​Dilip Shanghvi ousts Mukesh Ambani as the richest man in India

Dilip Shanghvi, founder of Sun Pharmaceutical Industries, has left behind India’s business magnate Mukesh Ambani, who is the Reliance Industries, in the race to become the richest Indian.

This happened soon after the shares of Sun Pharma and Sun Pharma’s research and development arm (Sparc) soared to new highs on Wednesday.

According to an ET report, this sudden gain was a result of the US Food and Drug Administration’s (FDA’s) approval that SPARC received in order to manufacture a product at Sun's facility in Halol.

On Wednesday, Shanghvi's networth stood at $21.5 billion while Ambani’s was $20.4 billion.

Earlier on Tuesday, Sun Pharma announced it will buy out GlaxoSmithKline's opiates business in Australia for an undisclosed amount to strengthen its pain management portfolio, as per an ET report. This will further strengthen the position of the Mumbai-headquartered pharmaceutical company.
(Image: sunpharma.com)