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 Press Coverage |
Malvinder to head Ranbaxy's India region
Gauri Kamath
TIMES NEWS NETWORK
MUMBAI: Malvinder Singh, the eldest son of the late Parvinder Singh and the former chairman of Ranbaxy Laboratories, has been appointed director in charge of the India region, giving him greater responsibility in a company that was started by his grandfather.
India is a key market for Ranbaxy, the country's top drugmaker by sales. India accounts for 29 per cent of the company's sales after the US at 36 per cent.
Company insiders confirmed that the 30-year old Mr Singh will officially take over in January 2003 from incumbent Sanjiv Kaul. He will report to Brian Tempest, president, pharmaceuticals.
Mr Kaul has been given Mr Singh's current portfolio of global licensing. Mr Kaul will also take charge of corporate affairs and allied businesses — such as animal healthcare and diagnostics — from Bimal Raizada who is retiring. He also gets biotechnology, a new initiative. He will report to D S Brar, managing director and CEO.
Industry watchers say the Doon School and Harvard-educated Mr Singh has his job cut out for him — to bolster Ranbaxy's domestic sales in a flagging market marked by cut-throat price competition.
They also see this as a precursor to an eventual seat on the board for Mr Singh.
Ranbaxy is the third-largest drugmaker by market share in India, according to market research firm ORG-Marg. The company's sales grew 12.5 per cent for the year to June 2002, while the market, valued close to $4 billion, grew by 11.8 per cent.
The Singh family owns 32 per cent of Ranbaxy which was started by Malvinder's grandfather Bhai Mohan Singh.