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The Reluctant Billionaire: How Dilip Shanghvi Became the Richest Self-made Indian
The book is an untold human story of an enterprise and its creator-Dilip Shanghvi, who became the richest self-made Indian.In March 2015, Dilip Shanghvi toppled Mukesh Ambani to become the richest Indian. The historic event shook corporate India but made Shanghvi 'uncomfortable'. He is one of the most interesting and least understood business minds. Till date, his journey has been shrouded in mystery because of his unwillingness to share it.The book changes that by revealing the riveting story of the fiercely intense personality that lies beneath his calm demeanour. Based on interviews of over 150 friends, extended family members, rivals, former aides, business associates, it traces his transformation from a quiet, curious child working in his father's small wholesale shop to an astute strategist who built India's largest unrivalled pharma company-Sun Pharma-despite being untrained in science.This book is an extraordinary story of an ordinary man, who chooses to stay 'anti-famous'. He would rather have his face unrecognized, his story untold. But at a time, when a billion dreams are simmering in an aspiring India, this tale is for everyone who has once had a secret dream, an insanely bold one.
530 pages, Kindle Edition
Published June 7, 2019
59 people are currently reading
214 people want to read
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Displaying 1 - 17 of 17 reviews
April 27, 2022
I was so eager to know about this secretive Business baron over the years, that when this book presented itself, it took me only 4 days to finish it cover to cover.
Let me preface my review by acknowledging that the author Soma Das had a monumental challenge to overcome and the challenge is that, true to the title, the subject of her biography is reluctant to talk about himself. So explicably, the biography has turned out to predominantly a third person account of Dilip Shangvi, with quirky , annotation like statements from the subject itself.
That being said can one call this book a biography is debatable ( Note : The author hasn't claimed it to be a biography). Reading this book felt analogous to watching highlights of Sachin Tendulkar's best innings and how he overcame the challenges to triumph, with some botches thrown in for good measure. This book is a long narrative of Shanghvi's Business journey. But a mesmerizing Journey, that is.
However , as a reader I was left wanting to know the non business aspects of Dilip Shangvi's persona and life. I would have loved for the author to dwelve into feedbacks from Shangvi's non business associations. This broader, socio-psychological that is missing renders this narrative void of colour. For example we don't know of Shangvi's take on Corporate social responsibility or philanthropy or plans for improving Sun's social footprint in India.
Secondly, absolutely no photos included makes this book kind of a 2 dimensional read. I wish photos were included. This was a big miss in my eyes.
Lastly, I spoke to some MR friends who have seen Sun since 2000s with their noses close to ground, and they seemed to cast reservations on the claims the book made on Sun's reliance on ethical practices to earn a doctor's prescription, shockingly the MRs thought that Sun was the one to perpetrate the ethical malpractices of bribing Doctor's to no end.
My point is that the author perhaps did a cherry picked research at reality at the ground level , focusing mostly in the Kolkata region.
Overall, the efforts of the author are seen, but given that this was a predominantly third person account of an individual, it felt that only those who were enchanted by Shangvi were chosen. I would have loved to hear what the top brass at Ranbaxy, Taro , Daiichi or Caraco had to say. I guess was it a precondition by Shangvi to filter what he deems appropriate for his image, is for anybody to guess.
Lastly, would like to cite a extremely profound statement that one of Shangvi's childhood friend makes, and that made a huge impact on me - 'Too much effort taken in the cause of capital incurs a debt on the Soul.'
Let me preface my review by acknowledging that the author Soma Das had a monumental challenge to overcome and the challenge is that, true to the title, the subject of her biography is reluctant to talk about himself. So explicably, the biography has turned out to predominantly a third person account of Dilip Shangvi, with quirky , annotation like statements from the subject itself.
That being said can one call this book a biography is debatable ( Note : The author hasn't claimed it to be a biography). Reading this book felt analogous to watching highlights of Sachin Tendulkar's best innings and how he overcame the challenges to triumph, with some botches thrown in for good measure. This book is a long narrative of Shanghvi's Business journey. But a mesmerizing Journey, that is.
However , as a reader I was left wanting to know the non business aspects of Dilip Shangvi's persona and life. I would have loved for the author to dwelve into feedbacks from Shangvi's non business associations. This broader, socio-psychological that is missing renders this narrative void of colour. For example we don't know of Shangvi's take on Corporate social responsibility or philanthropy or plans for improving Sun's social footprint in India.
