Moneycontrol PRO and Waterfield Advisors puts spotlight on India Inc, felicitate the best family-run firms at The Indian Family Business Awards 2021

Mumbai, 02 May 2022: For decades, family-owned businesses have displayed resilience, character, and adaptability over their long history and played a pivotal role in India’s growth story. Driving forward development and innovation, they remain key building blocks of India’s economy and societal development. Setting a benchmark in celebrating excellence amongst family businesses for their resilience, purpose, and determination, the inaugural edition of the Indian Family Business Awards, an initiative by Moneycontrol PRO and co-created with Waterfield Advisors, on April 29, was a night to remember. Honouring the best and brightest family-owned enterprises that contribute positively to our lives, our culture, and our future, the glittering ceremony held at the Taj Mahal Palace Mumbai, witnessed the presence of Hon’ble Chief Guest Shri Manoj Sinha – Lieutenant Governor, Jammu and Kashmir, along with top echelons of corporate India.

It was a proud moment for SRF Ltd. as the multi-business chemicals conglomerate bagged the award for Best Family Business in the Giga Category – companies with a turnover of more than INR 5000 crore. The winner of the Best Family Business in the Mega Category – companies with a turnover between INR 1000-5000 crore, went to India’s No.1 Tile Company Kajaria Ceramics Ltd. Tally Solutions Pvt. Ltd, an Indian multinational technology company, won the Best Family Business in the Super category – companies with a turnover of up to INR 1000 crore. Dixon Tech, a leader in the electronic manufacturing services (EMS) space, was awarded the Most Enterprising 1st Gen Business Award in the Special category.

The ceremony commenced with a keynote speech given by Chief Guest Shri Manoj Sinha, Lieutenant Governor of Jammu & Kashmir. He said, “Family businesses have contributed in nation-building and are bedrock of jobs and growth. They today contribute up to 80 percent to India’s GDP. Along with providing utility to customers, generating jobs, and funding startups, they have a key role to play in achieving the (USD) 5 trillion economy.” he added. Sharing his thoughts about family businesses and J&K, he also added, “Today, the state has investment proposals worth Rs 52,000 crore. I am appealing to all leading family businesses to come and invest in Jammu & Kashmir. There is a culture of family businesses in Jammu & Kashmir as well. Family businesses have played a key role in handicrafts, pashmina, carpet and horticulture industries. I assure you that the best facilities among all states and Union territories will be provided to you in J&K.”

The winners of the Indian Family Business Awards, across 14 categories, were chosen by an eminent jury comprising Soumya Rajan, Founder and CEO of Waterfield Advisors; Sonu Bhasin, Founder of FAB- Families and Business; Gaurav Dalmia, Chairman of Dalmia Group Holdings, Vishesh C. Chandiok, CEO, Grant Thornton Bharat, Gopal Srinivasan, Chairman, TVS Capital Funds Limited & Sanjeev Bikchandani, Founder, Info Edge. These members of the jury went through hundreds of nominations and narrowed down on the winners after a thorough qualitative and quantitative analysis.

The award ceremony also witnessed an insightful panel discussion where Ashwin Mohan and Anand Narasimhan engaged in conversation with Manoj Sinha, Soumya Rajan, Founder, Waterfield Advisors, Dinesh Kanabar CEO of Dhruva Advisors, and Hemendra Kothari, Chairman at DSP Investment Managers.

Sharing his perspective on the succession planning of family businesses, Hemendra Kothari, Chairman at DSP Investment Managers said, “The greatest change which has come in the last 20 years, is that new entrepreneurs have come into an old family business. Young and highly educated people are also choosing the 100-year-old family business to work in. They are implementing their skills and intelligence into the family-owned business.”

Talking about the welcome changes in business succession plans nowadays, Kothari also added, “Forming a board where family members can serve as directors, the business can be handed over to able professionals other than the family. CEOs can be hired, who execute all plans, with the family board supervising his plan of action in order to grow the business in the right direction.”

Speaking about the same, Dinesh Kanabar, CEO of Dhruva Advisors, said, “There was a time when Indian family businesses could only grow to Rs 2000 cr- 3000 cr, but the fact that we have got Giga Awards category itself is the manifestation that there are no boundaries to a family-owned business now. They grow not only from one generation to another, but across multiple generations. Similarly, there was stereotypical thinking that only sons of the family would come into a business, but now even daughters are an active part of the family business.”

After the successful conclusion of the award ceremony, Binoy Prabhakar, Executive Editor, Moneycontrol said, “The awards provide an incredible platform to showcase the best in the family business and to glean valuable insights from these enterprises. For each of the 14 winners, to whom I send my heartfelt congratulations, the awards represent the highest recognition of achievement in their respective sectors and provide a strong impetus to continue to strive for excellence. We are delighted to have Waterfield’s expertise on board, which helped us in delivering such a magnificent ceremony, and look forward to extending the legacy of the property in the years to come.”

Talking about the Indian Family Business Awards, Soumya Rajan, Founder, and CEO, Waterfield Advisors said, “We are so happy to see our vision for family business recognition come to life through these awards. Seeing these iconic family businesses get recognised on a national platform was the goal behind the creation of these awards along with Moneycontrol PRO. It was inspiring to see families from across the country come down and support the winners. It’s a testament to the community. On behalf of everyone at Waterfield Advisors, I congratulate each and every winner. I’m confident that the inaugural edition will inspire more family businesses to participate next year and share the story of their resilience and family values with the people of this country.”

The event culminated in a cultural programme by the admired and prestigious band Nizami Bandhu that saw the esteemed guests present experience the beauty of sufi music.

Find the complete list of the winners:

Watch the awards ceremony here: