Source | LinkedIn : By Rukmaji Ramanujan
Imagine the most unimaginable accomplishments & that is the most easiest description of DHILIP SHANGHVI: Founder & Managing Director of Sun Pharmaceuticals. Son of a wholesale pharmacist. Handled patient information leaflets as a boy in Kolkata. First generation entrepreneur. Has a bachelor’s degree in commerce from the University of Calcutta. Moved to Mumbai at the age of 27 with barely Rs 10,000 in his pocket and some experience at his father’s business. His first factory came up at Vapi in Gujarat and he never looked back. A self made Billionaire. Very recently surpassed Mukesh Ambani in terms of networth. A low profile personality by choice. Likes reading management books. Loves watching Hollywood action movies. His brother in law Sudhir. V. Valia is the Director in Sun Pharma. His son & daughter are also involved in Sun. Very informal with his employees. Known for speaking Gujarati even in board meetings.
Take Home Points For Future Billionaires:
1. His business starts at break fast. He invites his key team members for business discussions over break fast.
2. His company releases 30-40 new products every year. He started Sun with 5 products & 5 people in 1983. The turning point came in 1991 when the opportunities opened up for pharma industry along side IT.
3. 3/4th of the business revenue is from international market. Sun Pharma’s market capitalisation is more than that of Lupin, Cipla and Dr Reddy’s combined (the second, third and fourth most valuable pharma companies, respectively).The growth stimulus is through international acquisitions. It has made 16 acquisitions since 1997.
4. His first acquisition was Caraco Pharma, a loss-making American company that accounts for 60% of Sun’s revenue today. It took a quiet a longer time to turn around & he used to answer ” Be patient, I won’t be wrong”.
5. Known for very fast & accurate decisions. Many of his decisions surprised not only the people around him but also the industry. The world admired his decisions only in the long run.
6. An Unconventional Strategist: Every one was surprised when he had stepped down as Chairman to accommodate an international pharma strategist into the Sun family. He has a unique talent for turning around companies in distress. He has been consistent and balanced in his expansion plans and implementation. He has not played safe to reach the zenith of success in his illustrious career and he has taken many unconventional steps to take Sun Pharmaceutical Industries to the numero uno spot.