The Ambani family has secured the top position in the inaugural Barclays-Hurun India list of the most valuable family businesses. With a valuation of Rs 25.75 trillion, their wealth is nearly one-tenth of India’s Gross Domestic Product (GDP), according to the 2024 Barclays-Hurun India report. This impressive valuation reflects the family’s expansive business empire led by Reliance Industries, which operates primarily in the energy, retail, and telecom sectors.
Methodology and Valuation Criteria
The rankings are based on company valuations as of March 20, 2024. The methodology excludes private investments and liquid assets while adjusting for cross-holdings to avoid double counting. The Ambani family’s wealth encompasses their stakes in Reliance, Jio Platforms, Reliance Retail, and other enterprises.
Top Family Businesses
Following the Ambani family, the Bajaj family ranks second with a valuation of Rs 7.13 trillion. Led by Niraj Bajaj, a third-generation leader, their automobile business is based in Pune. The Birla family holds the third position with a valuation of Rs 5.39 trillion. Under the leadership of Kumar Mangalam Birla, the family’s business interests include metals, mining, cement, and financial services.
Global Comparison
The combined value of the top three family businesses stands at $460 billion, which is equivalent to the GDP of Singapore.
Notable Rankings and Insights
The fourth position is occupied by the Sajjan Jindal-led family, with a valuation of Rs 4.71 trillion. The Nadar family, valued at Rs 4.30 trillion, is in fifth place. Roshni Nadar Malhotra from the Nadar family is notable as the only woman among the top 10 family businesses.
The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list does not include first-generation families. However, the Adani family, led by Gautam Adani, is recognized as the most valuable first-generation family business, with a valuation of Rs 15.44 trillion. The Poonawalla family, owners of Serum Institute of India, ranks second among first-generation businesses with a value of Rs 2.37 trillion, followed by the Divi family with a valuation of Rs 91,200 crore.
Industry Impact
Anas Rahman Junaid, founder and chief researcher at Hurun India, highlighted the significant contributions of these family businesses to India’s global competitiveness and economic resilience. The industrial products sector, with 28 companies valued at Rs 458,700 crore, and the automobile and pharmaceutical sectors, valued at Rs 1,876,200 crore and Rs 7,88,500 crore respectively, play crucial roles in enhancing India’s economic stability and growth.
Trends and Observations
Nitin Singh, head of Barclays Private Bank, Asia Pacific, noted that family-run businesses are showing strong balance sheets, reflecting a significant trend of deleveraging. The focus has shifted towards seizing opportunities within India, where large businesses and families are contributing to the flourishing of the Indian economy.
Singh further remarked on India’s complex environment, emphasizing that multi-generational businesses have excelled in navigating and thriving within this intricate landscape.
Unlisted Companies and Real Estate
Haldiram Snacks, valued at Rs 63,000 crore, holds the position of India’s most valuable unlisted company. The company recently attracted attention when US-based private equity firm Blackstone made a non-binding offer to acquire it, though the transaction is currently delayed as the promoters seek a higher valuation.
In the real estate sector, DLF Ltd. and Macrotech Developers are the most valued family businesses, with valuations of Rs 2,04,500 crore and Rs 1,12,200 crore, respectively, as reported by the 2024 Barclays Private Clients and Hurun India research.
