Maker Of Chemicals For Sharper X-ray Images Is Newest Indian Billionaire [Forbes]
DAIICHI SANKYO S/ADR (DSNKY)
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Source: Forbes
Shares of Blue Jet Healthcare, which produces specialty chemicals that enhance X-rays, CT scans and MRIs, have jumped by nearly two-thirds in the past 12 months, making Chairman Akshay Arora, 61, India's newest billionaire with an estimated net worth of $1.1 billion. Rising demand for preventive healthcare and rapidly ageing populations around the world have boosted the global medical imaging industry and investor enthusiasm for the Mumbai-based Blue Jet. Arora, who listed the company in October 2023, retains an 86% stake. Blue Jet gets two-third of its annual revenue from making 75 chemical agents known as contrast media chemicals. This is a $5.9 billion global industry, which is expected to grow with the escalating need for early diagnostics. Other than those chemicals, Blue Jet gets 18% of its sales from artificial sweeteners used in everything from beverages to food supplements. More than 13% of revenue comes from pharmaceutical intermediaries used in drugs to battle cardio
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