India’s Best CEOs 2025: Aman Mehta’s Next-gen Growth Play for Torrent Pharma

ASHRAM ROAD and the nearby suburbs in Ahmedabad are home to many illustrious names of corporate India — the city’s teeming financial artery and its pulsating business nerve centre. Running parallel to the serene Sabarmati river and its stunning promenade, it sits close to the historic Sabarmati Ashram, founded by Mahatma Gandhi. The Torrent Group’s corporate headquarters, located slightly off Ashram Road, and Torrent House, the headquarters of Torrent Pharmaceuticals at Kasarvadi, exude a sense of profound calm rather than corporate frenzy. Lush green lawns, sun-drenched, aesthetically designed buildings, rare blossoms in full bloom, and graceful white swans gliding across placid ponds together create an atmosphere of quiet grace at the group headquarters — a serene world seemingly detached from the outside rush. The Mehta family, which leads the group, has a combined wealth of ₹1.33 lakh crore, according to the 2025 Fortune India-Waterfield Advisors study of India’s Top 100 Billionaires. Yet, when one meets chairman emeritus Sudhir Mehta, chairman Samir Mehta, or the next generation — Jinal, Varun, Aman and Shaan — one is struck by their modesty, warmth, and effortless simplicity. Behind the unassuming charm, however, lies an ambitious and aggressive business drive. Sudhir and Samir Mehta have taken a back seat, passing on the baton of managing the day-to-day business to their sons as part of a well-thought-out succession plan. The next generation is driving the group on a fast-track mode, charting one of the boldest expansion paths in India Inc. The group is investing more than ₹1 lakh crore across pharmaceuticals, power, gas, as well as new ventures, including sports, hospitals and diagnostics, to double its revenues and profits within five years. Take Torrent Pharmaceuticals, for instance. The company has spent over $1 billion on acquisitions alone in the past decade, apart from its latest landmark deal — the acquisition of JB Chemicals and Pharmaceuticals Ltd (at a valuation of ₹25,000 crore, announced on June 29, 2025), a marquee name with a four-decade-old legacy and some big domestic brands. Even before the JB Chem acquisition, Torrent had risen rapidly from 22nd place to 7th among Indian pharmaceutical firms in just 10 years. “We have one of the highest growth rates among the Top 10 Indian pharma companies, and our vision is to become the third-largest within the next three-five years,” Aman Mehta, MD, Torrent Pharmaceuticals, told Fortune India last year, sitting on the patio of the family’s lush riverfront farmhouse overlooking the Sabarmati on a rainy monsoon morning. His words have proven prophetic. Before the next monsoon, which ended recently, Torrent broke into India’s Top 5 pharma companies, powered by the JB Chem acquisition — a testament to the Mehtas’ quiet determination and aggressive growth plans. In FY25, Torrent Pharmaceuticals achieved net sales of ₹11,317 crore, registering a three-year compound annual growth rate (CAGR) of 10%, while its net profit soared to ₹1,911 crore, registering an impressive CAGR of 35%, according to database provider Capitaline. The company delivered a total shareholder return (TSR) of 34.3% during the same period, with return on capital employed (RoCE) at 27.1%. Each of its major export geographies — the U.S., Brazil, Germany, and the Rest of the World — contributes over 10% of revenues. Leading Torrent Pharma’s next phase of growth, Aman Mehta, the eldest son of Samir Mehta, blends a global academic pedigree with home-grown business acumen. With a Bachelor of Economics from Boston University and an MBA from Columbia University, he started his career at Torrent Power in 2013 as a management trainee at its Dahej plant, pioneering the digitisation of power distribution networks — a first-of-its-kind initiative in India. Torrent Power had earlier ventured into the distribution franchisee business in 2006, becoming the country’s first franchisee in Bhiwandi, Maharashtra. Aman’s initiatives at Dahej were later replicated in Bhiwandi and Agra, with AT&C (aggregate technical and commercial) losses cut from 58% at takeover to 14.9% by FY19 in Bhiwandi, and from 58.8% to 16.1% in Agra. Aman joined Torrent Pharmaceuticals in 2018 as general manager, spearheading strategic initiatives, particularly integration and long-term growth planning of Unichem Laboratories’ branded business in India and Nepal — acquired by Torrent for ₹3,600 crore in 2017. At the time, Torrent’s domestic business generated revenues under ₹4,000 crore; today, it exceeds ₹6,500 crore, contributing 55% of the