Dilip Surana, the chairman and MD of Micro Labs, has bought an ultra luxury property in Bengaluru. Priced Rs 66 crore, the deal includes a land with built-up area. It is one of the most expensive property deals in Bengaluru.
According to the sales deed, the land's area is 12,043 square feet. The bungalow is built on 8373 square feet of the land. He has bought the property from GG Rajendra Kumar, Sadhna and Manu Gautam. Surana paid a stamp duty of Rs 3.36 crore for the deal.
Who is Dilip Surana?
He is the chairman of Micro Labs, a pharma company whose annual revenue is above Rs 4000 crore. The company makes generic drugs for cardiac diabetes and pain killers. 60 percent of its revenue comes from the domestic market.
20 year ago, the Surana family used to live in rented homes in Bengaluru. This is because they wanted to live a frugal life due to his father GC Surana's belief. He believed that every money earned should be put back in the company. All he wanted in life was to build his business. Things like cars and houses never interested him.
Now Dilip and Anand Surana run the company that was founded by their father. It runs 17 factories and has a business operation in 50 countries.
They shot to limelight due to their flagship product, Dolo-650, amid the coronavirus pandemic. In 2020, they earned Rs 400 crore in a year selling this product only.
They used to sell 7.5 crore strips of Dolo before the pandemic. This doubled during the pandemic. Between March 2019 and March 2021, the company's profits surged 244 percent.
GC Khurana, the founder of the company, was an accountant who moved to Bengaluru from Rajasthan in search of a job. He later became a distributor of a Delhi-based company. He set up Micro Labs in 1973 with just five products. He concentrated on quality. His focus remained on competing with multinationals as far as the quality is concerned.
Dilip joined in 1983. He made the company pan-India. Anand joined later.
The company offers drugs in cardiology, diabetology, ophthalmology, dermatology and psychiatry but their hero products remain Dolo.
Dolo was launched in 1993. The difference was that the company brought paracetamol with 650 milligrams strength. It was intended to avoid overdose of paracetamol.
During Covid, Dolo 650 became a household name. Only a few company's would manufacture paracetamol in the 650 mg category. This is why their sales doubled.
The net worth of the Surana family is Rs 26,600 crore.
