman and one of the country's richest people. He founded Sun Pharmaceuticals.[3] The Government of India awarded him the civilian honour 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 July 2021, Shanghvi is the 9th richest person in India with a net worth of US$11 billion.[6]

Early life[edit]

Shanghvi hails from a Vaishnav Kapol family[7][8] and was born in the small town of Amreli in the Indian state of Gujarat to Shantilal Shanghvi and 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 Calcutta. 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[edit]

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

Shanghvi started Sun Pharmaceutical Industries with capital of INR 10,000 in 1982 at Vapi, with one psychiatry drug.[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.[14] Shanghvi stepped down as chairman and CEO in 2012 and chose Israel Makov, formerly CEO of Teva Pharmaceuticals, as his successor;[3] Shanghvi became managing director.[15] 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.[16][17][18]

Community[edit]

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.[19] He was made a trustee of the Rhodes scholarship programme at Oxford University in 2017.[20]

Personal life[edit]

He is married to Vibha Shanghvi.[9][21] They have a son, Aalok and a daughter, Vidhi, both of whom work for Sun Pharmaceuticals.[22]

Book[edit]

In 2019, journalist Soma Das authored The Reluctant Billionaire, the first and only biography of Dilip Shanghvi.[23] Published by Penguin Random House, the book was nominated for Tata Literature Award[24] in the Best Business Book category in November 2019.[25]

See also[edit]

References[edit]

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "From a drug distributor to global pharma tycoon". DNA India. 8 April 2014. Retrieved 9 April 2015.
  2. ↑ "Dilip Shanghvi". Forbes. Retrieved 27 June 2021.
  3. ↑ 3.0 3.1 3.2 "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 2 February 2016.
  5. ↑ "50 power people". India Today. 14 April 2017.
  6. ↑ Karmali, Naazneen. "India's 10 Richest Billionaires 2021". Forbes. Retrieved 23 July 2021.
  7. ↑ "Top 10 Gujarati billionaires". India TV News. 1 August 2015.
  8. ↑ Das Soma, The Reluctant Billionaire: How Dilip Shanghvi Became the Richest Self-Made Indian, 2019, Penguin, ISBN 9780670088577
  9. ↑ 9.0 9.1 "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. Retrieved 19 April 2018.
  12. ↑ "Dilip Shanghvi- From start up to India's largest drug maker". 7 December 2016. Retrieved 19 April 2018.
  13. ↑ 13.0 13.1 "Govt appoints Dilip Shanghvi, PK Monhanty at RBI's central board". Zee Business. 25 January 2018. Retrieved 30 April 2018.
  14. ↑ Balakrishnan, Reghu (10 April 2014). "Newsmaker: Dilip Shanghvi". Business Standard. Retrieved 31 August 2014.
  15. ↑ Economic Times Bureau May 30, 2012 Sun Pharma's Dilip Shanghvi steps down in favour of Israel Markov
  16. ↑ Economic Times. 11 Apr, 2014 Ranbaxy-Sun Pharma merger deal may close by 2014 end: Daiichi Sankyo
  17. ↑ BBC 7 April 2014 Sun Pharmaceutical to acquire Ranbaxy in $4bn deal
  18. ↑ Eric Palmer for FiercePharma Mar 26, 2015 Deal done, Sun Pharma must now fix Ranbaxy's deep problems
  19. ↑ "HRD ministry finalises Sun Pharma head as IIT-Bombay chairman". Hindustan Times. 19 March 2016. Retrieved 18 September 2018.
  20. ↑ "Rhodes House - Home of The Rhodes Scholarships". Rhodes House - Home of The Rhodes Scholarships. Retrieved 1 April 2018.
  21. ↑ "Dilip Shanghvi, Sun Pharma promoter, a pharma maven with midas touch". Economic Times. 8 April 2014.
  22. ↑ "Sun rises on Ranbaxy". India Today. 18 April 2014. Retrieved 5 July 2016.
  23. ↑ "PENGUIN TO PUBLISH THE FIRST EVER BIOGRAPHY OF SUN PHARMA FOUNDER DILIP SHANGHVI". Penguin India.
  24. ↑ "Tata Literature Live! The Mumbai LitFest announces longlists for five literary awards". 2 November 2019.
  25. ↑ "Biography of 'Medicine Mogul' Dilip Shanghvi, the founder of Sun Pharma, to hit stores soon". cnbctv18.com.
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