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<ul><li><keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword> is the founder of $3.6billion, Sun Pharma, India's most valuable pharma outfit. </li><li>He once dethroned Mukesh Ambani as India's richest man but is now witnessing a massive decline in his wealth. </li><li>Sanghvi, "unschooled in science and management" turned Sun Pharma a $3.6 billion multinational company</li></ul>In 2015, the chairman of Sun Pharma Dilip Shanghvi had briefly dethroned Mukesh Ambani to become the country’s richest man. His response to that was, “I am not comfortable.” Though he doesn’t hold that position anymore, his net worth can buy him 138 million barrels of gold, according to Bloomberg billionaire index. Shanghvi is one of the few billionaires who stay away from limelight and remain undocumented, as he doesn’t “like it”. 
 
	<div type="Slideshow" msid="71076825" hostid="261" title="Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1" firstImageMsid="71077028" slideCount="5"></div>

Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1

Dilip Sanghvi , the founder of <keyword id="44642" type="CITY" weightage="60" keywordseo="Sun-Pharma">Sun Pharma</keyword> who recently hogged limelight for being the richest man in India surpassing the Ambanis and Adanis, may soon be the messiah for the cash strapped shipbuilder <keyword id="44525" type="COMPANY" weightage="80" keywordseo="ABG-Shipyard">ABG Shipyard</keyword>. The private shipbuilder, which operates a ship repairing unit in Goa has been pinning hopes on the Indian multi millionaire. As per a report by The Economic Times, Shanghvi's investment arm <keyword id="2791958" type="UNKNOWN" weightage="80" keywordseo="Dilip-Shanghvi-Family-Associates">Dilip Shanghvi Family &amp; Associates</keyword> (DFA) has been approached to buy 30% stake in ABG Shipyard for around Rs 2000 crore. 
 "<keyword id="207035" type="PERSON" weightage="60" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>'s arm is said to be evaluating the deal and its still early days" a source with direct knowledge has told the financial daily. L&amp;T is also in the fray to buy a stake in ABG Shipyard, sources confirmed to ET. ABG Shipyard deal has been shown to M&amp;M and Munjal family in the past, but they are out of the deal now. 
 DFA with ace investor <keyword id="1007760" type="UNKNOWN" weightage="80" keywordseo="Sudhir-Valia">Sudhir Valia</keyword> has signed many big deals including investments in debt-laden Suzlon and hopes are high that Dilip Shanghvi, who is said to be interested in the defence sector, may look at the ABG Shipyard deal closely. 
 
Talking to ET Now, ABG Shipyard's Rishi Agarwal said, "We are in discussion with many strategic players for a stake sale." 
 
(Image: Reuters)

​Dilip Shanghvi, India’s richest man, could soon be building ships

After Cholamandalam and <keyword id="3377501" type="UNKNOWN" weightage="100" keywordseo="Dilip-Shanghvi-IDFC-Bank-Telenor">Dilip Shanghvi-IDFC Bank-Telenor</keyword> combine, <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has become the third entity to have dropped out of the payments bank race. 
 
The firm has cited that the business would take a lot of time to turn profitable because of "aggressive posturing" by deep-pocketed global competitors. 
 
Cholamandalam had quit the race in April, while Dilip Shanghvi-IDFC Bank-Telenor combine announced their decision last Friday. 
 "Over a period of time, we have realised that the amount of aggression that has come into the marketplace only erodes the margins," said Tech Mahindra MD and CEO <keyword id="45959" type="ORGANIZATION" weightage="100" keywordseo="CP-Gurnani">CP Gurnani</keyword>. 
 
The Reserve Bank of India had given in-principle approval for payments banks to TechM and 10 others in August 2015. 
 
Gurnani further added that payments bank business always carried the risk of profit margins being "razor thin," but the competition they would face includes the who's who of the telecom world, including the Ambanis, the Birlas, Airtel and Vodafone, among others, thus delaying profitability for a long time. 
 The announcement has come just a day after RBI deputy governor <keyword id="1531843" type="COMPANY" weightage="100" keywordseo="S-S-Mundra">S S Mundra</keyword> had said that it was not fair of licencees to abandon their plans to set up payments banks. "We would certainly feel little aggrieved because lot of efforts from the part of RBI go in processing these applications," Mundra has said. 
 
