Dilip Shanghvi Biography
Dilip Shanghvi was born on 1 October 1955, in Amreli India, of Gujarati ethnicity, and continually vyes for the title of the richest person in India (with Mukesh Ambani and Azim Premji). Forbes magazine ranks Dilip as 44th richest person in the world in 2015. Dilip is well known as being the founder of Sun Pharmaceutical Industries, India’s largest drug company.
So just how rich is Dilip Shanghvi? Forbes estimates that Dilip’s current net worth is over $24 billion, virtually all of his wealth having been generated with the growth of Sun Pharmaceuticals.
Dilip Shanghvi Net Worth $24 Billion
Dilip Shanghvi attended J. J. Ajmera High School and Bhawanipur Education Society College, and graduated with a Bachelor of Commerce degree from the University of Calcutta. Dilip began his career working in his father’s wholesale generic drugs business, distributing drugs around Kolkata, during which time he had the idea of manufacturing drugs himself.
Dilip Shanghvi founded Sun Pharmaceutical Industries in 1983 with capital of less than $200, and marketing five psychiatry products. This was the real start of Dilip building his net worth. Dilip expanded the company slowly but surely in India and neighbouring Asian countries, concentrating on chronic drugs (usually prescribed by cardiologists, psychiatrists, neurologists, diabetologists, etc), although just 10% of the market in India in the 80s.
Eventually Dilip expanded, when in 1997 he bought a failing US company, Caraco Pharma, targeting the US as an expansion area for Sun with the aim of expanding Sun’s reach into the United States. He achieved this rapidly, to the extent where today the US accounts for 60% of Sun’s revenue; despite Sun’s importance in India, 75% of its income is from outside the country.
Shanghvi then bought ICN Hungary in 2005, and Israel’s Taro Pharma in 2007 – now managed by Dilip’s son Aalok – which also has a substantial presence in the USA, again with subsequent success, such that Sun Pharma is now the fifth largest company in the global generic drugs market. Of course, this means that Sun is India’s largest drugmaker and most valuable drug company, which position has also seen Dilip’s net worth rise considerably in recent years. The company’s global operations now incorporate around 25 manufacturing facilities with 14,000 employees, and distributing 800 products.
Some problems arose, however: the US Food & Drug Administration issued an import alert for Sun’s factory in Gujarat and an unfavourable report for another factory. Sun recalled six drugs from the US over quality issues.
Dilip Shanghvi stepped down as chairman of Sun in 2012, but is still managing director, and also the Chairman and Managing Director of Sun Pharma Advanced Research Company and Shantilal Shanghvi Foundation. Dilip has been named in the list of Asia’s top ten wealthiest self-made billionaires, according to Wealth-X.
In his first major move outside pharmaceuticals, Shanghvi acquired 23% of wind power firm Suzlon for $300 million, and is expecting to turn around the company’s fortunes.
Privately, Dilip Shanghvi is rather shy and retiring, avoiding publicity not associated with business. Dilip’s wife Vibha is virtually unknown, although often travelling with him, but son Aalok and daughter Vidhi both work at Sun Pharma.