Key Highlights
THE AMBANI FAMILY TOPS THE INAUGURAL EDITION OF THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES.
THE AMBANI FAMILY HAS A VALUE OF USD 309 BN (INR 25.75 LAKH CR) WHICH IS ALMOST 1/10TH OF INDIA’S GDP.
THE BAJAJ FAMILY BUSINESS OCCUPIES THE SECOND SPOT WITH A TOTAL VALUE OF INR 7.13 LAKH CR.
BIRLA FAMILY BUSINESS OCCUPIES THE THIRD SPOT IN THE LIST WITH A VALUATION OF INR 5.39 LAKH CR.
THE ADANI FAMILY, SUPPORTED BY THE NEXT GENERATION, TOPS FIRST-GENERATION ENTREPRENEUR FAMILIES WITH BUSINESSES WORTH INR 1,544,500 CR, FOLLOWED BY THE POONAWALLA FAMILY, MANAGING THE SERUM INSTITUTE OF INDIA, AT INR 237,100 CR.
THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES CONTROL AN ASTOUNDING USD 1.3 TN IN VALUE, SURPASSING THE COMBINED GDP OF SWITZERLAND AND THE UAE.
THE TOP THREE FAMILY BUSINESS’ INTERESTS ARE VALUED AT USD 460 BN, EQUIVALENT TO THE GDP OF SINGAPORE.
THE THRESHOLD TO QUALIFY FOR THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES IS INR 2,700 CR
BIG 3: WITH A VALUE OF INR 25.75 LAKH CR, AMBANI FAMILY IS INDIA’S MOST VALUABLE FAMILY, FOLLOWED BY BAJAJ FAMILY WITH INR 7.13 LAKH CR AND KUMAR MANGALAM BIRLA FAMILY WITH INR 5.39 LAKH CR.
124 FAMILIES WORTH A BILLION USD AND ABOVE.
THE TOP THREE FAMILIES WITH THE HIGHEST SHARE PRICE GROWTH SINCE INHERITANCE ARE LED BY THE BENU BANGUR FAMILY, ACHIEVING AN STAGGERING 571-FOLD INCREASE. THE TAPARIA FAMILY FOLLOWS WITH A 387 TIMES GROWTH, AND THE DHARMPAL AGARWAL FAMILY COMES NEXT WITH A 316-FOLD RISE IN SHARE PRICE.
75% OF COMPANIES FEATURED IN THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES ARE LISTED.
HALDIRAM SNACKS IS VALUED AT INR 63,000 CR; AND HOLDS THE POSITION OF INDIA’S MOST VALUABLE UNLISTED COMPANY.
15 COMPANIES IN THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES ARE LED BY WOMEN.
53 COMPANIES IN 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES ARE LED BY PROFESSIONAL CEOs.
85% OF THE COMPANIES IN THE LIST SELL PHYSICAL PRODUCTS; 15% SELL SERVICES.
53% OF THE COMPANIES ARE CONSUMER-FACING, 47% ARE B2B.
THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES COMPRISES FAMILIES ACROSS 30 CITIES IN INDIA, LED BY MUMBAI (65), KOLKATA (17) AND NEW DELHI (15). THE TOP THREE CITIES CONTRIBUTED 97 ENTRANTS WHICH IS ALMOST HALF OF THE LIST
IN THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES, AMONGST THE TOP 5 GRADUATE UNIVERSITIES, ONLY ONE IS LOCATED OUTSIDE OF INDIA. CONVERSELY, IN THE TOP 5 POST-GRADUATE UNIVERSITIES, THERE IS ONLY ONE INDIAN UNIVERSITY.
INDUSTRIAL PRODUCTS LEAD THE PACK WITH 28 COMPANIES, FOLLOWED BY AUTOMOBILE & AUTO COMPONENTS WITH 23 COMPANIES. CLOSE BEHIND IS PHARMACEUTICALS, WITH 22 COMPANIES ON THE LIST
IN THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES THE TOP 10 ACCOUNT FOR NEARLY 55% OF THE TOTAL WEALTH ON THE LIST.
IN THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES, 25 COMPANIES OPERATE THEIR OWN FAMILY OFFICES.
WADIA GROUP, WITH A VALUATION OF INR 128,900 CR, STANDS OUT AS THE OLDEST FAMILY-OPERATED COMPANY ON THE LIST, MANAGED BY THE WADIA FAMILY.
WITH A TOTAL OF 8 FAMILY MEMBERS, BOTH HALDIRAM SNACKS (INR 63,000 CR) AND BIKANERVALA FOODS (INR 3,000 CR) HAVE REPRESENTATION ON THEIR BOARDS.
AT A VALUATION OF INR 14,000 CR, KANAIYALAL MANEKLAL SHETH EMERGES AS THE MOST SENIOR FIGURE MANAGING A FAMILY BUSINESS, REPRESENTING THE GREAT EASTERN SHIPPING.
THE UNIVERSITY OF MUMBAI RANKS AS THE PREFERRED INSTITUTION FOR UNDERGRADUATE STUDIES, WHEREAS HARVARD BUSINESS SCHOOL HOLDS THE TOP SPOT FOR POSTGRADUATE EDUCATION AMONG THE MEMBERS RUNNING FAMILY BUSINESSES IN THE 2024 BARCLAYS PRIVATE CLIENTS HURUN INDIA MOST VALUABLE FAMILY BUSINESSES.
