Leena Tiwari: Meet the billionaire owner of India's costliest flats

Mumbai: Glycomet, Ecosprin and Roseday are medicine brands familiar to millions of patients of diabetes or heart condition in India. But not much is known about Leena Tewari, the reclusive chairperson of USV, the Mumbai-based drugmaker that sells those drugs, among many others.

Tewari's name bounced into news and social circles after she purchased two sea-facing luxury duplex apartments in Mumbai's upscale Worli area for a whopping Rs 639 crore, making it the country's costliest residential property.

ET broke the news online on the evening of May 28.

This transaction shook the property market observers, financial circles, and public at large as it set a record for the most expensive deal concluded in India ever.

At over Rs 2.83 lakh per sq ft on carpet basis, the record-breaking deal involves a total area of 22,572 sq ft, spanning the 32nd to 35th floors of a 40-storey super-premium tower overlooking the Arabian Sea on Worli Sea Face.

That's not all. Tewari paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax alone for the registration of the transaction. After accounting for these charges, she has paid a total of nearly Rs 703 crore for the deals.

Tewari's stealth move to buy the plush property resonates remarkably with her demeanour. Few may even know that Leena Tewari is among the closest friends of Nita Ambani. Her husband Prashant Tewari, MD at USV, has a similar temperament and is mostly seen as a quiet and long-term strategic thinker. She is among India's richest women, with Forbes estimating her current net worth at $3.9 billion.

For decades, the family-run company has braved fierce competition while many of its peers sold out or took on board private equity players to grow their business, or even went for a public listing to raise funds.

However, USV has remained owner-driven and grown its revenues to Rs 4,840 crore in FY24, according to data from Tracxn. Industry executives say Leena Tewari shows no rush and prefers a step-wise approach than stray into risky zones. "She has a core team of 10-12 loyal USV executives to oversee the operations. She has a good sense of timing and does not follow hype," a veteran executive told ET.

Her singular focus can be seen from the value of USV's top brands. The anti-diabetes drug Glycomet, for instance, is the second leading product in the Indian pharmaceutical market with sales of Rs 806 crore, ranking next to antibiotic drug Augmentin of GSK, which grossed sales of Rs 820 crore over the last twelve-month period. In blood thinners, USV's Ecosprin and its variants commands a dominant position while Roseday is another popular brand to lower cholesterol in heart patients.

But, challenges loom for the future. Glycomet is seeing increasing rivalry from new generation anti-diabetes drugs. USV is looking at a strong position in the insulin business in India. Sources say the company is also keen to develop copies of semaglutide, the material that goes into blockbuster weight-loss brands Ozempic and Wegovy.