Torrent Pharma is reportedly in talks to form a consortium and raise $1.2-1.5 billion from CVC Capital Partners as it is looking to put together a $7 billion or Rs 60,000 crore financing package to acquire rival Cipla. CVC could turn out to be Torrent’s lead partner. The development has not yet been confirmed by the group.
Long before Torrent embarked on such high-value deal-makings, it had a much humbler beginning. Torrent Pharma was founded in 1959 by UN Mehta, who started his career as a medical representative for Sandoz in the 1940s. Mehta faced his initial failures and setbacks to erect this multi-crore company.
The 64-year-old company is now led by UN Mehta’s sons Sudhir Mehta and Samir Mehta. Sudhir Mehta is the Chairman Emeritus and Samir Mehta is the Chairman of the Torrent Group.
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Torrent’s Chairman Emeritus, Sudhir Mehta, born in 1954, joined the family business in the early 70s. Soon after completing his education, Sudhir Mehta joined his father to manage the affairs of Torrent Pharma and learn the ropes of the business.
Sudhir Mehta is widely credited for the commission of the first manufacturing facility at Ahmedabad, bagging the first export order to Russia, foray into the power sector, acquisitions of Mahendra Cables in the 80s and Ahmedabad Electricity Company and Surat Electricity Company in the early 90s.
Sudhir Mehta took over as the Chairman of the Torrent Group in 1998 after the death of UN Mehta. Torrent Pharma is one of the leading pharmaceutical companies with presence across 40 countries. Along with that, Torrent Power also has a strong foothold in generation, distribution and transmission segments.
Torrent Chairman Samir Mehta, 59, like his brother is also known for his business acumen and the contribution to the growth of the company.
Under Samir Mehta’s leadership, Torrent Pharma undertook several strategic initiatives and made its forays into new therapies and geographies, and made large investments in product development, infrastructure and capabilities.
Under Samir Mehta’s push, Torrent entered the city gas distribution sector. It is currently one of the leading CGD entities in the country with an investment plan of around Rs 10,000 crore.
Samir Mehta also had a keen focus on conducting businesses in a socially responsible way. He emphasised environmental responsibility, creation of local livelihoods, improving community health and school education of the underprivileged class.
Torrent Pharma is known for its therapeutic segment of cardiovascular, central nervous system, gastro-intestinal and women healthcare, and has presence in diabetology, pain management, gynaecology, oncology and anti-infective segments.