The first edition of the Moneycontrol PRO Indian Family Business Awards celebrated the resilience and strength of family businesses across sectors on April 29.
An initiative by Moneycontrol PRO and Waterfield Advisors, the award function was graced by Jammu and Kashmir Lieutenant Governor Manoj Sinha as chief guest and prominent names from India’s family businesses that are the bedrock of micro and macro-financial stability in India.
Sinha highlighted that family businesses have upheld the cultures and traditions of India, and have nurtured the country's economy since independence.
"Now that we are moving towards a $5-trillion economy, these businesses are playing an important part in that journey," he said.
Among the key winners, SRF Limited won the Best Family Business Award in the Giga category, i.e. companies with an annual turnover of over Rs 5,000 crore. Kajaria Ceramics bagged the award in the Mega category of businesses with a turnover in the range of Rs 1,000 crore to Rs 5,000 crore.
In the Super category of businesses with annual turnover up to Rs 1,000 crore, Tally Solutions bagged the Best Family Business Award.
Akluj, Maharashtra-based Fratelli Wines won the award for the Best Family Business led by a Woman in the Super category. The company is led by Puja Sekhri ever since the untimely demise of her husband Kapil Sekhri in 2020. In the Mega category, the award for the Best Family Business led by a Woman was conferred to JK Lakshmi Cement.
Apollo Hospitals, INOX Air, and Inland World Logistics bagged awards for the Best COVID-19 Response for their contribution to the battle against the pandemic over the last two years. Dixon Technologies won the Special Jury Award for Most Enterprising First Gen Business.
Security and facility management company Tenon Facility Management won the award for best governance.
The event also had a lively chat with Lieutenant Governor Manoj Sinha, veteran investment banker Hemendra Kothari, and Dhruva Advisors CEO Dinesh Kanabar discussing the nuances of Indian family-run businesses and how they have changed over the years.
Kothari said that in the last 20 years the biggest change in family businesses is that new-age entrepreneurs are thinking differently about growth and governance and taking educated decisions.
According to Kanabar, family businesses that offer the best solution are those where professionals are given the space to take key decisions. "The family drives business, and capital and leaves it to professional managers for the operations. Such businesses find success," he said.
Kothari added, “Governing councils in family businesses create principles on how your business and family wealth will be managed. In the end, we have to see whether all stakeholders remain happy.”
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