Secondly, absolutely no photos included makes this book kind of a 2 dimensional read. I wish photos were included. This was a big miss in my eyes.
Lastly, I spoke to some MR friends who have seen Sun since 2000s with their noses close to ground, and they seemed to cast reservations on the claims the book made on Sun's reliance on ethical practices to earn a doctor's prescription, shockingly the MRs thought that Sun was the one to perpetrate the ethical malpractices of bribing Doctor's to no end.
My point is that the author perhaps did a cherry picked research at reality at the ground level , focusing mostly in the Kolkata region.
Overall, the efforts of the author are seen, but given that this was a predominantly third person account of an individual, it felt that only those who were enchanted by Shangvi were chosen. I would have loved to hear what the top brass at Ranbaxy, Taro , Daiichi or Caraco had to say. I guess was it a precondition by Shangvi to filter what he deems appropriate for his image, is for anybody to guess.
Lastly, would like to cite a extremely profound statement that one of Shangvi's childhood friend makes, and that made a huge impact on me - 'Too much effort taken in the cause of capital incurs a debt on the Soul.'
June 19, 2019
Book with a soul!!
It’s a book with a soul. That’s how I would like to sum it up. It has many shades, and unless you read the entire book, you will not realize the array of different moods it can create within you. The first few chapters is action packed story of a start-up, the second part is emotional and beautifully portrays the complexities of growing up of individuals and a company. The last two three chapters have been written like corporate thrillers and just when you think that how it will end, it throws in some extremely interesting back stories to make a full circle. The only chapter that is a little dull and technical is the one with lot of product details but overall, I will rate it very high and say that it will be an insightful pick for the book lovers in general and for those who want to understand India. Thoroughly enjoyed!!
It’s a book with a soul. That’s how I would like to sum it up. It has many shades, and unless you read the entire book, you will not realize the array of different moods it can create within you. The first few chapters is action packed story of a start-up, the second part is emotional and beautifully portrays the complexities of growing up of individuals and a company. The last two three chapters have been written like corporate thrillers and just when you think that how it will end, it throws in some extremely interesting back stories to make a full circle. The only chapter that is a little dull and technical is the one with lot of product details but overall, I will rate it very high and say that it will be an insightful pick for the book lovers in general and for those who want to understand India. Thoroughly enjoyed!!
March 7, 2020
From an obscure and inconspicuous small town medical representative to largest Indian Pharmaceutical giant, Journalist Soma Das, painstakingly shadows the journey of reclusive Dilip Shanghvi, who prefers to remain elusive but exclusive among the bigwigs of publicized conglomerates. Coming from a family of entrepreneurs with sharp intellect, his proclivity to excel in pharmaceutical business was preempted by his peers way back in 1990s. Persistence with intuitive but informed decisions along with sliver of luck made SUN pharma the most covered company on international arena. Highly recommended for entrepreneurs who wish to make a dent in Indian Market.
January 24, 2026
One of the finest business books considering the Indian businesses.
So much to learn and feel connected.
So much to learn and feel connected.
December 5, 2025
Dilip Shanghvi, the founder of Sun Pharma
I was wondering about Pharma sector of India's industry and that lead me towards reading this book on Dilip Shanghvi, the founder of Sun Pharma.
I wondered, and found out Dilip was Jain. Jainism is only 0.4% in India's religious demographics. I've not met many Jains, I think, maybe one person that I can remember in my life. There's not many Jains in Southern Tamil Nadu.
Dilip Shanghv grew up in Calcutta, He was raised in an environment, where his father operated a small pharmaceutical wholesale shop. As he worked in his father's shop, he realized the margins were razor thin.
For schooling, He took a different path than majority of Tamils, who take, Biology group or Computer Science group. Usually, if you take commerce, people in Tamil Nadu perceive you are not academically bright. Moreover, Tamil Nadu's School environment could use some lessons about risk or building wealth.
Dilip chose commerce and his academic performance was higher as he reached Class IX. He chose graduation course in commerce at Lala Lajpat Rai College in Bombay, which he dropped out. He was impacted by Ayn Rand’s The Fountainhead.
The philosophy of objectivism, particularly the concept of productive achievement as his noblest activity, and reason as his only absolute, resonated deeply with him.
