The selection for this award was made by an eminent panel chaired by RIL vice chairman and managing director Mukesh Ambani and RIL managing director Anil Ambani, joint winners of Business India's businessman of the year 1997 award.

According to a company press release, Singh has transformed Ranbaxy into country's largest and most dynamic pharmaceutical company with a global presence. Since 1994, Ranbaxy's sales have more than doubled from Rs599 crore to Rs 1,333 crore and so have profits from Rs 63.5 crore to Rs 186 crore.

Singh's mission is to make Ranbaxy a research-based international pharmaceutical company with a global turnover of $1 billion by year 2003.