Meet Dilip Shanghvi, an Indian billionaire entrepreneur with a staggering net worth of Rs 15.65 lakh Crore, making him the 8th wealthiest individual in the country. Renowned for spearheading India’s largest pharmaceutical company, Sun Pharma, Shanghvi’s success has earned him the moniker “Reluctant Billionaire,” as he navigates the challenges of fame with a net worth that speaks volumes.
Founder of Sun Pharma, Shanghvi commands a business empire generating $5.4 billion (approximately Rs 44,971 crore) in revenue. Despite the company’s significant stature, Shanghvi prefers to remain elusive from the media spotlight, a sentiment vividly captured in his biography by Soma Das, where he expresses discomfort with the attention associated with immense wealth.
Shanghvi’s rise to prominence began in 1982 when he borrowed Rs 10,000 from his father, a pharmaceutical distributor in Kolkata, to establish a company producing its medicines. Armed with only a bachelor’s degree in commerce from Bhawanipur College, Shanghvi, lacking formal business training, transformed Sun Pharma into the world’s fourth-largest specialty generics pharmaceutical company, operating in over 100 countries.
Noteworthy acquisitions have played a pivotal role in Sun Pharma’s global expansion. Shanghvi’s strategic moves include acquiring Detroit-based Caraco Pharma in 1997, Israel’s Taro Pharma in 2007, and the game-changing $4 billion (approximately Rs 33,306 crore) acquisition of rival Ranbaxy Laboratories in 2014. In March 2023, Sun Pharma further solidified its position with the $576 million acquisition of Concert Pharmaceuticals based in Massachusetts.
Despite facing challenges such as a revenue decline between 2014 and 2018 due to intense pricing pressure in the US market and FDA-related issues, Sun Pharma, under Shanghvi’s leadership, rebounded successfully.
The company’s revenues surged from Rs 26,065.9 crore in FY18 to Rs 43,278.9 crore in FY23, showcasing Shanghvi’s commitment to incremental growth rather than seeking drastic leaps.
In recognition of his pioneering contributions to the pharmaceutical industry, Shanghvi received the prestigious Padma Shri award in 2016. Forbes estimates Shanghvi’s net worth, along with his family—comprising his wife Vibha and two children, Aalok and Vidhi—to be $19 billion. Independently, Shanghvi holds a net worth of $18.8 billion (Rs 15.65 lakh Crore), solidifying his position as the 8th wealthiest individual in India and the 87th globally.