Torrent group rolls out succession plan; Aman Mehta joins pharma unit board

The Rs 22,500-crore Torrent group has rolled out its succession plan with Aman Mehta, son of Torrent Power and Torrent Pharma chairman Samir Mehta, being appointed director on the board of the pharma company from August 1.

Sources say that similar succession plans are afoot at Torrent Power where the third generation from the promoter family would be inducted into the board soon.

Uttambhai Nathalal Mehta, a medical representative with Sandoz in the 1940s, started Torrent Pharma in 1959. It is now led by his two sons Sudhir and Samir Mehta. Torrent group had diversified into the power business around 1996.

Aman, an MBA from Columbia University, was already actively working with the group’s power and pharma businesses.

“At Torrent Power, Aman was instrumental in bringing about a customer orientation transformation within the distribution business. He also made noteworthy contributions in enhancing efficiency in operations,” an official release said.

He has been executive director at the Rs 8,500-crore Torrent Pharma and heads the India business along with corporate HR. Aman’s key achievement has been the successful integration post Unichem acquisition.

Torrent said that he has led several organic growth initiatives that have started delivering market share gains, with a focus on new product launches.

In an interview with Business Standard last year, Aman had spoken passionately about the diabetic new chemical entity (NCE) that the company is working on.

“This would be a promising launch for us. The NCE has been developed with 10 years of research at Torrent. This would be the first NCE from Torrent Pharmaceuticals,” Mehta had told Business Standard.

The Torrent group had started working on succession plans sometime back, and the younger generations were being groomed in various business roles and verticals.

Last year, Aman had told Business Standard that they were still quite flexible to take up roles within the organisation.

“For example, I was with Torrent Power earlier. All of us are keen on all businesses. Whatever opportunities come, we are open to rotation in the future too. For now, I am focused on the pharma business while two of my cousins Jinal and Varun are in the power business. There is also the gas segment, which is now a third business that is growing well,” he had said.

In Torrent Pharma, Aman is a key contributor in evaluating acquisition opportunities and driving the strategic direction of the India business. The India business contributes around 74 per cent of its revenues.

Torrent Pharma Q1 profit rises 7%

Torrent Pharma on Friday reported a 7 per cent increase in its consolidated net profit to Rs 354 crore for the June 2022 quarter. The drug firm had posted a net profit of Rs 330 crore in the April-June period of the last fiscal year. The net sales rose to Rs 2,292 crore in the first quarter against Rs 2,120 crore in the year-ago period, Torrent Pharma said. (PTI)