Shanghvi shines brighter than Ambani in rich list

MUMBAI: Dilip Shanghvi, the 59-year old boss of Sun Pharma, has taken over Mukesh Ambani, the chief of Reliance group as the richest Indian if one goes by the promoter holdings in the listed companies of the two groups. At Thursday’s close of trading on BSE, Gujarat-born and Kolkata-educated Shanghvi, by virtue of his over 63% holding in three group companies__Sun Pharma, Sun Pharma Advanced Research and Ranbaxy Labs is worth about Rs 1.46 lakh crore ($23.42 billion at 62.34/$ exchange rate).
Ambani, through his 45% holdings in two group companies RIL and Reliance Industrial Infrastructure was worth Rs 1.32 lakh crore ($21.2 billion), according to data compiled by TOI. If we also add the 20% in wind energy major Suzlon, that Shanghvi is in the process of buying, his wealth would be at Rs 1.48 lakh crore. However, according to Bloomberg Billionaire Index, RIL boss is still the richest Indian and 33rd globally with a net worth of $21.9 billion and Sanghvi, with $19.7 billion is the second richest and 39th globally.
In the last one year the Sun Pharma stock has gained 50% to become the most valued pharma company in the world and one of the top five in the world. As a result Shanghvi, who started the company in 1982 with a seed capital of Rs 10,000, became the richest drug maker in the world. His fortunes were boosted by his acquisition of Ranbaxy from its Japanese owners and sharp gains in Sun Pharma Advanced Research, the group drug R&D arm that was hived off as a separate firm from the group’s flagship a few years ago.