Business

Dilip Shanghvi Beats Mukesh Ambani To Become The Richest Indian

Dilip Shanghvi – Richest person in India

The founder of drugmaker Sun Pharma, Dilip Shanghvi, replaced Reliance Industries promoter Mukesh Ambani on thursday to become the richest Indian and hence ended the eight-year run of Mr. Ambani as India’s richest person, according to Forbes. The same was confirmed by The Bloomberg Billionaires Index,which ranked Mr Shanghvi ahead of Mr Ambani for the first time ever.

The remarkable feat was achieved by Mr. Shanghvi with shares of Sun Pharma and Sun Pharma Advanced Research Company, or Sparc closing at record highs.

The 59-year old Mr Shanghvi’s net worth is estimated at $21.5 billion which exceeds by $1.1 billion more than that of Mr Ambani’s net worth of $20.4 Billion.

Also, it may be noted that Mr Shanghvi is a self-made billionaire, while Mr Ambani inherited the business from his late father Mr. Dhirubhai Ambani.Sun Pharma operates in the global healthcare industry, where Indian companies have a pricing advantage over their global peers. The drugmaker derives nearly 60% of its sales from US.

The impressive growth of Mr. Sanghvi came over the last three months as Sun Pharma shares gained 22% as against a drop of 7.5% faced by RIL shares and the company did bad in BSE Sensex as well due to a commodity driven business model.