India is a hub of pharmaceutical companies that manufacture and also export medicines. Many Indian billionaires own these companies. One such person is Dilip Shanghvi, who owns India's largest drugmaker, Sun Pharmaceutical Industries. The company has a market cap of Rs 418000 crore. Dilip's company announced that it has acquired over 5 per cent stake in US-based Pharmazz Inc for USD 15 million (around Rs 125 crore). The company will invest USD 15 million in two tranches of USD 7.5 million each, subject to the fulfilment of certain conditions, it added.
Who is Dilip Shanghvi?
He is the chairman and managing director of Sun Pharmaceutical Industries. He borrowed USD 200 from his father to start Sun Pharma in 1983 to make psychiatric drugs. His firm is India's most valuable listed pharma outfit and gets two-thirds of its USD 5.3 billion annual revenue from overseas markets.
According to Forbes, the 68-year-old pharma billionaire has a real-time net worth of USD 28.7 billion or Rs 240924 crore. He was awarded the Padma Shri in 2016 for his distinguished contribution to the Indian Trade & Industry. Shanghvi has played a vital role in the globalisation of the Indian pharmaceutical industry.
He originally belongs to a Gujarati family. He earned a Bachelor of Commerce degree from the University of Calcutta. Shanghvi is married to Vibha Shanghvi. The duo have a son, Aalok and a daughter, Vidhi, both work for Sun Pharmaceuticals.
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