8 August 2024, Mumbai: Barclays Private Clients and Hurun India released the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list, ranking India’s most valuable family businesses by value. To be included on the list, a next-generation member from the founding family must be actively involved in managing the business or serving on its board. Value calculations are as of 20 March 2024.
Commenting on the launch – Nitin Singh, Head of Private Bank Asia Pacific said, “Barclays Private Clients is pleased to partner with Hurun India, in celebrating India’s most valuable family businesses. The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses highlights the crucial role family businesses play across diverse industries, driving economic growth and innovation. Generations of dedication and vision has made Indian family businesses the bedrock of our economy, proving that tradition and progress can go hand in hand. The fact that 69% of the most valuable family businesses consists of second-generation family businesses, with the remainder being third generation or older, speaks volumes about the resilience and adaptability of Indian family businesses. As is evident, family businesses remain powerhouses of growth and resilience in the modern era”.
“Barclays Private Clients has been around for 16 years and to date and our aim is to create personalised solutions that make our UHNI clients feel more confident and more inspired than if they banked or invested anywhere else. We support large industrialists and families with established businesses, predominantly in the public listed space. We advise India’s most influential industrialists & families as well as founders of private unlisted companies, start-ups and Indian unicorns. As one of the top tier foreign banks in India, we provide a full-suite of specialist investment, banking, lending and wealth advisory solutions to the world’s most influential people and their families in 40 countries through our global network of private bankers,” he added.
Commenting on the launch – Anas Rahman Junaid, Founder and Chief Researcher, Hurun India said
“Indian family businesses are the heartbeat of the nation’s economy, embodying resilience, innovation, and a deep-rooted legacy of entrepreneurial spirit. For instance, around 75% entrants in the list registered a growth in value compared to that of last year. The objective of 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses is to highlight the role of family businesses in Indian economy.”
“With 28 companies in the industrial products sector valued at INR 458,700 Cr, and 23 companies in the automobile sector and 22 in the pharmaceuticals sector valued at INR 1,876,200 Cr and INR 788,500 Cr respectively, these businesses are pivotal in enhancing India’s global competitiveness and economic resilience. The significant industry diversification of these family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India.”
“From daily essentials to groundbreaking innovations, Indian family businesses weave the fabric of our everyday lives, reflecting a blend of heritage and forward-thinking. Everyday essentials we rely on often come from the business run by 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses. Whether it’s the “bhujia” served at weddings from Haldiram’s, the medicines we take from Cipla, or the biscuits from Britannia we enjoy with chai, these family enterprises are integral to our daily lives. They form the backbone of both the manufacturing and services sectors, with 169 manufacturing businesses generating around INR 68 Lakh Cr in value. This includes major names in personal care like Godrej and Dabur, and automotive giants like Bajaj and Mahindra & Mahindra. In the services sector, leaders like HCL and Wipro add a combined value of INR 40 Lakh Cr, highlighting the indispensable role of family businesses in India’s economy”.
“In launching the first edition of the list, Hurun India is excited to collaborate with Barclays Private Bank, an esteemed division of Barclays, known for its centuries-long legacy and experience in working with families around the world”, concluded Anas Rahman Junaid.
Methodology
The inaugural 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, compiled by the Hurun Research Institute, aims to celebrate and recognize India’s foremost family-run enterprises. To be included on the list, a next-generation member from the founding family must be actively involved in managing the business or serving on its board. This initiative highlights the integral role family businesses play in the Indian economy, contributing significantly to its growth and stability.
The rankings are determined based on company valuations as of the cut-off date, March 20, 2024. The methodology for valuation excludes private investments and liquid assets, and it adjusts for cross holdings to prevent double counting. For instance, with the Taparia Family, we considered the full value of Supreme Industries and 70% of Supreme Petrochem. The remaining 30% of Supreme Petrochem is owned by Supreme Industries, so we assume its value is already included and, therefore, excluded it from our calculations.
Overall, Hurun Research’s primary objective with this report is to provide a comprehensive overview that both acknowledges and celebrates the critical role that family businesses hold within the country.
Disclaimer and Notices
Barclays Disclaimer
All the names featured on the list are solely based on the facts from the Hurun India research report generated for this list.
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Annexure
Top 10 in 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The top ten families in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses have collectively amassed a notable total value of INR 6,009,100 Cr, demonstrating India’s robust nature of family-led enterprises.
At the forefront is the Ambani family, leading with Reliance Industries valued at a staggering INR
2,575,100 Cr, primarily thriving in the energy and telecom sector. Following them, the Bajaj family’s interest in the automobile and auto components industry through the Bajaj Group stands at INR 712,700 Cr. The Aditya Birla Group, managed by the Kumar Mangalam Birla family, holds a strong position in metals and mining, marked at INR 5,38,500 Cr.
Further illustrating the diversity, the Jindal family’s involvement in JSW Steel and the mining sector brings their value to INR 471,200 Cr. The Nadar family’s HCL Technologies indicates the significance of the software and services sector with a valuation of INR 430,600 Cr. Not far behind, the Mahindra family’s ventures into the automotive sector via Mahindra & Mahindra are valued at INR 345,200 Cr.
The list also includes the Dani, Choksi, Premji, Raj Singh, and Murugappa families, ranging from chemicals and petrochemicals to real estate and more, each contributing significantly to the collective economic weight of India’s top family businesses. Apart from playing a dominating role in their respective sectors, these family businesses also play a pivotal role in shaping economic trends and employment landscapes in the country.
