Dilip Shanghvi, born on October 1, 1955, stands as a towering figure in India’s business arena. Renowned not only for his immense wealth but also for his visionary leadership in the pharmaceutical sector, Shanghvi’s journey from a small town in Gujarat to founding Sun Pharmaceuticals exemplifies resilience and entrepreneurial brilliance. His estimated net worth is 2,530 crores USD.
Early Life and Education
Hailing from a Gujarati Jain family rooted in Kolkata, Dilip Shanghvi was born in the serene town of Amreli, Gujarat, to Shantilal and Kumud Shanghvi. His educational voyage commenced with a Bachelor of Commerce degree from the University of Calcutta. Growing up in Kolkata, he attended J.J. Ajmera High School and later Bhawanipur Education Society College, laying the groundwork for his future endeavours.
The Genesis of Sun Pharmaceuticals
Shanghvi’s entrepreneurial journey began by assisting his father’s wholesale medicine business in Kolkata, which primarily dealt with generic drugs. However, his ambition led him to envision manufacturing pharmaceutical products rather than relying on external sources.
In 1982, at the age of 27, Shanghvi took a bold leap and established Sun Pharmaceutical Industries with a modest capital of INR 10,000. Situated in Vapi, Gujarat, the company initially focused on producing a single psychiatry drug. However, under Shanghvi’s astute leadership, Sun Pharma swiftly gained momentum. By 1997, it had expanded significantly, even acquiring Caraco Pharma, an American company. Sun Pharma further solidified its global footprint in 2007 by acquiring Israel’s Taro Pharma.
A Legacy of Leadership
Shanghvi’s strategic prowess propelled Sun Pharma to unprecedented heights. In 2012, he relinquished his roles as Chairman and CEO, appointing Israel Makov, former CEO of Teva Pharmaceuticals, as Chairman. Shanghvi assumed the position of Managing Director.
A significant milestone in Sun Pharma’s trajectory was the acquisition of Ranbaxy in 2015, valued at $3.2 billion in Sun stock and assuming $800 million of Ranbaxy’s debt. This deal catapulted Sun Pharma to become India’s largest drug company and the fifth largest globally, with Daiichi Sankyo emerging as its second-largest shareholder.
In May 2021, Shanghvi stepped down as Managing Director of Sun Pharma Advanced Research Company (SPARC) but retained his role as a non-executive director and chairman.
Commitment to Community and Education
Beyond the corporate realm, Shanghvi has made substantial contributions to society. In 2018, he was appointed to the Reserve Bank of India’s 21-member central board committee. He serves as Chairman of the Board of Governors at IIT Bombay and was entrusted with a trusteeship in Oxford University’s prestigious Rhodes scholarship program in 2017.
Personal Life and Family
Dilip Shanghvi is married to Vibha Shanghvi, actively involved in various companies, including Sun Petrochemicals Private Limited and Gujarat Sun Pharmaceutical Industries Private Limited. The couple’s children, Aalok and Vidhi, are also associated with Sun Pharmaceuticals, contributing to its growth and success.
“The Reluctant Billionaire: A Biography”
In 2019, journalist Soma Das authored “The Reluctant Billionaire,” the first biography of Dilip Shanghvi, shedding light on his remarkable journey. Published by Penguin Random House, the book received acclaim and was nominated for the Tata Literature Award in the Best Business Book category in November 2019.
Dilip Shanghvi’s ascent from humble beginnings to a billionaire industrialist is a saga of determination, foresight, and entrepreneurial vigour. His enduring legacy continues to inspire aspiring entrepreneurs and innovators, shaping India’s business landscape for generations to come.