IFBA 2022: Piyush Goyal felicitates winners; Dilip Shanghvi delivers emotional acceptance speech

Ministry of Commerce, Piyush Goyal, who graced the prestigious award ceremony, in his keynote address, highlighted India's progress over the past nine years under the Narendra Modi-led government, "The India story is completely different now from what the current government had inherited, which was large amounts of oil bond debt, high inflation and interest rates, low growth and faltering exports".

The second edition of the Moneycontrol's Indian Family Business Awards, an initiative with Waterfield Advisors, was held today in Delhi. Union Minister of Commerce, Piyush Goyal, who graced the prestigious award ceremony, in his keynote address, highlighted India's progress over the past nine years under the Narendra Modi-led government.

"The India story is completely different now from what the current government had inherited, which was large amounts of oil bond debt, high inflation and interest rates, low growth and faltering exports," Goyal said.

Goyal added that India is on a 30/30 journey, enjoying the fruits of the country's demographic dividend. "For next 30 years we will continue to be a large young population of people below 30," noted the minister.

The grand awards ceremony, which brought together a power-packed list of Indi's illustrious leaders of family-owned businesses, celebrated the persevering spirit of enterprises which are contributing significantly toward positioning the nation on the $5 trillion economy map globally.

ALSO READ: CPI spike short-term "hiccup", India offered lowest inflation for 9 years: Piyush Goyal

The prestigious event brought into the limelight the role of India's leading family businesses that have been playing a key role in nation building and wealth creation. Aspiring family business, spread across 17 categories, were lauded and acknowledged for their excellence.

Speaking at a panel discussion hosted by Ashwin Mohan, Editor - Deals, Moneycontrol, themed on "Key Trends in Succession Planning and Family Offices", Soumya Rajan, Founder and CEO, Waterfield Advisors Private Limited, said, "The average investment of family businesses in private markets have risen from 1% in 2011 to around 12% now". "India thrives on its family business. We believe that each family will steer India towards our dream of being a global superpower," she added.

Rishabh Shroff, Managing Partner, Cyril Amarchand Mangaldas, noted than family enterprises in India are now open to overseas investments. "Overseas investment is more than welcome by family businesses. Family Business are investing in Dubai, Singapore and GIFT City. Foreign countries prefer Indian investment rather than investment coming from China," said Shroff.

Puneet Dalmia, Managing Director of Dalmia Bharat Limited, noting on the rich culture that family businesses create during a panel discussion, "Family businesses can create a culture. You have to treat family members like professionals and professionals like family members".

Expressing his take on his kids joining the family-run business in the future, he said, "If my kids are passionate about going to the business they are more than welcome, but if they are not then I wish them the best to be successful". Dalmia also lauded India's role in promoting and practising sustainable development, "India is a champion of sustainability even before it became fashionable".

Also, participating in the IBFA panel discussion was Roshni Nadar Malhotra, Chairperson, HCL Technologies Ltd. Nadar hailed family businesses for creating long-lasting institutions. “If family businesses create institutions that outlast the founders then family businesses will always grow…If you want to build institutions that outlast founders in profit or non-profit, corporate governance can't be ignored," said the iconic businesswoman.

Here is the list of winners in IFBA 2022 event:

Super Category

The Most Innovative, Disruptive & Transformational business award went to TEGA INDUSTRIES LTD, while APCOTEX INDUSTRIES LTD bagged the Best Governance award.

The Best Business Led by a Woman (JURY SELECT) award in the category was won by Metro Brands, while Borosil Ltd won the Best Family Business award.

Mega Category

Century Plyboards (INDIA) Ltd was awarded for being the Most Innovative, Disruptive & Transformational family run-enterprise, while Route Mobile Ltd won for Best Governance. TVS SRICHAKRA Ltd bagged the Best Business Led by a Woman (JURY SELECT) award in the category, while Minda Corporation Ltd won in the Best Family Business slot.

GIGA Category

The Most Innovative, Disruptive & Transformational family run-enterprise award was bagged by Havells India Ltd. The Best Governance (JURY SELECT) award went to GMR AIRPORTS INFRASTRUCTURE LTD
Meanwhile, the Best Business Led by a Woman in the category was won by Thermax Ltd,  while Muthoot Finance Ltd bagged the Best Family Business award.

PHILANTROPHY

The Dholakia Foundation was awarded in the Philanthropic category.

JURY SPECIAL

The Most Enduring Business award went to Gujarat Tea Processors and Pakcers Ltd.

EDITORIAL SPECIAL 

Roshni Nadar Malhotra was awarded the Emerging Women Business Leader award. The Next-Gen Leader Award was offered to Sudarshan Venu, TVS Motor Company

LIFETIME ACHIEVEMENT

Dilip Shanghvi, Founder and Managing Director, Sun Pharmaceuticals Industries Ltd, who was honoured with the Lifetime Achievement Award, delivered an emotional acceptance speech on the occasion. Addressing the commerce minister as "Piyush Bhai", the veteran industrialist said that it is a special privilege to receive the award from the minister. He also expressed his gratitude for the minister for his constant guidance. During his speech, Shanghvi discussed how Sun Pharma, which was started nearly four decades back on a small scale, has evolved over the years, with anticipations of further expanding its presence overseas.

ALSO READ: Dilip Shanghvi, Sun Pharmaceutical’s ray of excellence

Family businesses in India have contributed to 70 perecent of the nation's GDP and employ nearly 60 percent of the total workforce. Family-owned enterprises have played a key role in shaping and transforming the Indian economy and society for decades, evolving in form and strategy over time. These family-owned companies strongly cushioned their businesses from the pandemic-induced headwinds, delivering strong performance and growth amid a weakening global economic situation.

Incorporating modern business practices, while retaining their traditional networks and deep-rooted community ties, family have become the bedrock of micro and macro financial stability in India.