Table 1 – Top 10: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Rank | Family name | Company Name | Value
(INR Cr) |
Person Heading the Business | Industry |
| 1 | Ambani Family | Reliance Industries | 2,575,100 | Mukesh Ambani | Energy |
| 2 | Bajaj Family | Bajaj Group | 712,700 | Niraj Bajaj | Automobile & Auto Components |
| 3 | Kumar Mangalam Birla Family | Aditya Birla Group | 538,500 | Kumar Mangalam Birla | Metals & Mining |
| 4 | Jindal Family | JSW Steel | 471,200 | Sajjan Jindal | Metals & Mining |
| 5 | Nadar Family | HCL Technologies | 430,600 | Roshni Nadar Malhotra | Software & Services |
| 6 | Mahindra Family | Mahindra & Mahindra | 345,200 | Anand Mahindra | Automobile & Auto Components |
| 7 | Dani Family, Choksi Family and Vakil Family | Asian Paints | 271,200 | R Seshasayee* | Chemicals & Petrochemicals |
| 8 | Premji Family | Wipro | 257,900 | Rishad Premji | Software & Services |
| 9 | Rajiv Singh Family | DLF | 204,500 | Rajiv Singh | Real Estate |
| 10 | Murugappa Family | Tube Investments of India | 202,200 | M A M Arunachalam | Automobile & Auto Components |
*Person heading the business is not a family member
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The Ambani family ranks first in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, with a value of INR 2,575,100 Cr. Headed by Mukesh Ambani, the business operates in the energy and telecom sector and is now run by second generation. Founded in 1958, the Ambani family has played a significant role in India’s energy industry, steadily contributing to its growth and development.
The Bajaj family ranks second in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, with a value of INR 712,700 Cr. Led by Niraj Bajaj, the business focuses on automobile and auto components. Now run by third generation, the family business was founded in 1926 and is headquartered in Pune. The Bajaj family has made significant contributions to India’s automotive industry, maintaining a strong presence in the market.
Ranked third in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, the Birla family, helmed by Kumar Mangalam Birla, with a value of INR 538,500 Cr. Their business focuses on metals and mining, with the fourth generation at the helm. The Birla family’s enduring impact on India’s industrial sector reflects a commitment to innovation and responsible business practices. Their contributions to the metals and mining industry underscore a legacy of growth and adaptability in an ever-evolving economic landscape.
Securing the fourth position in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, the Jindal family, led by Sajjan Jindal, with a value of INR 471,200 Cr. Their business primarily operates in the metals and mining industry, with the second generation steering its trajectory. The Jindal family’s influence in India’s industrial sector is profound, reflecting a legacy of determination and strategic vision. Their contributions to the metals and mining industry signify a commitment to innovation and sustainable growth, shaping the nation’s economic landscape.
The Nadar family ranks fifth in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, with a value of INR 430,600 Cr. Led by Roshni Nadar Malhotra, the business operates in the software and services industry. Established in 1991 and now led by its second generation, the company is headquartered in Noida. The Nadar family has significantly impacted India’s technology sector, sustaining a robust market presence.
The Mahindra family, ranked sixth in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, commands a value of INR 345,200 Cr. Led by third-generation entrepreneur Anand Mahindra, the Mahindra Group has flourished under his exemplary leadership. This diversified conglomerate, with interests in automotive, aerospace, agribusiness, finance, and IT, has seen remarkable growth and innovation. Anand Mahindra’s visionary approach and commitment to sustainability have propelled the group to global prominence, solidifying its reputation as a forward-thinking and impactful organization.
Ranked seventh in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, the Dani, Choksi & Vakil family commands a value of INR 271,200 Cr. Notably, R. Seshasayee, who isn’t from the family, leads the business—a unique occurrence in the top 10. Their focus lies in the chemicals and petrochemicals industry. The Dani, Choksi & Vakil family’s presence underscores their significant contribution to India’s chemical sector. Despite the unconventional leadership, their dedication to excellence and industry expertise are evident, shaping the nation’s chemical and petrochemical landscape with innovation and reliability.
The Premji family ranks eighth in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, with a value of INR 257,900 Cr. Headed by Rishad Premji, the business operates in the software and services industry. Founded in 1945 and now in its third generation, the company is headquartered in Bengaluru. The Premji family’s imprint on India’s technological terrain resonates deeply, showcasing their enduring significance in the market.
Securing the ninth spot in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, the Rajiv Singh Family commands a value of INR 204,500 Cr. Rajiv Singh leads the business in the real estate sector, representing the third generation. Established in 1946, the family’s legacy in real estate spans generations, shaping India’s urban landscape. Their commitment to quality and innovation has established them as key players in the industry. With a rich history rooted in tradition and forward-thinking, the Rajiv Singh Family continues to drive growth and development in the real estate sector, contributing to the nation’s infrastructure and economic progress.
The Murugappa Family ranks tenth in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses, with a value of INR 202,200 Cr. Led by M.A.M. Arunachalam, the business operates in the automobile and auto components industry. Established in 1900 and now run by its third generation, the company is headquartered in Chennai. Their commitment to innovation and quality has solidified their position in the market. The Murugappa Family continues to contribute significantly to the automotive industry, reflecting over a century of growth and resilience.