<a href="https://i.ytimg.com/vi/_7G6qYLELes/maxresdefault.jpg">Image source</a>

Tech Mahindra chickens out of payments bank race, cites delayed profitability and tough competition

Business scenario is constantly changing all over the world and equally fast in India. If you are interested to know who rules the entrepreneurial domain in India, here are the top 10 businessmen in India. 1. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> 
 
 
 <div type="image" title="Mumbai: Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at ..." msid="69547985" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at the solo art exhibition titled &amp;quot;A Tale Untold&amp;quot;, in Mumbai on Tuesday, August 21, 2018.Photo)&amp;lt;/p&amp;gt;"></div>






 Ruling the petrochemicals, oil and gas sector in India, Mukesh Ambani has a net worth of $47.3 B. He is the chairman of $90 B enterprise in the giant of Oil and Gas domain called as Reliance Industries. Reliance also is one of the leaders in the telecom market in India that serves more than 300 million customers with free domestic calls, cheap data services and free smartphones. 2. <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> 
 
 
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 Azim Premji’s net worth is $21 B and he is one of the leaders in the software services in India. He is a popular tech magnet in the country. His outsourcing firm Wipro is the third largest in India. His innovation center in Silicon Valley develops new technologies and collaborates with startup businesses. 3. Lakshmi Mittal 
 
 
 <div type="image" title="download (1)" msid="69548101" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 The third richest man in India, Lakshmi Mittal has a net worth of $18.3 B. He is a leader in the steel industry in India. He is the CEO of the world’s biggest steel manufacturing company Arcelor Mittal. In November 2018, his firm completed the $2.1 billion acquisition of Ilva, Italy’s steel group. 4. Hinduja brothers 
 
 
 <div type="image" title="_5e022836-dd42-11e8-b6b1-54a396001ae0" msid="69548186" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Hinduja brothers, the fourth richest persons in India with a net worth of $18 B own establishments with diversified interests dealing with lubricants, banking and cabling industries. 5. <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword> 
 
 
 <div type="image" title="app-mistry" msid="69548215" hostid="261" caption="&amp;lt;p&amp;gt;Independence.uk&amp;lt;/p&amp;gt;"></div>







 Pallonji Mistry is the fifth richest businessman in India with a net worth of $15.7 B. he controls Shapoorji Pallonji Group, the construction company based in Mumbai. His family also own an 18.4% stake in Tata Sons that holds an outfit of $100 billion in Tata Group. 6. Shiv Nadar 
 
 
 <div type="image" title="shiv_660_091415025956" msid="69548248" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 With a net worth of $14.6 B, Shiv Nadar is the sixth richest entrepreneur in India. A pioneer in the IT sector of India, Shiv Nadar is the cofounder of the HCL starting initially with the production of calculators and microprocessors. Today, HCL Technologies is an $8.2 billion company in the country. 7. <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword> 
 
 
 <div type="image" title="Godrej-family-770x433" msid="69548285" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 The seventh place among the richest businessmen in India goes to Godrej family. With a net worth of $14 B, the Godrej family controls the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> which is a giant player in the consumer goods segment in India. 8. Dilip Shanghvi 
 
 
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 The net worth of Dilip Shanghvi is $12.6 B. A leading player in the pharmaceuticals industry, Dilip Shanghvi chairs the India’s largest pharmaceutical establishment and the world’s fourth largest specialty drugs manufacturing company Sun Pharmaceutical Industries. 9. Kumar Birla 
 
 
 <div type="image" title="download (2)" msid="69548329" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Kumar Birla with a net worth of $12.5 B is the head of Aditya Birla Group dealing with diversified offerings namely cement, aluminium, telecom and financial services. In 2018, his firm Idea Cellular acquired Vodafone India, India’s largest telecom firm. 10. Gautam Adani 
 
 
 <div type="image" title="file6v90xlirczp4v4hn7p5-1543839739" msid="69548350" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 With a net worth of $11.9 B, Gautam Adani is the tenth richest businessman in India. Dealing with commodities, power generation and transmission and infrastructure, Gautam Adani is a ports Tycoon who controls Mundra Port, the largest port of India in Gujarat. 
 See also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/These-are-the-10-richest-people-in-India/articleshow/65957318.cms">These are the 10 richest people in India</a>

Meet India's top 10 Businessmen in 2019

NEW DELHI: The high-profile composition of the business delegation set to accompany Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> to <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword> points to new vistas of cooperation between the two nations, in areas ranging from manufacturing to hydrocarbon and technology. 
 <keyword id="3820" type="PERSON" weightage="80" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Kumar Managalam Birla, Sunil Bharti Mittal, Gautam Adani, Dilip Shanghvi, <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>, S Ramadorai, Chanda Kochhar and Kiran Mazumdar-Shaw are some of the prominent names on the list. 
 