company’s total turnover, with a 15% CAGR since 2018. By August 2022, he was overseeing Torrent’s entire pharma operations. Torrent’s story began in 1959, when Aman’s grandfather, the late Uttambhai Nathalal Mehta, invested his life savings to start Trinity Laboratories. A trademark dispute led to the rechristening of the company as Torrent Pharmaceuticals. A former medical representative with Sandoz for 15 years, U.N. Mehta pioneered direct marketing and combination therapies such as TrinicamPlus for mental disorders, and later expanded into cardiovascular and central nervous system drugs. Torrent’s early international ambitions took it to the erstwhile USSR in the 1980s, but the Soviet Union’s collapse in 1991 wiped out ₹200 crore in receivables overnight, erasing nearly 90% of its business. It took years to recover, leading to missed opportunities in the lucrative U.S. market, already tapped by then by other domestic majors such as the erstwhile Ranbaxy, Sun Pharma, and Dr. Reddy’s Laboratories. By early 2000, Torrent had recalibrated its international strategy, with entry into emerging markets, and then to Europe and the U.S. The company’s remarkable growth has long been powered by timely and strategic acquisitions. In 2007, when German multinational Merck KGaA put its generics business on the block, Torrent emerged as a surprise contender, backed by private equity, though the deal ultimately went to U.S.-based Mylan for €4.9 billion. Torrent’s acquisition journey began with Germany’s Heumann Pharma, a Pfizer generics unit, in 2005. Domestically, it acquired Elder Pharma’s branded business in India and Nepal for ₹2,000 crore in 2013, followed by Unichem’s India and Nepal business and its Sikkim facility for ₹3,600 crore in 2017. At the time, Unichem’s India business had 120 brands generating over ₹850 crore annually. In 2022, Torrent further strengthened its portfolio by acquiring Curatio Healthcare for ₹2,000 crore, adding over 50 brands in cosmetic dermatology. The ongoing acquisition of JB Chem, founded in 1976 by J.B. Mody, is poised to further fortify Torrent’s position. Ranked 28th in the Indian pharmaceuticals market, JB Chem has six brands in the Top 300 categories, including flagship ones such as Rantac, Metrogyl, Nicardia and Cilacar-T. With revenues of ₹3,918 crore in FY25, the company enjoys a strong domestic presence, exports to over 40 countries, and operates a thriving contract development and manufacturing organisation (CDMO) business. “This acquisition strengthens our domestic market share, consolidates our international footprint, creates operational synergies, and provides a platform for diversification, including entry into the CDMO segment with long-term potential,” Aman had said at the time of the announcement of the deal. Aman’s current focus is anchored on four therapeutic pillars — cardiac care, gastro, dermatology, and vitamins & minerals — with branded generics contributing 74% of overall revenues. In Germany, Torrent ranks fifth in the generics market. The U.S. business, relatively flat over the past five years due to limited product approvals, is poised for revival, with a dozen launches in the pipeline. The company continues to scout for mid-to-large acquisitions in India and abroad, especially Brazil, to accelerate growth. Industry insiders reveal Torrent was, until recently, in advanced discussions to acquire Cipla — one of the country’s oldest pharmaceutical giants. The Mehtas were reportedly willing to pay up to $7 billion, but the Cipla founders were eyeing a 15-20% higher valuation, making the deal unviable. At the group level, key strategic decisions are still taken collectively by the Mehta family, with Aman playing a pivotal role in shaping the future roadmap. The Torrent Group’s ambitions now extend well beyond pharmaceuticals and power. Recently, it made a splash in sports by acquiring a 67% stake in the Indian Premier League (IPL) franchise Gujarat Titans from CVC Capital Partners’ entity, Irelia Company Pte Ltd, for ₹5,025 crore. Aman is also closely involved in the group’s new ventures across cables, hospitals, diagnostics, and financial services. With a bold and forward-looking mindset, Aman represents the new generation of Indian business leadership — blending heritage with hunger, prudence with ambition. Under his stewardship, Torrent is not merely expanding its footprint; it is scripting the next chapter of a legacy built on innovation, discipline, and enduring growth. Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.

India’s Best CEOs 2025: Aman Mehta’s Next-gen Growth Play for Torrent Pharma

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