Most Valuable First-Generation Families with Active Next Gen in the Business
2024 Barclays Private Clients Hurun India Most Valuable Family Businesses does not include the first-generation families. In the case of first-generation families, Adani family leads among families founded by first-generation entrepreneurs, who are supported by their next generation. Adani’s business interested are valued at a staggering INR 1,544,500 Cr, followed by Poonawalla family, who manage the Serum Institute of India, valued at INR 237,100 Cr. The Divi family, overseeing Divi’s Laboratories, comes third with a valuation of INR 91,200 Cr.
Table 2 – Top 20 First-Generation Families with Active Second Gen Leaders
| Sr No | Family Name | Company Name | Value
(INR Cr) |
Founder’s Name | Industry |
| 1 | Adani Family | Adani Enterprise | 1,544,500 | Gautam Adani | Energy |
| 2 | Poonawalla Family | Serum Institute of India | 237,100 | Cyrus Poonawalla | Pharmaceuticals |
| 3 | Divi Family | Divi’s Laboratories | 91,200 | Murali K. Divi | Pharmaceuticals |
| 4 | Reddy Family | Apollo Hospitals Enterprise | 88,800 | Prathap C. Reddy | Healthcare |
| 5 | Chudgar Family | Intas Pharmaceuticals | 78,000 | Hasmukh Chudgar | Pharmaceuticals |
| 6 | Nuwal Family | Solar Industries India | 76,900 | Satyanarayan Nandlal Nuwal | Chemicals & Petrochemicals |
| 7 | Reddy family | Megha Engineering & Infrastructures | 75,100 | P.P. Reddy | Construction & Engineering |
| 8 | Patel Family | Nirma | 51,200 | Karsanbhai Patel | FMCG |
| 9 | Grandhi Family | GMR | 47,800 | Grandhi Mallikarjuna Rao | Construction & Engineering |
| 10 | Hiranandani Family | Hiranandani Communities | 33,300 | Niranjan Hiranandani | Real Estate |
| 11 | Agarwal Family | Ajanta Pharma | 26,200 | Mannalal, Purushottam and Madhusudan Agrawal | Pharmaceuticals |
| 12 | Munot Family | Kalpataru | 25,000 | Mofatraj P. Munot | Real Estate |
| 13 | Agarwal Family | Shyam Metalics & Energy | 24,300 | Mahabir Prasad Agarwal | Metals & Mining |
| 14 | Reddy Family | Hetero Labs | 22,300 | B. Partha Saradhi Reddy | Pharmaceuticals |
| 15 | Reddy Family | Cyient | 22,200 | BVR Mohan Reddy | Software & Services |
| 16 | Arya Family | JBM Auto | 22,000 | Surendra Kumar Arya | Automobile & Auto Components |
| 16 | Moopen Family | DM Healthcare | 22,000 | Azad Moopen | Healthcare |
| 18 | Jupally Family | My Home Industries | 20,400 | Jupally Rameswar Rao | Cement & Cement Products |
| 19 | Shankar Family | Brigade Enterprises | 20,300 | Mysore Ramachandrasetty Jaishankar | Real Estate |
| 20 | Saraf Family | Vinati Organics | 16,700 | Vinod Saraf | Chemicals & Petrochemicals |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Top Cities of Headquarters in 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The headquarters of businesses in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses are based in key cities that are pivotal to India’s economic landscape. With 65 headquarters from the list, Mumbai emerges as the primary hub, hosting the headquarters of the top family businesses, including the leading Ambani family’s Reliance Industries. Kolkata is second on the list with 17 company headquarters. With 15 headquarters New Delhi also stand out as significant bases for these influential family-run companies, supporting industries ranging from technology to real estate.
Table 3 – Top 10 Headquarter Cities of Flagship Companies Run by the Families in
2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Rank | HQ City of the flagship company | Number of Entrants | Richest Family | Company | Value
(INR Cr) |
| 1 | Mumbai | 65 | Ambani Family | Reliance Industries | 2,575,100 |
| 2 | Kolkata | 17 | Wadia Family | Wadia Group | 1,28,900 |
| 3 | New Delhi | 15 | Siddhartha Lal Family | Eicher Motors | 1,06,100 |
| 4 | Pune | 13 | Kalyani Family | Bharat Forge | 50,500 |
| 4 | Gurugram | 13 | Rajiv Singh Family | DLF | 2,04,500 |
| 6 | Noida | 11 | Nadar Family | HCL Technologies | 4,30,600 |
| 6 | Chennai | 11 | Murugappa Family | Tube Investments of India | 2,02,200 |
| 8 | Bengaluru | 8 | Premji Family | Wipro | 2,57,900 |
| 9 | Ahmedabad | 7 | Samir Mehta Family | Torrent Pharmaceuticals | 1,43,900 |
| 9 | Hyderabad | 7 | Prasad Family | Dr. Reddy’s Laboratories | 1,01,800 |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Industry Breakdown in 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses provides a detailed look into the distribution of top family businesses across various industries. Leading the chart is the industrial products sector, with 28 companies valued at a whopping INR 458,700 Cr. The automobile and auto components with 23 companies and pharmaceuticals industry 22 companies valued at INR 1,876,200 Cr and INR 788,500 Cr. Chemicals and petrochemicals feature 15 companies, with Asian Paints as a key player. FMCG includes 13 companies, followed by Food & Beverages and Metals & mining with 11 companies each. Construction and engineering, and real estate each have 10 companies valued at INR 131,100 Cr and INR 488,700 Cr respectively.
