Sunday, October 22, 2017

Newsbreakers

SOLAR LEAP

Mukesh Ambani’s finally got another Gujju for company in the global wealth hierarchy and the name spells Dilip Shangvi. With a net worth of $18 billion the Chairman and managing director of Sun Pharmaceuticals India’s most valuable drug company with a market cap of $27 billion, is now among Asia’s top 10 richest self-made billionaires and the second in India on the Rich Scale overtaking Steel tycoon Lakshmi Mittal as per the list recently put up by Wealth-X, the ultra high net worth (UHNW) intelligence and prospecting firm. Shangvi’s is a remarkable story of grit and perseverance. He founded Sun Pharmaceuticals in 1983 with five psychiatry products and a marketing team of just two persons. Over the years, the entrepreneur has grown the company manifold apart from making several acquisitions to extend Sun Pharma’s reach like the loss making Caraco Pharma in 1997 and Israel’s Taro Pharma in 2007, and turning the fortunes of both companies around. The result is that the US now accounts for 60 per cent of Sun Pharma's revenue. Shangvi’s most recent conquest was of Ranbaxy Laboratories when he acquired in a $4 billion deal from Japan’s Daiichi Sankyo. He has been credited with single-handedly steering his firm to the fifth spot globally in the generic drugs market. Now with Sun Pharma’s Q1 FY15 financial results showing a rosy bottomline with a growth of 13 per cent from last year, Shangvi is looking to expand and strengthen his firm’s global footprint. Understandably the future looks bright for Sun – and its charioteer. Bring out the undhiyo!

 

 

SUNNY SWEEP

Hailing from a field that contributes to the light of knowledge, Sunny Varkey is getting increasingly ambitious to extend his reach.  The Dubai based Indian billionaire who heads Gems Education, the world’s largest operator of private kindergarten- to-grade-12 schools in the world, with 150,000 students and 11,000 teachers across the Middle East, Africa, Europe, China, US and India, is reportedly looking to acquire K-12 schools of Educomp Solutions to expand his education business empire in the country.  The deal, if it materialises, is expected to fetch a valuation of $250 million for the Educomp Solutions’ network of more than 50 schools. There are whispers that the 57-year-old education entrepreneur is being backed by Middle East and Western private equity funds for the proposed transaction. It is reported the deal, if it goes through for Varkey will provide the GEMS group with a very large footprint in India’s  booming education sector, which will be worth $97 billion in FY15. The Gems Education model is unique in the world because it offers schools with a range of internationally recognized curricula and a range of tuition fees making private education more accessible and affordable to the broader community than ever before. Varkey, who is  the UNESCO Goodwill Ambassador for Education Partnerships, has forged partnerships with the World Economic Forum, Microsoft, the Clinton Global Initiative, the Tony Blair Faith Foundation, Pratham and Dubai Cares. The education philanthropist’s business interests have also extended to healthcare and construction.

 




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