The Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion.
The Ambani family has topped the inaugural Barclays-Hurun India Most Valuable Family Businesses list with a valuation of Rs 25.75 trillion, nearly a tenth of India's GDP.
The family's business empire, led by Reliance Industries, primarily operates in the energy, retail and telecom sectors, according to the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses report.
The rankings, based on company valuations as on March 20, 2024, exclude private investments and liquid assets and adjust for cross holdings.
The value of Ambani wealth includes their share in Reliance, Jio Platforms, Reliance Retail, etc.
The Bajaj family ranks second on the list with a valuation of Rs 7.13 trillion. Led by Niraj Bajaj, their Pune-based automobile business is a third-generation enterprise, according to the report.
The Birla family is third at Rs 5.39 trillion, led by fourth-generation Kumar Mangalam Birla. The business focuses on metals, mining, cement, and financial services.
The top three family businesses are valued at $460 billion, equivalent to the GDP of Singapore, according to the report.
The list features the Sajjan Jindal-led family, valued at Rs 4.71 trillion in fourth place, followed by the Nadar family with a value of Rs 4.30 trillion in fifth place, where the Nadar family's Roshni Nadar Malhotra is the only woman in the list of top 10 family businesses.
The list excludes first-generation families. But the Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion, the report said.
The list includes the Poonawalla family, the owners of Serum Institute of India, valued at Rs 2.37 trillion in the second position.
Third on the list is the Divi family, another pharma major, with a valuation of Rs 91,200 crore (Rs 912 billion).
"With 28 companies in the industrial products sector valued at Rs 4.58 trillion, and 23 companies in the automobile sector and 22 in the pharmaceuticals sector valued at Rs 18.76 trillion and Rs 7.88 trillion, respectively, these businesses are pivotal in enhancing India's global competitiveness and economic resilience," said Anas Rahman Junaid, founder and chief researcher, Hurun India.
"The significant industry diversification of these family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India."
Family-run businesses now show strong balance sheets reflecting a significant trend of deleveraging, said Nitin Singh, head of Barclays Private Bank, Asia Pacific.
Over the past few years, the focus has been more on the opportunities within India where large businesses and families are focusing on flourishing the Indian economy.
"India is a complex country. It is made up of various states and various things. It rewards people who know how to work in this complex environment. And I think that is what multi-generational businesses have been able to do over the years; they've been able to thrive in working in this complex environment," Singh said.
Haldiram Snacks, valued at Rs 63,000 crore (Rs 630 billion), is India's most valuable unlisted company. A non-binding offer from US-based private equity firm Blackstone has been delayed as promoters seek a higher valuation.
The Wadia Group, with a valuation of Rs 1.28 trillion, is the oldest family operated business in the country. The group, known for Britannia Industries and Bombay Dyeing, is led by Chairman Nusli Wadia.
The Tata group is not on the list because, according to Hurun methodology, family members need to be active on the board.
Feature Presentation: Ashish Narsale/Rediff.com
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