Table 4 – Top 10 Industries Represented in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Rank | Main Industry | No. of companies | Total Value of the sector
(in INR Cr) |
Top Family In the List | Key Company |
| 1 | Industrial Products | 28 | 458,700 | Taparia Family | Supreme Industries |
| 2 | Automobile & Auto Components | 23 | 1,876,200 | Bajaj Family | Bajaj Auto |
| 3 | Pharmaceuticals | 22 | 788,500 | Samir Mehta Family | Torrent Pharmaceuticals |
| 4 | Chemicals & Petrochemicals | 15 | 682,000 | Dani Family, Choksi Family and Vakil Family | Asian Paints |
| 5 | FMCG | 13 | 564,600 | Godrej Family | Godrej Consumer Products |
| 6 | Food & Beverages | 11 | 129,300 | Manohar Agarwal Family | Haldiram Snacks |
| 6 | Metals & Mining | 11 | 1,196,500 | Kumar Mangalam Birla | Aditya Birla Group |
| 8 | Construction & Engineering | 10 | 131,100 | Harsh Goenka Family | KEC International |
| 8 | Real Estate | 10 | 488,700 | Rajiv Singh Family | DLF |
| 10 | Textiles, Apparels & Accessories | 8 | 107,500 | Lalbhai Family | Arvind |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Chart 5 – 69% of businesses are managed by the second generation. The chart below illustrates the distribution of family businesses across different generations.
| Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses |
Generational Distribution of Family-Run Businesses in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses highlights the generational distribution of family-run businesses. A total of 137 families are in their second generation, with the Ambani family’s Reliance Industries leading at INR 2,575,100 Cr. Forty-two families have reached the third generation, headed by the Niraj Bajaj family’s Bajaj Auto valued at INR 712,700 Cr. Nine families have been in business for four generations, with Kumar Mangalam Birla’s Aditya Birla Group leading at INR 538,500 Cr. Two families are in their fifth generation and sixth generation each represented by Burman family’s Dabur India and Wadia family’s Wadia Group, valued at INR 94,600 Cr and INR 128,900 Cr respectively. This distribution underscores the enduring legacy and evolving leadership within India’s top family businesses.
Table 6 – Generation Breakdown of 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Generation | Number of Families | Leading Family | Company | Value
(INR Cr) |
| 2 | 137 | Ambani Family | Reliance Industries | 2,575,100 |
| 3 | 42 | Niraj Bajaj Family | Bajaj Auto | 712,700 |
| 4 | 9 | Kumar Mangalam Birla Family | Aditya Birla Group | 538,500 |
| 5 | 2 | Burman Family | Dabur India | 94,600 |
| 6 | 2 | Wadia Family | Wadia Group | 128,900 |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Most Common Family Names in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The Gupta family tops the list with 9 families. The Patel and Agarwal family features 8 families each, including Pankaj Patel’s Zydus Lifesciences and Anil Agarwal’s Vedanta. The Jain family includes 5 families. The Mehta family has 4 families, represented by Samir Mehta’s Torrent Pharmaceuticals. The Desai, Singh and Goenka families have 3 families each, with key companies Apar Industries, DLF and KEC International respectively.
Table 7 – Most Common Family Names in Barclays Private Clients Hurun India Most Valuable Family Businesses
| Number of Families | Family Name | Leading Family | Company | Value
(INR Cr) |
| 9 | Gupta | Anil Rai Gupta Family | Havells India | 91,600 |
| 8 | Patel | Pankaj Patel Family | Zydus Lifesciences | 102,400 |
| 8 | Agarwal | Anil Agarwal Family | Vedanta | 142,700 |
| 5 | Jain | Vivek Jain Family | Inox GLF Group | 50,000 |
| 4 | Mehta | Samir Mehta Family | Torrent Pharmaceuticals | 143,900 |
| 3 | Desai | Kushal Desai Family | Apar Industries | 24,700 |
| 3 | Singh | Rajiv Singh Family | DLF | 204,500 |
| 3 | Goenka | Harsh Goenka Family | KEC International | 42,400 |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Oldest Generations in Business in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Being in business for six generations, the Gadgil family (PN Gadgil & Sons), valued at INR 3,900 Cr in the jewellery industry, and Wadia Group (INR 128,900 Cr) led by Nusli Wadia lead the list. The Burman family with Dabur India, in the FMCG sector, have been in business for five generations. Additionally, Shriram Family established DCM Shriram five generations ago. The fourth generation features the Kumar Mangalam Birla family’s Aditya Birla Group in metals and mining, the Godrej family’s Godrej in FMCG, and the T. V. S. family in automobile & auto components. Other fourth-generation families include the Singhania family’s JK Cement, the Kirloskar family’s Kirloskar Oil Engines, the Aga family’s Thermax, the Muthiah family’s Chettinad Cement, and the KRBL Group family’s KRBL and Lalbhai Family’s Arvind.
