Dilip Shanghvi

2023-03-26T18:34:42Z

2402:3A80:6D2:E40C:0:69:6594:1D01:

{{short description|Indian Businessman}}

{{EngvarB|date=January 2015}}
{{Use dmy dates|date=October 2015}}
{{Infobox person
| name = Dilip Shanghvi
| image = Dilip Shanghvi1.jpg
| birth_date = {{Birth date and age|1955|10|1|df=y}}
| birth_place = [[Amreli]], [[Gujarat]], India<ref name=dna/>
| alma_mater = [[Bhawanipur Education Society College]], [[University of Calcutta]]
| occupation = Founder and MD of [[Sun Pharmaceuticals]]
| net worth = US$12 billion (June 2021)<ref name="forbes1">{{cite web|url=https://www.forbes.com/profile/dilip-shanghvi/ |title=Dilip Shanghvi |work=Forbes |access-date= 27 June 2021}}</ref>
| spouse = Vibha Shanghvi
| children = 2
}}

'''Dilip Shanghvi''' (born 1 October 1955) is an Indian [[billionaire]] businessman and one of the country's richest people. He founded [[Sun Pharmaceuticals]].<ref name=BBProfile>{{cite web|title=Bloomberg Billionaires: today's ranking of the world's richest people: Dilip Shanghvi|url=https://www.bloomberg.com/billionaires/profile/dilip-shanghvi|publisher=Bloomberg|access-date=2 October 2014}}</ref> The [[Government of India]] awarded him the civilian honour of the [[Padma Shri]] in 2016.<ref name="Padma Awards 2016">{{cite web | url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=135783 | title=Padma Awards 2016 | publisher=Press Information Bureau, Government of India | date=2016 | access-date=February 2, 2016}}</ref> ''[[India Today]]'' magazine ranked him 8th in India's most powerful people of 2017 list.<ref>{{cite news|title=50 power people|url=http://indiatoday.intoday.in/story/india-today-top-50-powerful-indians-mukesh-ambani-ratan-tata-kumar-mangalam-birla-gautam-adani-anand-mahindra-srk-amitabh-bacchan/1/928939.html|publisher=[[India Today]]|date=April 14, 2017}}</ref>

According to ''[[Forbes]]'', as of July 2021, Shanghvi is the 9th richest person in India with a net worth of US$11 billion.<ref>{{Cite web|last=Karmali|first=Naazneen|title=India’s 10 Richest Billionaires 2021|url=https://www.forbes.com/sites/naazneenkarmali/2021/04/06/indias-10-richest-billionaires-2021/|access-date=2021-07-23|website=Forbes|language=en}}</ref>

== Early life ==
Shanghvi hails from a [[Gujarati people|Vaishnav Kapol]] family<ref name=itn>{{cite news|url=https://www.indiatvnews.com/business/india/top-10-gujarati-billionaires-3732.html?page=2|title=Top 10 Gujarati billionaires|date=2015-08-01|publisher=India TV News}}</ref><ref>Das Soma, The Reluctant Billionaire:
How Dilip Shanghvi Became the Richest Self-Made Indian, 2019, Penguin, {{ISBN|9780670088577}}</ref> and was born in the small town of [[Amreli]] in the Indian state of [[Gujarat]] to Shantilal Shanghvi and Kumud Shanghvi.<ref name=dna>{{cite news|title=From a drug distributor to global pharma tycoon|url=http://www.dnaindia.com/money/report-from-a-drug-distributor-to-global-pharma-tycoon-1976158|access-date=9 April 2015|agency=DNA India|date=8 April 2014}}</ref><ref name=ft>{{cite news|title=Dilip Shanghvi's mother gifts Sun Pharma shares to his wife|url=http://www.financialexpress.com/article/markets/dilip-shanghvis-mother-gifts-sun-pharma-shares-to-his-wife/38877/|access-date=5 July 2016|agency=Financial Express|date=4 February 2015|archive-url=https://web.archive.org/web/20150926050202/http://www.financialexpress.com/article/markets/dilip-shanghvis-mother-gifts-sun-pharma-shares-to-his-wife/38877/|archive-date=26 September 2015|url-status=dead}}</ref> Shanghvi earned a [[Bachelor of Commerce]] degree from the [[University of Calcutta]].<ref name="Forbes tag">{{cite web|title=Forbes – Dilip Shanghvi|url=https://www.forbes.com/profile/dilip-shanghvi/|work=Forbes|access-date=31 August 2014}}</ref> 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.<ref>{{cite news|title=The Rise of a Common Man: Dilip Shanghavi - KnowStartup|url=http://knowstartup.com/2015/08/the-rise-of-dilip-shanghavi/|access-date=19 April 2018|work=KnowStartup|date=4 August 2015}}</ref><ref>{{cite web|title=Dilip Shanghvi- From start up to India's largest drug maker|date=7 December 2016|url=http://www.bigpharmasuccessstories.com/2016/12/07/dilip-shanghvi-from-start-up-to-indias-largest-drug-maker/|access-date=19 April 2018}}</ref><ref name=zee>{{cite news|title=Govt appoints Dilip Shanghvi, PK Monhanty at RBI's central board|url=http://www.zeebiz.com/india/news-govt-appoints-dilip-shanghvi-pk-monhanty-at-rbi-s-central-board-35736|access-date=30 April 2018|work=Zee Business|date=25 January 2018|language=en}}</ref>

== Career ==
He started by helping his father in his wholesale generic drugs business in [[Kolkata]].<ref name=dna/> It was during this work that he thought of manufacturing his own drugs instead of selling others' products.<ref name=dna/>