To start his enterprise, He decided to borrow, Rs.10,000 from his father, and established in Calcutta, Sun Pharma 1983. His strategy was to focus on niche segment, and provide longer term value, exclusively on psychiatric medicine -- Lithosam. He supported Physicians going to academic conferences, and his marketing was Scientific and Academic Services (SAS) model, ensuring long-term, prescription-driven loyalty.
He based his decisions on ethos of extreme cost-consciousness and frugality.
He established his first factory in Gujarat, producing its first tablets in 1983 from its factory in Vapi, Gujarat. The company earned ₹25,000 by the end of the first or second year of operation, and by the next year-end, it was adding ₹50,000 every month to its revenue. He invested ₹5 crore to set up an R&D arm just before the company's listing, an amount equivalent to two years of Sun's profits at the time
He focused on small number of relationships with Physicians, to build trust. The company went public in 1994, raising ₹55 crore. Shanghvi streamlined internal management using quantitative, detailed review formats. He invested 8% into R&D of new products.
Sun Parma, had sixty research scientists, recruited scientists, including an IP scientist Ratnesh Srivastava from Ranbaxy and a peptide specialist named Nishith Chaturvedi from overseas. R&D spend as a share of Sun's sales ranged between 9.6% and 12% during 2006–08, which was the highest in the Indian Pharma industry at the time.
This makes me wonder about South Tamil Nadu's firms. I've never noticed or seen such divisions, for example, a profitable Paper Mill in Tirunelveli, could give 20-50 crores of their 4000+ crore revenue to build a small academic-business lead division, the paper mill would technologically advance and contribute to scientific community.
As I wonder about Indian companies going public, there's not a lot from Southern Tamil Nadu, maybe it is why there is not much wealth creation from that area. Majority of Tamil Middle Class invest into land and house, some hold three or two house, as a sign of prestige. Frequently, I come across Older Tamil Men, who think of themselves as Gentry as they own few acres of land.
Dilip targeted undervalued or distressed assets, often acquired cheaply, MJ Pharma, TDPL, Gujarat Lyka.This expanded the company's product portfolio (e.g., adding oncology with TDPL) and manufacturing capacity (e.g., injectable facility from MJ Pharma).
It reminds me of stories from Russia in 90s, few of the industrialists took similar path. One particular asset acquisition, made deep impression on me. Another example is India Cements, Tirunelveli, where the family's stake was sold off from M. Srinivasan to Aditya-Birla group.
Dilip made the acquisition of Ranbaxy in 2014. This transaction made the merged entity the largest pharmaceutical company in India and cemented its position as a top generic drug maker globally.
Dilip Shanghvi's net worth crossed that of Mukesh Ambani in 2015, leading him to be proclaimed the richest self-made India, without cronyism connections in Indian government.
Deus Vult
Gottfried
I was wondering about Pharma sector of India's industry and that lead me towards reading this book on Dilip Shanghvi, the founder of Sun Pharma.
I wondered, and found out Dilip was Jain. Jainism is only 0.4% in India's religious demographics. I've not met many Jains, I think, maybe one person that I can remember in my life. There's not many Jains in Southern Tamil Nadu.
Dilip Shanghv grew up in Calcutta, He was raised in an environment, where his father operated a small pharmaceutical wholesale shop. As he worked in his father's shop, he realized the margins were razor thin.
For schooling, He took a different path than majority of Tamils, who take, Biology group or Computer Science group. Usually, if you take commerce, people in Tamil Nadu perceive you are not academically bright. Moreover, Tamil Nadu's School environment could use some lessons about risk or building wealth.
Dilip chose commerce and his academic performance was higher as he reached Class IX. He chose graduation course in commerce at Lala Lajpat Rai College in Bombay, which he dropped out. He was impacted by Ayn Rand’s The Fountainhead.
The philosophy of objectivism, particularly the concept of productive achievement as his noblest activity, and reason as his only absolute, resonated deeply with him.
To start his enterprise, He decided to borrow, Rs.10,000 from his father, and established in Calcutta, Sun Pharma 1983. His strategy was to focus on niche segment, and provide longer term value, exclusively on psychiatric medicine -- Lithosam. He supported Physicians going to academic conferences, and his marketing was Scientific and Academic Services (SAS) model, ensuring long-term, prescription-driven loyalty.