“This is the most-high-powered delegation that has travelled with any Indian PM in recent years,” said a government official who did not wish to be named. “It will bring new energy in India-Japan ties. The delegation represents all corners of the country and covers almost all aspects of the economy. 
 
These business leaders will help to realise the PM’s dream of taking India-Japan ties to the next level.” 
 According to sources, the Prime Minister’s Office has pruned the list, dropping at least <keyword id="6364063" type="PERSON" weightage="80" keywordseo="Adi-Godrej">Adi Godrej</keyword>, S Gopalakrishnan and <keyword id="33275" type="PERSON" weightage="80" keywordseo="Deepak-Puri">Deepak Puri</keyword> from it. An official downplayed dropping of the names, saying that with any change of guard at the Centre there are changes in the composition of delegations travelling with the PM. The idea is to get additional Japanese business to India and to see who can partner major Indian business firms to make entry here, another official said. 
 The business delegation will attend the the India Japan Business Forum. The PM said he sees the trip as an opportunity to take India’s ties with Japan “to a new level” and increase cooperation in various fields. “I will visit <keyword id="4741" type="COMPANY" weightage="80" keywordseo="Tokyo">Tokyo</keyword> and Kyoto, and will interact with all sections of the Japanese society, from students, political leaders to captains of industry,” he said on Tuesday.

Narendra Modi To Take Top Business Honchos To Japan

ealth does not remain static especially during the fluctuating industry scenario today. India has produced several billionaires who occupy a significant number of slots on the list of wealthiest persons in the world today. Here is the list of the top 10 richest persons in India as per their latest real time Forbes data on 11 October 2021. 1. Mukesh Ambani - $102 billion The wealthiest person in India, Mukesh Ambani of Reliance Industries occupies the Tenth slot in the world’s richest persons’ list. Mukesh Ambani has a net worth of $102 billion. Much of Mukesh’s wealth ensues from the petrochemicals and oil and gas businesses built by his father Dhirubhai Ambani ⁠— a business icon in his own right— but Mukesh is pivoting to more consumer-facing businesses like telecom and retail. Reliance Jio is one of the largest telecom networks in India today and has <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-jio-compared-to-alibaba-and-tencent/articleshow/77059624.cms">already raised over $20 billion in recent months</a> and the next leg of fundraising <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">will be for retail</a>. 2. Gautam Adani - $71.7 billion Gautam Adani’s net worth as per the latest forbes records is $71.7 billion. He is the Second <keyword id="7413735" type="General" weightage="20" keywordseo="richest-person-in-india" source="Orion">richest person in India</keyword> and ranks 15 on the list of the world’s richest. Apart from Mundra Port, the largest in India, his wealth-generating portfolios include a range of commodities, power generation including renewable energy (like solar farms), and transmission to name a few. 3. Shiv Nadar - $31.5 billion With his $31.5 billion estimated net worth, Shiv Nadar ranks as the third richest person in India. HCL Technologies founded by him is a (₹) 274826 crore (market value) company and one of the largest software services exporters in the world today. With its presence in over 45 countries on the globe, HCL Technologies makes Shiv Nadar claim the 41th slot in the list of world’s richest persons. 4. Radhakishan Damani &amp; Family - $ 22.1 billion Radhakishan Damani’s net worth of $22.1 billion, which makes him the fourth richest person in India today. He occupies the 101 position in the global rich list. Radhakishan Damani is a veteran Mumbai stock market investor who founded <a href="https://www.businessinsider.in/business/news/radhakishan-damani-has-a-string-of-challenges-ahead-of-him-and-falling-profits-at-dmart-dont-help/articleshow/76936913.cms">the supermarket chain DMart </a>which went public in 2017, and eventually went on to be the world’s most-valued retail chain for its unique model that makes the holding company Avenue Supermarts more profitable than many of its peers. 5. Savitri Jindal &amp; Family - $18.6 billion Standing at the 106th position in the world and the richest woman in India is Savitri Jindal, the 70-year-old chair of a multibillion dollar conglomerate, who's worth $18.6 billion. India's women billionaires also include the heads of pharmaceutical, software, and consumer goods companies. 6. Cyrus Poonawalla - $18.2 billion Ranked as the 6th wealthiest person in India, Cyrus Poonawalla has a net worth of $18.2 billion. He founded the Serum Institute of India in 1966 and it is today the largest producer of vaccines for measles, influenza and polio. At present, the company is also co-developing two vaccines for COVID-19 and has a <a href="https://www.businessinsider.in/science/health/news/adar-poomawala-says-oxfords-covid-vaccine-is-expected-to-hit-the-indian-market-in-the-first-quarter-of-2021/articleshow/77107541.cms">significant lead over other similar researches that are underway</a>. In the world’s wealthiest persons list he ranks in the 110th position. 7. Lakshmi Mittal - $ 17.6 billion The Chairman and CEO of ArcelorMittal, Sunil Mittal has a net worth of $17.6 billion and ranks as the Seventh richest person in India. His wealth status positions him in the 115 place on the world’s richest persons list. He is known for turning sick steel producing companies into profitable ventures across the world. He most recently bagged the bankrupt Essar Steel in India, which was owned by the Ruia family. 8. Kumar Birla - $16.1 billion Standing at the 131th position in the world’s richest persons’ list, Kumar Birla has a net worth of $16.1 billion, which makes him the Eighth wealthiest person in India. The head of Aditya Birla Group which he inherits for the fourth generation in row, his group is concerned with producing cement and aluminum alongside retail, telecom and financial services. 9. Uday Kotak - $16.1 billion The founder of Kotak Mahindra Bank, Uday Kotak, occupies the fifth position on the list of India’s richest. With a net worth of $16.1 billion, Kotak takes 132nd place on the world’s richest persons’ list. 10. Dilip Shanghvi - $14.4 billion The tenth richest person in India is Dilip Shanghvi whose latest net worth is $14.4 billion. The founder of Sun Pharma, Dilip Shanghvi has turned his firm into the largest player in the manufacturing of specialty generic drugs. He has also invested in energy and oil ventures. On the world’s richest persons’ list, he ranks in the 146th position. See Also - <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/top-10-largest-economies-in-the-world/articleshow/70547252.cms">Top 10 largest economies in the world</a> <a href="https://www.businessinsider.in/finance/news/list-of-top-20-richest-people-in-the-world/articleshow/74475220.cms">Top 20 richest people in the world</a>

