Mumbai, June 26: Desh Bandhu Gupta, founder and chairman of Lupin Ltd, passed away early morning in Mumbai today. He was 79 years old.

Gupta, who founded Lupin in 1968, played a major role in growing the company from an Indian pharmaceutical firm into a global giant with a presence in over 100 countries.

Lupin is not only the second-largest Indian pharmaceutical company in terms of global revenues but also the fourth-largest generics player by market capitalisation and the sixth-largest by sales globally.

The company is also the fifth-largest pharmaceutical player in the US by prescriptions, the sixth-largest in Japan and the fourth-largest in South Africa.

Born in Rajgarh, Rajasthan, Gupta held an MSc degree in Chemistry. It was his vision to fight life threatening diseases by delivering medicines at affordable prices. It was with this objective that he moved to Mumbai and founded Lupin in 1968.

He is survived by wife, four daughters and a son. "We are deeply saddened with the demise of our father early this morning," Lupin CEO Vinita Gupta and managing director Nilesh Gupta said in a joint statement.

Operationally, Lupin is now run by a professional team led by Vinita Gupta and Nilesh Gupta. Some of its other key board members include vice-chairman Kamal K. Sharma, chief financial officer Ramesh Swaminathan and executive director M. D. Gupta.

Lupin has also taken the inorganic route to grow globally. One of its major acquisition was that of Gavis Pharma last year for $880 million.

A firm believer in the concept of holistic development, Gupta set up the Lupin Human Welfare and Research Foundation in 1988 to eradicate poverty by encouraging sustainable development at the grassroots level in rural India.

His efforts have had a positive impact on the lives of 2.8 million families in 3,463 villages across India.

"What DBG (Desh Bandhu Gupta) put in motion 50 years ago in helping to create, innovate and lead in the pharmaceutical space is an unparalleled legacy. Those who knew and worked with DBG, remember him giving generously and fostering a dynamic environment where people could learn and grow. We will continue to build on his legacy and live by the values he instilled," Vinita and Nilesh said.

For the year ended March 31, 2017, Lupin posted revenues of Rs 17,494 crore and a net profit of Rs 2,558 crore.