Name:
Habil Khorakiwala
Title:
Stepped down as Wockhardt managing director but continues as the chairman
Age:
66
Career:
After his masters degree, his father handed him the control of Worli Chemical Works, which was later incorporated as Wockhardt Ltd
Education:
He has a masters degree in pharmaceutical science from Purdue University and a degree from Harvard Business School.
Interests:
Reading, swimming and interior decoration
Did the three acquisitions Wockhardt made back-to-back initiate all the cash woes you are facing today?
We did not make the mistake other competitors did by paying a premium price. Our acquisitions were essential for our business growth and the proof is already there to see. Morton Grove [acquired in 2007] has proved to be a wonderful acquisition, aiding us to make profits in the US market for the first time. What went really wrong was some of our bets on our currency hedging strategy. It was the only reason we are in financial trouble.
(This story appears in the 17 July, 2009 issue of Forbes India. To visit our Archives, click here.)