Shanghvi started Sun Pharmaceutical Industries with capital of [[Indian rupee|INR]] 10,000 in 1982 at [[Vapi]], with one psychiatry drug.<ref name=dna/><ref name=BBProfile/> 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|date=November 2016}} Sun also acquired Israel's Taro Pharma in 2007.<ref name="BS-14">{{cite news|last1=Balakrishnan|first1=Reghu|title=Newsmaker: Dilip Shanghvi|url=http://www.business-standard.com/article/companies/newsmaker-dilip-shanghvi-114041001381_1.html|access-date=31 August 2014|work=Business Standard|date=10 April 2014}}</ref> Shanghvi stepped down as chairman and CEO in 2012 and chose Israel Makov, formerly CEO of [[Teva Pharmaceuticals]], as his successor;<ref name=BBProfile/> Shanghvi became managing director.<ref>Economic Times Bureau May 30, 2012 [http://articles.economictimes.indiatimes.com/2012-05-30/news/31900473_1_taro-pharma-net-profit-israeli-subsidiary Sun Pharma's Dilip Shanghvi steps down in favour of Israel Markov]</ref> 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.<ref>Economic Times. 11 Apr, 2014 [http://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/ranbaxy-sun-pharma-merger-deal-may-close-by-2014-end-daiichi-sankyo/articleshow/33617708.cms Ranbaxy-Sun Pharma merger deal may close by 2014 end: Daiichi Sankyo]</ref><ref>BBC 7 April 2014 [https://www.bbc.com/news/business-26917569 Sun Pharmaceutical to acquire Ranbaxy in $4bn deal]</ref><ref name=Fierce>Eric Palmer for FiercePharma Mar 26, 2015 [http://www.fiercepharma.com/regulatory/deal-done-sun-pharma-must-now-fix-ranbaxy-s-deep-problems Deal done, Sun Pharma must now fix Ranbaxy's deep problems]</ref>

== Community ==
In January 2018, the Indian government appointed Shanghvi to the [[Reserve Bank of India]]'s 21-member central board committee.<ref name=zee/> He is chairman of the board of governors at [[IIT Bombay]].<ref>{{cite news |title=HRD ministry finalises Sun Pharma head as IIT-Bombay chairman |url=https://www.hindustantimes.com/education/hrd-ministry-finalises-sun-pharma-head-dilip-shanghvi-as-iit-bombay-chairman/story-80pzxxztQz4e9BESJpucZJ.html |access-date=18 September 2018 |publisher=Hindustan Times |date=19 March 2016}}</ref> He was made a trustee of the [[Rhodes Scholarship|Rhodes scholarship]] programme at [[University of Oxford|Oxford University]] in 2017.<ref>{{Cite web|url=https://www.rhodeshouse.ox.ac.uk/about/trustees/|title=Rhodes House - Home of The Rhodes Scholarships|website=Rhodes House - Home of The Rhodes Scholarships|language=en|access-date=2018-04-01}}</ref>

==Personal life==
He is married to Vibha Shanghvi.<ref name=ft/><ref>{{cite news|url=http://articles.economictimes.indiatimes.com/2014-04-08/news/48971238_1_sun-pharmaceutical-industries-novartis-india-dilip-s-shanghvi|title=Dilip Shanghvi, Sun Pharma promoter, a pharma maven with midas touch|date=8 April 2014|agency=Economic Times}}</ref> They have a son, Aalok and a daughter, Vidhi, both of whom work for Sun Pharmaceuticals.<ref>{{cite news|title=Sun rises on Ranbaxy |url=http://indiatoday.intoday.in/story/dilip-shanghvi-ceo-sun-pharma-ranbaxy-laboratories/1/356394.html|access-date=5 July 2016|agency=India Today|date=18 April 2014}}</ref>

== Book ==
In 2019, journalist Soma Das authored ''The Reluctant Billionaire'', the first and only biography of Dilip Shanghvi.<ref>{{Cite web|url=https://penguin.co.in/news-and-press-releases/penguin-publish-first-ever-biography-sun-pharma-founder-dilip-shanghvi/|title=PENGUIN TO PUBLISH THE FIRST EVER BIOGRAPHY OF SUN PHARMA FOUNDER DILIP SHANGHVI|website=Penguin India}}</ref> Published by Penguin Random House, the book was nominated for Tata Literature Award<ref>{{Cite web|url=https://indianexpress.com/article/lifestyle/books/the-mumbai-litfest-announces-longlists-for-five-literary-awards-6099259/|title=Tata Literature Live! The Mumbai LitFest announces longlists for five literary awards|date=2 November 2019}}</ref> in the Best Business Book category in November 2019.<ref>{{Cite web|url=https://www.cnbctv18.com/buzz/biography-of-medicine-mogul-dilip-shanghvi-the-founder-of-sun-pharma-to-hit-stores-soon-3337991.htm|title=Biography of 'Medicine Mogul' Dilip Shanghvi, the founder of Sun Pharma, to hit stores soon|website=cnbctv18.com}}</ref>

==See also==
* [[List of billionaires]]

==References==
{{reflist}}

{{Padma Shri Award Recipients in Trade & Industry}}

{{DEFAULTSORT:Shanghvi, Dilip}}
[[Category:Indian billionaires]]
[[Category:Businesspeople from Mumbai]]
[[Category:Gujarati people]]
[[Category:1955 births]]
[[Category:Living people]]
[[Category:University of Calcutta alumni]]
[[Category:Bhawanipur Education Society College alumni]]
[[Category:Indian businesspeople in the pharmaceutical industry]]
[[Category:People from Amreli district]]
[[Category:Recipients of the Padma Shri in trade and industry]]
[[Category:Businesspeople from Kolkata]]
[[Category:Rhodes Trustees]]
[[Category:Reserve Bank of India]]

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Dilip Shanghvi