The Ambani family has secured the top spot in the Barclays-Hurun India report as the most valuable family business in India, with an astounding valuation of ₹25.75 trillion. This valuation is nearly equivalent to 10% of India's Gross Domestic Product (GDP), highlighting the immense economic influence of the Ambani-led conglomerate, Reliance Industries. The rankings, which are based on company valuations as of March 20, 2024, exclude private investments and liquid assets and are adjusted for cross-holdings to prevent double counting, providing a clear picture of the true value of these family businesses.
Following the Ambanis in the rankings is the Bajaj family, headed by Niraj Bajaj, with a valuation of ₹7.13 trillion, placing them in second position. The Birla family ranks third with a valuation of ₹5.39 trillion. Together, the combined interests of these top three family businesses amount to a staggering $460 billion, a figure that is comparable to the GDP of Singapore. This underscores the formidable economic power wielded by these families within India and beyond.
The list also includes other prominent family businesses. The Sajjan Jindal-led Jindal family ranks fourth with a valuation of ₹4.71 trillion, while the Nadar family, led by Roshni Nadar Malhotra, holds the fifth position with a valuation of ₹4.30 trillion. Notably, Roshni Nadar Malhotra is the only woman represented in the top 10 of this prestigious list, highlighting her significant leadership role in one of India's largest family-run enterprises.
In terms of first-generation family businesses, the Adani family emerges as the most valuable, with a valuation of ₹15.44 trillion. This positions the Adani family as a key player in the Indian economy, showcasing the rapid ascent of their business empire within a relatively short period. Following them is the Poonawalla family, owners of the Serum Institute of India, valued at ₹2.37 trillion. The Serum Institute has gained global prominence, especially during the COVID-19 pandemic, for being the largest vaccine manufacturer in the world. The Divi family ranks third among first-generation family businesses, with a valuation of ₹91,200 crore, reflecting their significant contributions to the pharmaceutical industry.
Anas Rahman Junaid, the founder and chief researcher of Hurun India, commented on the diversified nature of these family businesses, which span across multiple industries including industrial products, automobiles, and pharmaceuticals. He noted that these sectors alone account for trillions of rupees in value and play a crucial role in enhancing India's global competitiveness and economic resilience. Specifically, he highlighted that 28 companies in the industrial products sector are valued at ₹458,700 crore, 23 companies in the automobile sector at ₹1,876,200 crore, and 22 companies in the pharmaceuticals sector at ₹7,88,500 crore. This diversification is key to maintaining and advancing long-term economic stability and growth in India.
Nitin Singh, head of Barclays Private Bank, Asia Pacific, further emphasized the complexity of doing business in India, a country characterized by its diverse states and intricate market dynamics. He pointed out that multi-generational businesses, such as those on the Barclays-Hurun list, have successfully navigated these complexities over the years. Their ability to thrive in such a challenging environment is a testament to their resilience, adaptability, and deep understanding of India's unique economic landscape.
The report ultimately highlights not only the immense wealth and influence of these family businesses but also their crucial role in shaping and sustaining India's economic future. The success of these families reflects broader trends in the Indian economy, where established businesses continue to grow and innovate while new entrants rapidly rise to prominence, contributing to the nation's overall economic development.