He based his decisions on ethos of extreme cost-consciousness and frugality.
He established his first factory in Gujarat, producing its first tablets in 1983 from its factory in Vapi, Gujarat. The company earned ₹25,000 by the end of the first or second year of operation, and by the next year-end, it was adding ₹50,000 every month to its revenue. He invested ₹5 crore to set up an R&D arm just before the company's listing, an amount equivalent to two years of Sun's profits at the time
He focused on small number of relationships with Physicians, to build trust. The company went public in 1994, raising ₹55 crore. Shanghvi streamlined internal management using quantitative, detailed review formats. He invested 8% into R&D of new products.
Sun Parma, had sixty research scientists, recruited scientists, including an IP scientist Ratnesh Srivastava from Ranbaxy and a peptide specialist named Nishith Chaturvedi from overseas. R&D spend as a share of Sun's sales ranged between 9.6% and 12% during 2006–08, which was the highest in the Indian Pharma industry at the time.
This makes me wonder about South Tamil Nadu's firms. I've never noticed or seen such divisions, for example, a profitable Paper Mill in Tirunelveli, could give 20-50 crores of their 4000+ crore revenue to build a small academic-business lead division, the paper mill would technologically advance and contribute to scientific community.
As I wonder about Indian companies going public, there's not a lot from Southern Tamil Nadu, maybe it is why there is not much wealth creation from that area. Majority of Tamil Middle Class invest into land and house, some hold three or two house, as a sign of prestige. Frequently, I come across Older Tamil Men, who think of themselves as Gentry as they own few acres of land.
Dilip targeted undervalued or distressed assets, often acquired cheaply, MJ Pharma, TDPL, Gujarat Lyka.This expanded the company's product portfolio (e.g., adding oncology with TDPL) and manufacturing capacity (e.g., injectable facility from MJ Pharma).
It reminds me of stories from Russia in 90s, few of the industrialists took similar path. One particular asset acquisition, made deep impression on me. Another example is India Cements, Tirunelveli, where the family's stake was sold off from M. Srinivasan to Aditya-Birla group.
Dilip made the acquisition of Ranbaxy in 2014. This transaction made the merged entity the largest pharmaceutical company in India and cemented its position as a top generic drug maker globally.
Dilip Shanghvi's net worth crossed that of Mukesh Ambani in 2015, leading him to be proclaimed the richest self-made India, without cronyism connections in Indian government.
Deus Vult
Gottfried
December 21, 2023
The initial image of mine of Dilip as a person who didn't had a proper education to start with, is quickly shattered by the book. It tells about how well-read of a person Dilip was, who took every decision in business using proper reasoning and insights. This really shows that your curiosity in life should never die, It talks about how humble and grounded the person is, who is inherently motivated by just the rush he gets via growing his business. The books also throws light upon each individual who played a role in his journey, and how Dilip/Sun treats everyone as a family member and not a cost/profit centre. It also shows that you don't need to be outspoken/extrovert to succeed in the business world.
Book could have been better on -
Chronology of events, sometimes within the chapter, the year elapsed was confusing as it surpassed other chapter years.
Within chapter, there was a confusion on the final argument, as different individual had different memory of the event, although i understand the cause of it, but could have been better resolved.
Book could have been better on -
Chronology of events, sometimes within the chapter, the year elapsed was confusing as it surpassed other chapter years.
Within chapter, there was a confusion on the final argument, as different individual had different memory of the event, although i understand the cause of it, but could have been better resolved.
August 31, 2019
Business story with deep philosophies
Deep book. Setting is business empire but narration is pure literature. The book is more than business strategies which turned an ordinary wholesaler in Calcutta into India's richest man. It is part philosophy and in parts even spiritual. The middling chapters 2 of them are slightly technical but the rest make for gripping read. At times too many characters can get a little confusing but largely it is an effortless read because to an extent chapters are episodic. It will surely be picked by management students and corporate professionals but the beauty of narration and powerful storytelling definitely merits a read even by fiction readers. The book is strewn with charming quotes that stays with you long after you finished reading.