Table 8 – The Oldest Generation Families in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Generation | Family | Company | Value
(INR Cr) |
Industry |
| 6 | Gadgil Family | PN Gadgil & Sons | 3,900 | Jewellery |
| 6 | Wadia Family | Wadia Group | 128,900 | FMCG |
| 5 | Burman Family | Dabur India | 94,600 | FMCG |
| 5 | Shriram Family | DCM Shriram | 13,800 | Diversified |
| 4 | Kumar Mangalam Birla Family | Aditya Birla Group | 538,500 | Metals & Mining |
| 4 | Godrej Family | Godrej | 172,500 | FMCG |
| 4 | T. V. S. Family | TVS Motor Company | 77,600 | Automobile & Auto Components |
| 4 | Singhania Family | JK Cement | 67,600 | Cement & Cement Products |
| 4 | Kirloskar Family | Kirloskar Oil Engines | 31,000 | Industrial Products |
| 4 | Aga Family | Thermax | 44,000 | Industrial Products |
| 4 | Muthiah Family | Chettinad Cement | 11,000 | Cement & Cement Products |
| 4 | KRBL Group Family | KRBL | 6,800 | Food & Beverages |
| 4 | Lalbhai family | Arvind | 35,600 | Textile, Apparel and Accessories |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Youngest Leaders in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses highlights the youngest individuals heading major family-run businesses in India. Leading the list is Bahirji A Ghorpade, aged 28, who heads Sandur Manganese & Iron Ore, valued at INR 5,700 Cr in the metals and mining industry. Manan P. Shah, aged 31, leads Man Infraconstruction, valued at INR 7,400 Cr in construction and engineering. Rishi C. Sanghvi, 34, leads Sanghvi Movers (INR 4,700 Cr) in industrial products. Sudarshan Venu, 35, is at the helm of TVS Motor Company (INR 77,600 Cr) in automobiles. Mahesh Tibrewala, 37, leads Roha Dyechem (INR 3,700 Cr) in chemicals & petrochemicals. This list underscores the impact of young leadership in driving innovation and growth.
Table 9 – Youngest Leaders in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Name | Age | Company | Value
(INR Cr) |
Industry |
| Bahirji A Ghorpade | 28 | Sandur Manganese & Iron Ore | 5,700 | Metals & Mining |
| Manan P. Shah | 31 | Man Infraconstruction | 7,400 | Construction & Engineering |
| Rishi C. Sanghvi | 34 | Sanghvi Movers | 4,700 | Industrial Products |
| Sudarshan Venu | 35 | TVS Motor Company | 77,600 | Automobile & Auto Components |
| Mahesh Tibrewala | 37 | Roha Dyechem | 3,700 | Chemicals & Petrochemicals |
| Rishabh Agarwal | 38 | Responsive Industries | 7,900 | Construction Materials |
| Roshni Nadar Malhotra | 42 | HCL Technologies | 430,600 | Software & Services |
| Ravi PNC Menon | 42 | Sobha | 11,900 | Real Estate |
| Mithun K Chittilappilly | 43 | V-Guard Industries | 18,900 | Consumer Durables |
| Abhishek Lodha | 44 | Macrotech Developers | 112,200 | Real Estate |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Chart 10: 83% of the companies listed also appear on the Hurun India Rich List 2023, while 38% are featured on the Hurun Global Rich List 2024. The chart below illustrates the number of companies that are included in other Hurun lists.
| Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses |
Oldest Leaders in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Kanaiyalal Maneklal Sheth, aged 92, heads The Great Eastern Shipping (INR 14,000 Cr) in transportation and logistics. Bajranglal Surajmal Taparia, 89, leads Supreme Industries, while Sushila Devi Singhania, also 89, oversees JK cement and Shashikant Garware, 89, is at the helm of Garware Hi-Tech Films. Vijay Chauhan, 87, leads Parle Products in FMCG. Y. K. Hamied, 87, heads Cipla and Mohan Anand Chandavarkar, 87, heads FDC in pharmaceuticals.
Table 11 – Oldest Leaders in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Name | Age | Company | Value
(INR Cr) |
Industry |
| Kanaiyalal Maneklal Sheth | 92 | The Great Eastern Shipping | 14,000 | Transportation & Logistics |
| Sushila Devi Singhania | 89 | JK Cement | 67,600 | Cement & Cement Products |
| Bajranglal Surajmal Taparia | 89 | Supreme Industries | 56,600 | Industrial Products |
| Shashikant Garware | 89 | Garware Hi-Tech Films | 3,900 | Industrial Products |
| Vijay Chauhan | 87 | Parle Products | 49,600 | FMCG |
| Y. K. Hamied | 87 | Cipla | 1,14,400 | Pharmaceuticals |
| Mohan Anand Chandavarkar | 87 | FDC | 7,100 | Pharmaceuticals |
| Vinodchandra Harilal Doshi | 86 | Echjay Industries | 3,900 | Metals & Mining |
| A. Krishnamoorthy | 86 | Amalgamations | 43,400 | Automobile & Auto Components |
| Piyush Desai | 85 | Gujarat Tea Processors & Packers | 7,200 | Food & Beverages |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Chart 12 – 75% of the companies are Listed, while the remaining 25% are unlisted. Chart below illustrates the distribution between the listed and unlisted companies
| Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
|
Growth of Family Businesses in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Leading the chart, the Benu Bangur family’s Shree Cement share price has grown from 44 to 24,910, achieving an astonishing 571x growth since 2002. The Taparia family’s Supreme Industries grew from 10 to 3,830, a 387x increase since 2002. The Dharmpal Agarwal family’s Transport Corporation Of India expanded from 3 to 790, marking a 316x growth since 2002. Atul, led by the Lalbhai family, saw a 306x increase, growing from 19 to 5,872 since 2007. The Avanti Feeds family’s share price grew 302x, from 2 to 492.
Other notable mentions include Nava (285x growth) under the Prasad Family and Devineni family, KRBL (229x growth), and Eicher Motors (173x growth) under the Siddhartha Lal family. Bharat Forge, led by the Kalyanil family, and Finolex Industries, under the Prakash Chhabria family, also demonstrated substantial growth, with 162x and 145x increases, respectively. These figures highlight the extraordinary expansion and success of family-owned businesses in India.
Table 13 – Top 10 Family Businesses by Share Price Growth from Inheritance (Under Current Family Member) to the Cut-off Date
| Rank | Family Name | Company Name | Share price as on joining date | Share price as on cut-off | Growth times | Year of Inheritance/ Listing |
| 1 | Benu Bangur Family | Shree Cement | 44 | 24,910 | 571x | 2002 |
| 2 | Taparia Family | Supreme Industries | 10 | 3,830 | 387x | 2002* |
| 3 | Dharmpal Agarwal Family | Transport Corporation Of India | 3 | 790 | 316x | 2002* |
| 4 | Lalbhai Family | Atul | 19 | 5,872 | 306x | 2007 |
| 5 | Avanti feeds Family | Avanti Feeds | 2 | 492 | 302x | 2010* |
| 6 | Prasad Family, Devineni Family | Nava | 2 | 470 | 285x | 1999* |
| 7 | KRBL Group Family | KRBL | 1 | 293 | 229x | 2002* |
| 8 | Siddhartha Lal Family | Eicher Motors | 22 | 3,875 | 173x | 2006 |
| 9 | Kalyani Family | Bharat Forge | 7 | 1,092 | 162x | 1999* |
| 10 | Prakash Chhabria family | Finolex Industries | 1 | 216 | 145x | 1999* |
*Indicates the date of listing. The growth has been calculated from the date of listing.
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Chart 14 – 51% of the listed families have up to 2 members involved in the business, while 6 families have more than 6 members involved. The chart below displays the number of family members associated with each business
| Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses |
Companies with the Highest Number of Family Members Active in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Haldiram Snacks and Bikanervala Foods lead with 8 family members each, valued at INR 63,000 Cr and INR 3,000 Cr respectively. FDC, Muthoot Finance, Goldmedal Electricals and Gujarat Tea Processors & Packers each have 7 family members each. Companies with 6 family members include Echjay Industries INR 3,900 Cr, Alkem Laboratories INR 57,200 Cr, CRI Pumps INR 5,300 Cr and Lux Industries INR 3,400 Cr.
Table 15 – TOP 10 Companies with the Highest Number of Family Members Active in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Company | Number of Family Members in the Business | Family Name | Value
(INR Cr) |
| Haldiram Snacks | 8 | Manohar Agarwal Family | 63,000 |
| Bikanervala Foods | 8 | Shyam Aggarwal Family | 3,000 |
| FDC | 7 | Chandavarkar Family | 7,100 |
| Muthoot Finance | 7 | Muthoot Finance Family | 53,800 |
| Goldmedal Electricals | 7 | Jugraj Jain Family | 9,200 |
| Gujarat Tea Processors & Packers | 7 | Piyush Desai Family | 7,200 |
| Echjay Industries | 6 | Doshi Family | 3,900 |
| Alkem Laboratories | 6 | Singh Family | 57,200 |
| Lux Industries | 6 | Todi Family | 3,400 |
| CRI Pumps | 6 | CRI Pumps family | 5,300 |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses; Company Website
Women on Board
The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses also highlights companies with the highest number of women from the family actively serving on their boards. Parle Agro, CRI Pumps and Echjay Industries each have 3 women on their boards. This emphasis on female board members underscores the growing role of women in leadership positions within India’s leading family businesses.
Table 16 – Companies with the Highest Number of Women on Boards in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Company | Number of Women | Family Name | Value
(INR Cr) |
| CRI Pumps | 3 | CRI Pumps Family | 5,300 |
| Parle Agro | 3 | Prakash Chauhan Family | 11,700 |
| Echjay Industries | 3 | Doshi Family | 3,900 |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
The Women Leaders in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Roshni Nadar Malhotra leads HCL Technologies, representing the Nadar family. Nisaba Godrej heads Godrej, from the Godrej family. Manju D. Gupta oversees Lupin, while Sushila Devi Singhania leads JK Cement. Meher Pudumjee directs Thermax, under the Aga family. Amita Birla is at the helm of Birlasoft, and Leena Gandhi Tewari leads USV. Mahima Datla heads Biological E, Bina Modi oversees Godfrey Phillips India, and Jyothy Ramachandran leads Jyothy Laboratories.
