Sun Pharma Advanced Research (SPARC) on May 25 said Dilip Shanghvi has resigned as managing director of the company, and will be succeeded by Anil Raghavan.
He will continue to be SPARC's chairman and a non-executive director on the board, according to a BSE filing by the company.
Shanghi had founded drugmaker Sun Pharmaceutical Industries in 1983 in Vapi, Gujarat, and is currently the company's Managing Director. SPARC was formed in 2007 after a demerger from Sun Pharma.
With a wealth of $9.5 billion, The 65-year-old is at present India's 12 richest person, according to Forbes.
He is also chairman of the board of governors at Indian Institute of Technology (IIT) Bombay. In 2018, the government appointed him to the Reserve Bank of India's central board committee.
Shanghvi was born in 1955 in Amreli, Gujarat. He has a Bachelor of Commerce degree from the University of Calcutta.
His son Aalok and daughter Vidhi both work for Sun Pharmacauticals, which is today India's largest drugmaker.
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