Deep book. Setting is business empire but narration is pure literature. The book is more than business strategies which turned an ordinary wholesaler in Calcutta into India's richest man. It is part philosophy and in parts even spiritual. The middling chapters 2 of them are slightly technical but the rest make for gripping read. At times too many characters can get a little confusing but largely it is an effortless read because to an extent chapters are episodic. It will surely be picked by management students and corporate professionals but the beauty of narration and powerful storytelling definitely merits a read even by fiction readers. The book is strewn with charming quotes that stays with you long after you finished reading.
January 6, 2020
3.5 stars .
Sanghvi’s story is fascinating . What the book manages to capture is some interesting tales and experiences from the eyes of others , and some great tales .
But a lot of it is missing .
No words from his own family members . His wife , no mention of his children .
Nothing about Suzlon ?
Nothing about the corporate governance issues besides in the postscript ? ( this book is published in 2019 )
Sanghvi himself has barely answered or opened his mind up on many matters .
Though soma Das wants to give a holistic view on Sanghvi , giving great details on his life , a lot I think could have yet been written , unfortunately not privy to the author .
Sanghvi’s story is fascinating . What the book manages to capture is some interesting tales and experiences from the eyes of others , and some great tales .
But a lot of it is missing .
No words from his own family members . His wife , no mention of his children .
Nothing about Suzlon ?
Nothing about the corporate governance issues besides in the postscript ? ( this book is published in 2019 )
Sanghvi himself has barely answered or opened his mind up on many matters .
Though soma Das wants to give a holistic view on Sanghvi , giving great details on his life , a lot I think could have yet been written , unfortunately not privy to the author .
June 12, 2019
A fast paced, dramatic look into the life of Dilip Bhai!
The book is insightful in the journey taken by Dilip Bhai to make Sun Pharma as we know it today. Well researched articles beautifully woven into personalized accounts by people in the inner circle of Dilip Bhai make this book a fascinating read. The timing of the release of this book and some of the content in the initial stages might lead the readers to question the intent behind the book but nonetheless this is a must read for pharma professionals as well as the general population.
The book is insightful in the journey taken by Dilip Bhai to make Sun Pharma as we know it today. Well researched articles beautifully woven into personalized accounts by people in the inner circle of Dilip Bhai make this book a fascinating read. The timing of the release of this book and some of the content in the initial stages might lead the readers to question the intent behind the book but nonetheless this is a must read for pharma professionals as well as the general population.
June 20, 2021
good in-depth insight into the making of Sun and psychology behind the grit of its owner
pretty in-depth coverage from his entrepreneurial perspective and how problem were solved and lessons learnt from the mistakes on building the largest pharmaceutical company of India thus far
pretty in-depth coverage from his entrepreneurial perspective and how problem were solved and lessons learnt from the mistakes on building the largest pharmaceutical company of India thus far
August 14, 2019
The story is great, book could have been written better.
August 15, 2019
Unique voice, a layered business story told in a gripping manner.
August 22, 2019
Business. Emotions. Friendship. Drama. The book has it all. One reason I loved it is because of the way the book depicts emotions of men. Men are emotional beings too even if they don't express it.
March 7, 2020
Brilliant Book
The story is told in a very engaging manner. I Strongly recommend to read this book as many things to learn from this self made billionaire.
The story is told in a very engaging manner. I Strongly recommend to read this book as many things to learn from this self made billionaire.
March 9, 2020
The author has definitely taken a lot of effort to speak about an otherwise secretive entrepreneur. Unfortunately, the book does not give me a very impactful perspective of Mr. Shanghvi.
October 1, 2020
I always have been a fan of autobiographies and one written by a businessman small or big is like a cherry on the cake I love the most.
Though this book ain't an autobiography I was expecting it to be good because Indian businessmen barely take time out to write books or have their life story written.
But this book was filled with the following:
Facts and things to learn from - 50%
Unnecessary information - 20%
Unnecessary praises - 25%
Others - 5%
But I feel that's how it works! You can easily skip a few pages and feed on the learnings here and there!
Though this book ain't an autobiography I was expecting it to be good because Indian businessmen barely take time out to write books or have their life story written.
But this book was filled with the following:
Facts and things to learn from - 50%
Unnecessary information - 20%
Unnecessary praises - 25%
Others - 5%
But I feel that's how it works! You can easily skip a few pages and feed on the learnings here and there!
March 29, 2020
I found it pretty one-sided. the book seems to evangelize Shanghvi and doesnt bring out a single negative trait.
Displaying 1 - 17 of 17 reviews