Sons rise at Wockhardt

Chairman and Managing Director of Wockhardt Group Habil Khorakiwala's two sons have been inducted into the senior management team of the company as executive directors, signalling the entry of the GenerationNext in running the firm.

Elder son Huzaifa has been appointed executive director of the group's global animal health care business and corporate administration, one of the key portfolios of Wockhardt.

Younger son Murtaza has been given the post of executive director of the biotech and active pharmaceuticals ingredients (API) business, another focus area.

The appointment of the sons as executive directors in two key business divisions had been approved by the company board, said sources.

The five-year appointments are subject to the approval of shareholders. The company is expected to pass resolutions on the appointments at an extra-ordinary general meeting of its shareholders on March 16.

Huzaifa, a commerce graduate with an MBA in general management from Yale University of the US, will be responsible for the animal health business and administration cost control in the group.

The company is providing thrust to this business and foresees good prospects. Murtaza is a doctor with post-graduation in business administration from the University of Illinois.

Wockhardt is venturing into the biotech business with big plans. It has so far launched three recombinant biotechnology products. The company has also established a biotech manufacturing facility at Waluj near Aurangabad.

The API business is crucial for the company's overall revenue as the firm has significant market presence in both domestic and international markets in this segment.