Indian Family Business Awards 2023: Highlights, complete winners list and more

If India has to grow at the rate of 8-9%, it can’t be done without family businesses, which contribute about 75% of India’s GDP.

Much of India’s diversification has happened because of family business. Governance and succession which family businesses bring is vital for India’s growth.

Startups need to remember that it is not just the founders, but the entire bunch of people who work with it.

The process and ecosystem around them (startups) needs to be better in order for it to respond better to systems.

The importance of communication is often not understood enough. Within families we often tend to not share many things. Also, when differences spring up, especially between business and non-business members - open communication is the biggest key.

There is a built in conflict in family businesses. Family is by nature socialist, whereas, business is capitalist. Hence, conflict will be there, which is where the role of a family office comes.

Family business is a category that is often misunderstood. It is not only an Indian phenomenon but a global one.

Family offices have become an already important source of funding. Increasingly, the role of family businesses is increasing also because of the expertise and mentorship that comes with it.

Alkem Laboratories Ltd. was recognized as the most innovative, disruptive & transformational

Thermax Limited received the best governance award

KRBL Ltd (India Gate) was honoured as the best family business

Gujarat Fluorochemicals Ltd (GFCL) received the next-gen business (jury special) award for its innovative approach and visionary leadership

Mega Awards

-Ashoka Foundry & Equipment Pvt. Ltd was honoured as the best family businesses empowered and led by women

-Century Plyboards (India) Ltd. was recognized for its exceptional contributions to philanthropy

Super Category Awards

-Forbes Marshall Pvt Ltd was recognized as the best family business

-FIL Industries Pvt Ltd was recognized for best governance

-Supriya Lifescience Ltd received the award for being the most innovative, disruptive & transformational

-HP Adhesives Ltd was honoured as the best family businesses empowered and led by women

For India to move ahead we need have to have a close synergy, as close as possible, between research, academia, startups and businesses

Today we have landed on the southern part of the moon. So now India can lead, it does not need to be led

Dr Jitendra Singh asks family businesses to identify their role in India's Viksit Bharat goal

India is longer waiting to be led as you can see in steps taken in the space sector, he added.

For the first time you have a government that is keen to promote family businesses while also keeping traditional ethos alive

Jitendra Singh tells family businesses: Only if you are globally competitive you can achieve Viksit Bharat goals

The PM Viswakarma scheme aimed at boosting areas of family businesses that ran the risk of going extinct

The government led by PM Modi is sensitive about keeping the ethos alive by promoting family businesses

India is one of the first five or six nations who has launched a Quantum mission

Efforts underway to ensure a tremendous rise of Indian economy

Over 70 percent of India's GDP is contributed by family businesses

Next industrial revolution will be driven by the biotechnology sector.

India is one of the few countries to come out with a seperate bioeconomy policy

India has become one of the top five economies in the world from being fragile five

India within one decade now ranks number three in global startup ecosystem

"My dad is an engineer at heart, and he always wanted to build stuff, and I have the same kind of inclination. Just felt that this is a very exciting business to join."

It's kind of built into your DNA. Growing up in that culture, you know that business is dinner conversation, so it's in your blood, and I think that really motivated me.

Wonderla MD speaks on Covid struggles and parks being shut down.

He says they started a cloud kitchen businesses during Covid-19. "We opened 6 cloud kitchens"

'The Generation Next Playbook - Redefining Leadership and business for a changing world' panel two begins

Family offices don’t want to be called as family offices anymore. They want to be known as investment firms with just one investor, says Catamaran's MD Ranganath

Consumer tech and healthcare are the hottest sectors for family offices, says Dinesh Arora, Partner and Leader – Deals, PwC India

Catamaran's MD Ranganath said, "Earlier our focus was on the consumption sector. Recently we have been focusing on precision manufacturing (sector)"

"For example, component manufacturers for companies like Apple etc are a focus," he added.

"Founders are getting more comfortable in working with family offices," says Aditya Burman, Director, Dabur India

"We are always looking at diversifying our interests. If there is a sunrise sector, then why not? My grandchildren will be thanking me," he added.

Joint ventures gave us an unique opportunity of bringing global players to India, says MD Ranganath, Chairman, Catamaran Ventures

Apart from investing in funds, family offices are looking at taking larger stakes in companies, he added.

Earlier, domestic deals were required due to FDI rules. Increasingly, companies are getting more comfortable in raising and accepting domestic capital, he said.

"We do split between public and private markets. But private market is definitely picking up now," says Aditya Burman, Director, Dabur India

When it comes to family offices and investing, we advice getting asset allocation right, says Soumya Rajan -  Founder & CEO of Waterfield Advisors

"This is the time to look for private markets. You need to expose yourself to spaces like private markets to avail benefits that are not in public markets," she added.

Rahul Rekhi, Partner, PwC India speaks on the importance of family-led businesses

"It will be the spirit of entrepreneurship which will be awarded today," he said.

Soumya Rajan, Founder and CEO of Watefields Advisors delivers welcome address

She speaks about the importance and legacies of family-led businesses in India.

Countdown now begins for Indian Family Business Awards 2023

The event will be a spectacular fusion of tradition, innovation, and celebration.

An evening filled with inspiring stories, riveting performances, and moments of sheer grandeur as we honor the trailblazers of Indian industry.

The 2022 gala unfurled as a majestic tapestry of familial triumph, bedecked with melodies, pageantry, and poignant anecdotes shared by luminaries like Sudarshan Venu of TVS Motor Company and Roshni Nadar Malhotra of HCL Tech. These narratives underscored the pivotal role of resilience, innovation, and community engagement in propelling the ascendancy of family enterprises.

The event served as a clarion call to the significance of family businesses in underpinning India's economic edifice, contributing a lion's share to the GDP and fostering employment opportunities for nearly 60% of the workforce.

The awards traverse three revenue strata—Super (annual revenues under 1,000 crores), Mega (annual revenues between 1,000 and 5,000 crores), and Giga (annual revenues surpassing 5,000 crores)—ensuring a tapestry of inclusivity that lauds entities across the spectrum, from burgeoning startups to established conglomerates.

The awards seek to illuminate the path of family-owned businesses that have sculpted the contours of India's dynamic economic terrain. Prepare to be enthralled by the forthcoming spectacle as we usher in the eagerly awaited live extravaganza of the Indian Family Business Awards 2023.

This esteemed gala is poised to reaffirm the enduring eminence of family businesses in India's economic chronicle. Amidst a crescendo of jubilation, we shall pay homage to the paragons of enterprise that have inscribed their legacies into the very fabric of our nation's commercial landscape.

The eagerly anticipated Indian Family Business Awards are back for their electrifying third edition, reaffirming their role in celebrating the monumental contributions of family businesses to India's economy.

The awards seek to illuminate the path of family-owned businesses that have sculpted the contours of India's dynamic economic terrain.