Meet the top 10 richest person in India

EY revealed the names of 16 best Indian <a href="http://www.businessinsider.in/searchresult.cms?query=entrepreneurs+&amp;sortorder=effectivedate">entrepreneurs </a>who will be contending for the EY <keyword id="6359301" type="POSITION" weightage="20" keywordseo="Entrepreneur">Entrepreneur</keyword> of the Year award. The 18th edition of the awards will see exceptional leaders, who have combined revenues of Rs 154, 335 crore and are providing employment to more than 5.2 lakh people in India and abroad. 
 
These finalists have been selected from among 250 outstanding nominations and will be felicitated at a grand celebratory Awards Banquet to be held on February 24 in <a href="http://www.businessinsider.in/searchresult.cms?query=New+Delhi&amp;sortorder=effectivedate">New Delhi</a>. 
 “Like previous years, this year’s finalists too represent extremely successful companies that have not only disrupted the industry with a new business model but have disrupted themselves to chart a new growth path. We need more entrepreneurs to propel our country’s growth and it is important to recognize such innovative entrepreneurs,” said <keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, Jury Chairman and Managing Director, <a href="http://www.businessinsider.in/searchresult.cms?query=Sun+Pharmaceuticals&amp;sortorder=effectivedate">Sun Pharmaceuticals</a>. 
 
These selected finalists were judged on the nominee’s entrepreneurial spirit, recent financial performance, strategic direction and global impact, product or service innovation, company leadership including personal integrity and risk-taking, values and key employee initiatives, and involvement with the community. 
 The winners will be announced across several categories, while the national winner will represent India at the EY World Entrepreneur of the Year (WEOY) awards in <keyword id="3319" type="CITY" weightage="20" keywordseo="monte-Carlo">Monte Carlo</keyword> from 8-11 June 2017. 
 
