Akshay Arora, chairman of Blue Jet Healthcare, is India's latest billionaire.
from company
Shares in Blue Jet Healthcare, which makes specialty chemicals that enhance X-rays, CT scans and MRIs, have risen by nearly two-thirds in the past 12 months, making chairman Akshay Arora, 61, India's latest billionaire. Multimillionaire with an estimated net worth of $1.1 billion.
Growing global demand for preventive healthcare and a rapidly aging population have boosted enthusiasm for Mumbai-based Blue Jet from the global medical imaging industry and investors.
Arora will take the company public in October 2023, retaining 86% of its shares. Two-thirds of Blue Jet's annual revenue comes from the production of 75 chemicals called contrast chemicals. It is a $5.9 billion global industry expected to grow as demand for early diagnosis continues to grow.
In addition to these chemicals, 18% of Blue Jet's sales come from artificial sweeteners, which are used in products ranging from beverages to food supplements. More than 13% of revenue comes from pharmaceutical intermediates, which, in addition to anti-cancer drugs, are also used in drugs against cardiovascular and central nervous system diseases.
“Growth in all three areas has been very strong for us,” Arora said in a phone interview Thursday.
From fiscal 2021 to fiscal 2024, the company's annual revenue compound growth rate is 12.6%. 5% to 961 million rupees ($12 million).
The global comparative media sector is dominated by large companies such as Germany's Bayer and Japan's Daiichi Sankyo.
“If you look at the field of contrast chemistries, it's a niche area,” Arora added. “The chemicals needed there are high-performance chemicals that need to be very precise so doctors can pinpoint the exact location on an MRI or CT scan. The barriers to entry are high, and we have multi-year contracts with customers.
The company was founded in 1968 by Arora's late father Bansarilal Arora, initially to produce sweeteners. Arora holds a Master of Science in Organic Chemistry from the University of Mumbai and joined the company as a Director in 1983.
In 2000, he entered a niche market and eventually entered the league of the ultra-rich. He is also involved in the field of pharmaceutical intermediates.
Blue Jet looks set to be family-led going forward. Arora's son Shiven studied business at Bond University in Australia and is now managing director, responsible for financial and strategic affairs.
