The significance of family-run businesses to the Indian economy is unmatched. They are the oldest and most prevalent form of business ownership in India and contribute 79 percent of the annual GDP. India has over 115 publicly listed family businesses and their contribution to India’s economic development and stability is a well-chronicled fact. Indian Family Business Awards recognise and celebrate families that have played a significant role in shaping the Indian economy, generating employment and augmenting the entrepreneurial spirit of the country. Moneycontrol PRO and Waterfield Advisors have signed a three-year engagement to honour excellence in family businesses.
The jury for the awards includes renowned names from the economic sphere including Vishesh Chandiok – National Managing Partner, Grand Thornton Bharat, Gopal Srinivasan – Chairman, TVS Ventures, Soumya Rajan – Founder and CEO, Waterfield Advisors, Gaurav Dalmia – Chairman, Dalmia Group Holdings, Sonu Bhasin – Founder of FAB- Families and Business, Sanjeev Bikhchandani – Founder, Info Edge.
Soumya Rajan, Founder and CEO, Waterfield Advisors, said, “The family enterprise is at the heart of the Indian economy. At Waterfield, we have a deep appreciation for these businesses as they create livelihoods, contribute to their communities and fuel economic activity and growth. Through the Family Business Awards, we are delighted to partner with Moneycontrol Pro to recognise and celebrate the resilience and contribution of exceptional family businesses.”
Gaurav Dalmia, Chairman - Dalmia Group, alluded to, when he said, "If you can keep your head on your shoulders for three generations, you get an empire; and if you can keep your head on your shoulders for five generations, you get a dynasty. Historians have said this regarding monarchies, but is as true for the microcosm of family businesses as well. Whether it is a third of the Fortune 500 companies in the US that are family controlled, or the middle market ‘mittelstand’ companies that are the export engine of Germany, or Indian traders and entrepreneurs making their mark around the world, family businesses represent some of the most dynamic aspects of the business world."
Speaking about his role as part of the jury, Gopal Srinivasan – Chairman, TVS Ventures, said, “Family businesses are the backbone of the nation's economic growth as well as its social stability. While every family business that contributes to the nation is a winner, it is a privilege for the jury to be able to recognise and select the nation builders to receive awards in the first edition of Indian Family Business Awards of Network18.”
To qualify for the awards, a family business must fulfill parameters such as being set up in India, being in existence for at least 10 years, except for start-ups who must prove incorporation at least five years prior, and the family being the single largest shareholder and/ or has control over the management. The businesses will be evaluated under three umbrellas: Super (under Rs 1,000 crore), Mega (between Rs 1,000 and Rs 5,000 crores) and Giga (over Rs 5,000 crore).
Categories for the companies will include Best Family Business; Best Governance; Most Effective Succession Planning; Best ESG & Sustainability; Most Innovative, Disruptive and Transformational Family Business; Best Family Business led by a Woman; and finally, for Best COVID response/Philanthropy.
To nominate themselves, businesses may log onto https://www.moneycontrol.com/msite/indian-family-business-awards. The process will be carried out over a period of 3 weeks and the event will be held in January 2022.
One may follow the updates on Moneycontrol’s and Waterfield Advisors’ social media handles.
Moneycontrol journalists were not involved in the creation of the article