Here’s the complete list:

These are 16 finalists who are contending for EY Entrepreneur of the Year award

New Delhi, Jan 15 () Industry body Indian Pharmaceutical Alliance (IPA) on Wednesday said there was no discussion on 'uniform code for pharmaceutical marketing practices' in the meeting convened by Prime Minister Narendra Modi with the healthcare industry on January 1.
 The meeting was called to discuss future road map for growth of the healthcare industry, the IPA said in a statement.
 The focus of the discussion was to promote research and development, build innovation ecosystem, improve access to high-quality medicine and strengthen global competitiveness of the industry, it added.
 The purpose was to take the industry to the next level and leverage opportunities going forward in the pharmaceutical sector besides discussing growth opportunities in the Medtech and hospital sector, IPA said.
 "There was no discussion on uniform code for pharmaceutical marketing practices in the meeting," it added.
 The industry body was reacting to media reports that said the prime minister had warned India's top pharmaceutical companies to strictly adhere to marketing ethics, and not to bribe doctors with women, foreign trips and gadgets.
 The meeting was attended by leading figures such as Satish Reddy from Dr Reddy's, Ajay Piramal from Piramal Group, Pankaj Patel from Cadila Healthcare, Dilip Shanghvi from Sun Pharma, Dr Habil Khorakiwala from Wockhardt and Shobana Kamineni from Apollo Hospitals Group, the statement said. AKT HRS

No discussion on uniform code for pharmaceutical marketing practices in meeting with PM: IPA

New Delhi, Jan 15 () Industry body Indian Pharmaceutical Alliance (IPA) on Wednesday said there was no discussion on 'uniform code for pharmaceutical marketing practice' in the meeting convened by Prime Minister Narendra Modi with the healthcare industry on January 1.
 The meeting was called to discuss future road map for growth of the healthcare industry, the IPA said in a statement.
 The focus of the discussion was to promote research and development, build innovation ecosystem, improve access to high-quality medicine and strengthen global competitiveness of the industry, it added.
 The purpose was to take the industry to the next level and leverage opportunities going forward in the pharmaceutical sector besides discussing growth opportunities in the Medtech and hospital sector, IPA said.
 "There was no discussion on uniform code for pharmaceutical marketing practice in the meeting," it added.
 The industry body was reacting to media reports that said the prime minister had warned India's top pharmaceutical companies to strictly adhere to marketing ethics, and not to bribe doctors with women, foreign trips and gadgets.
 The meeting was attended by leading figures such as Satish Reddy from Dr Reddy's, Ajay Piramal from Piramal Group, Pankaj Patel from Cadila Healthcare, Dilip Shanghvi from Sun Pharma, Dr Habil Khorakiwala from Wockhardt and Shobana Kamineni from Apollo Hospitals Group, the statement said. AKT HRS

No discussion on uniform code for pharmaceutical marketing practice in meeting with PM: IPA

<keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>ceutical Industries on Thursday said it will acquire the remaining 21.52% stake in Israel-based <keyword id="20238726" type="General" weightage="100" keywordseo="taro" source="keywords">Taro</keyword> Pharmaceutical Industries for Rs 2,891.76 crore, enabling the merger of the two entities. The acquisition of 8,086,818 shares (21.52%) will be at the cost of Rs 2,891.76 crore, Sun Pharma said. The Mumbai-based drug major has agreed to acquire all of the outstanding ordinary shares of Taro for USD 43 per share in cash without interest, as per the definitive merger agreement. Sun Pharma already owns a 78.48% stake in Taro. "Over the years, with Sun Pharma's strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment," Sun Pharma Managing Director <keyword id="207035" type="General" weightage="20" keywordseo="Dilip-Shanghvi" source="Orion">Dilip Shanghvi</keyword> said in a statement. After the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals, he added. Upon completion of the merger, currently expected to close in the first half of 2024, Taro will become a privately held company and its shares will no longer be listed on the NYSE. "Taro is committed to delivering high-quality products to our patients and customers around the world. This merger will further enable us to compete effectively in our products and markets," Taro CEO <keyword id="372826" type="General" weightage="20" keywordseo="Uday-Baldota" source="Orion">Uday Baldota</keyword> said. The merger agreement was unanimously recommended by the Special Committee, which was formed by Taro's Board of Directors to consider Sun Pharma's proposal. Upon receiving the unanimous recommendation of the Special Committee, and following unanimous approval by Taro's Audit Committee, Taro's Board and the Board of Directors of Sun Pharma unanimously approved the definitive merger agreement. Sun Pharma said the USD 43 per share purchase price represents a 48% premium over the closing price of USD 28.97 per share on May 25, 2023, the last trading day before Sun Pharma first submitted its non-binding proposal to Taro. The purchase price also represents a 13% increase over the initial proposed purchase price of USD 38 per share as proposed on May 26, 2023. Sun Pharma shares were trading 1.52% up at Rs 1,319 apiece on BSE.

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Tech Mahindra chickens out of payments bank race, cites delayed profitability and tough competition

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