Business / World’s Richest Sikh: Malvinder Singh

World’s Richest Sikh: Malvinder Singh

Business Nov 05, 2014

by Anokhi Admin

Malvinder Singh Honoured At The Sikh Awards

Malvinder Mohan Singh was recently honoured at the fifth annual Sikh Awards 2014 with the Sikh Businessman Award.

Singh who always did things differently, put business before sentiment and sold off his family business. He is currently focused on building a new empire and hopes to go global with his current assets.

Ever wonder what kind of personality actually wins these types of awards? Let's find out a bit more about this visionary, known as the richest Sikh in the world.

Schooling

Singh studied at The Doon School, Dehradun and St. Stephen’s College in Delhi, later he acquired an MBA from Duke University’s Fuqua School of Business.

Net Worth

Singh’s net worth, according to Forbes, is USD 2.3 Billion as of September 2014. He is ranked number 37 in India’s 'Richest' list.

Journey To Billions

After selling off his family run Pharma business Ranbaxy for USD 4.8 Billion, Singh is leading Religare Financial Services and Fortis Health Care services. Working alongside his brother Shivinder Mohan Singh, Singh is building the first and fortuitous Pan-Asian health care chain.

The Brothers/ Hindu

The brothers made history when they sold their family business, Ranbaxy to Japan’s Daiichi Sankyo three years ago for Rs 10,000 Crore for 35 percent stake. The company had grown to scale by the diligence and hard work of their father, Parvinder Singh. Over the course of the years, the Fortis network has multiplied with acquisitions of new hospitals and management contracts. In a 2011 interview, he informed Business Today, “In five years we see ourselves as the leader and the most trusted healthcare brand in every market we operate in, and among the top 10 in the world.” At the same time, he had also mentioned passionately, “Fortis will be a global brand, bigger than Ranbaxy – something that India will be proud of."

Singh signing the deal with Daiichi Sankyo/Hindustan Times

Fortis Healthcare

In 2013, Fortis healthcare sold Quality Healthcare, the Hong-Kong based healthcare chain, which the company had bought in 2010 and sold about USD 665 million worth of companies. When asked in an interview by Young Turks, of Money Control over his decision of his role as the leader of Fortis, Singh tells, “There are few broad things that I have always looked at while looking at business. We should make sure that we are at the forefront of every business. I saw my father do this in Ranbaxy. We should also ensure that we are the leader in our home market. At the same point in time, business is not just about making some profit and being at some rank to have an earning and living. It’s about doing things differently, making sure that we can go out globally and make the change. We should be able to redefine the strategy and set a goal in the future to say that’s where I see an opportunity, and I will lead it and not follow.”

Singh's Vision

His dream to expand the healthcare empire has only cemented over time especially when asked about the expansion of Fortis healthcare in Australia and Sri Lanka He added, “We are looking at being an integrated healthcare company across multiple markets. We don’t have integrated healthcare company and healthcare business in healthcare delivery services across multiple markets and continents globally.”

_{Featured Image: Sterling media}

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