Malvinder wants to transform Ranbaxy
Chief Executive of India's largest pharmaceuticals company Ranbaxy Malvinder Mohan Singh says he wants to take it to a completely different level and making it stronger.business Updated: Jun 22, 2008 15:41 IST
Chief Executive of India's largest pharmaceuticals company Ranbaxy Malvinder Mohan Singh says he wants to transform the company, taking it to a completely different level and making it stronger.
"My grandfather started it (Ranbaxy) in 1961, my father took it global and I want to transform this company, taking it to a completely different level and making it stronger," 35-year-old Malvinder Singh said in an interview published in The Sunday Times today.
He admitted it was an emotional decision to let go of the equity of the family because "this is the third generation that I am leading. But at the same time, it was so imperative for the company that it made eminent sense to do it."
He said he has always believed in a model of co-operation and competition at the same point in time.
Talking about his sporting philosophy, Malvinder Singh said, "I play to win," citing his passions for tennis, hockey, football, cricket as well as athletics. He was a 100-metre runner and high jumper in his younger days.
The sale of the Singh family's 34.8 per cent stake in Ranbaxy to Japan's second largest drugs group, Daiichi Sankyo, made the deal worth up to 4.6 billion dollars. Singh, who is pledging to stay on as chief executive for at least five years, believed the deal created a new corporate animal in the shape of a hybrid between a traditional pharmaceutical company and a generics manufacturer.
Singh, however declined to divulge details of investments in the two firms.
"Till now, we haven't discussed it to decide what will go where," he said.
Asked if the funds from the Ranbaxy stake sale could be utilised by Fortis and Religare for mergers and acquisitions, he said, "It is an integral part of the growth of these companies."
Two-three months ago Religare picked up the oldest broking house in UK, which was the first acquisition by any financial company outside India, he said.
"We have done things and will keep doings which will continue to strengthen our business globally. We are always evaluating opportunity and it is difficult at this point of time to give definite answer," Singh said when asked if there could be any acquisition in the near future.
The Singh family had recently undertook a rebranding exercise to rechristening its diagnostics subsidiary SRL Ranbaxy under the Religare name and is planning to expand it further.
Asked if there was any plan to go public with the diagnostic arm, Singh replied in the affirmative.
"The company is doing well... We are the largest pathology company in the country and at some point, we would like to list it as a separate company in the Indian market," he said.
Under the new initiative, Singh said SRL Ranbaxy would be rebranded in terms of the growth and the business.