Table 17 – TOP 10 Women Leaders in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
| Rank | Women | Family Name | Company | Value
(INR Cr) |
| 1 | Roshni Nadar Malhotra | Nadar Family | HCL technologies | 430,600 |
| 2 | Nisaba Godrej | Godrej Family | Godrej | 172,500 |
| 3 | Manju D. Gupta | Manju Gupta Family | Lupin | 71,200 |
| 4 | Sushila Devi Singhania | Singhania Family | JK Cement | 67,600 |
| 5 | Meher Pudumjee | Aga Family | Thermax | 44,000 |
| 6 | Amita Birla | Amita Birla Family | Birlasoft | 30,900 |
| 7 | Leena Gandhi Tewari | Tewari Family | USV | 21,000 |
| 8 | Mahima Datla | Datla Family | Biological E | 15,900 |
| 9 | Bina Modi | Bina Modi Family | Godfrey Phillips India | 15,500 |
| 10 | Jyothy Ramachandran | Ramachandran Family | Jyothy Laboratories | 15,400 |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Alma-Mater – Undergraduate Universities
The University of Mumbai tops the list with 11 alumni, including Madhukar Balvantray Parekh of Pidilite Industries. The University of Delhi follows with 8 alumni, notably Ashish Bharat Ram of SRF. St. Xavier’s College has 7 alumni, including Harsh Vardhan Goenka of KEC International. Sydenham College of Commerce & Economics boasts 5 alumni, with Niraj Bajaj of Bajaj Group. The Wharton School in the USA rounds out the top five with 5 alumni, including Nisaba Godrej of Godrej.
Table 18 – Top Undergrad Universities from Which the Key Leaders of the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses Graduated
| Rank | Count | University | Country | Famous Alumni | Family Business |
| 1 | 11 | University of Mumbai | India | Madhukar Balvantray Parekh | Pidilite Industries |
| 2 | 8 | University of Delhi | India | Ashish Bharat Ram | SRF |
| 3 | 7 | St. Xavier’s College | India | Harsh Vardhan Goenka | KEC International |
| 4 | 5 | Sydenham College of Commerce & Economics | India | Niraj Bajaj | Bajaj Group |
| 4 | 5 | Wharton School | USA | Nisaba Godrej | Godrej |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
Post-Graduation
Harvard Business School leads with 11 alumni, including Niraj Bajaj of Bajaj Auto. The Wharton School follows with 4 alumni, notably Atul Ruia of Phoenix Mills. Columbia University and the University of Michigan each have 3 alumni, including Gautam Dalmia of Dalmia Bharat and Viji Santhanam of Sundaram Finance, respectively. Cornell University, Jamnalal Bajaj Institute of Management Studies, Babson College, Stanford University, and the University of Wisconsin each have 2 alumni, with notable leaders like Mukesh Ambani of Reliance Industries and Madhukar Balvantray Parekh of Pidilite Industries.
Table 19 – Top Postgrad Universities from Which the Key Leaders of the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses Graduated
| Rank | Count | University | Country | Famous Alumni | Family Business |
| 1 | 11 | Harvard Business School | USA | Niraj Bajaj | Bajaj Auto |
| 2 | 4 | Wharton School | USA | Atul Ruia | Phoenix Mills |
| 3 | 3 | Columbia University | USA | Gautam Dalmia | Dalmia Bharat |
| 3 | 3 | University of Michigan | USA | Viji Santhanam | Sundaram Finance |
| 4 | 2 | Cornell University | USA | T. T. Jagannathan | TTK Healthcare |
| 4 | 2 | Jamnalal Bajaj Institute of Management Studies | India | Ajay Piramal | Piramal Enterprise |
| 4 | 2 | Babson College | USA | Mohit Burman | Dabur India |
| 4 | 2 | Stanford University | USA | Mukesh Ambani | Reliance Industries |
| 4 | 2 | University of Wisconsin | USA | Madhukar Balvantray Parekh | Pidilite Industries |
Source: 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses
2024 Barclays Private Clients Hurun India Most Valuable Family Businesses – TOP 30: For the full list, refer
| Rank | Family Name | Flagship Business/ Group Name | Value 2024
(INR Cr) |
Key Leader | Primary Sector |
| 1 | Ambani Family | Reliance Industries | 2,575,100 | Mukesh Ambani | Energy |
| 2 | Bajaj Family | Bajaj Group | 712,700 | Niraj Bajaj | Automobile & Auto Components |
| 3 | Kumar Mangalam Birla Family | Aditya Birla Group | 538,500 | Kumar Mangalam Birla | Metals & Mining |
| 4 | Jindal Family | JSW Steel | 471,200 | Sajjan Jindal | Metals & Mining |
| 5 | Nadar Family | HCL technologies | 430,600 | Roshni Nadar Malhotra | Software & Services |
| 6 | Mahindra Family | Mahindra & Mahindra | 345,200 | Anand Mahindra | Automobile & Auto Components |
| 7 | Dani Family, Choksi Family and Vakil Family | Asian Paints | 271,200 | R Seshasayee* | Chemicals & Petrochemicals |
| 8 | Premji Family | Wipro | 257,900 | Rishad Premji | Software & Services |
| 9 | Rajiv Singh Family | DLF | 204,500 | Rajiv Singh | Real Estate |
| 10 | Murugappa Family | Tube Investments of India | 202,200 | M A M Arunachalam | Automobile & Auto Components |
| 11 | Godrej Family | Godrej | 172,500 | Nisaba Godrej | FMCG |
| 12 | Hinduja Family | Hinduja | 150,900 | Gopichand P Hinduja | Petrochemicals, Automobile, Investments |
| 13 | Parekh Family | Pidilite Industries | 146,100 | Madhukar Balvantray Parekh | Chemicals & Petrochemicals |
| 14 | Samir Mehta Family | Torrent Pharmaceuticals | 143,900 | Samir Uttamlal Mehta | Pharmaceuticals |
| 15 | Anil Agarwal Family | Vedanta | 142,700 | Anil Agarwal | Metals & Mining |
| 16 | Wadia Family | Wadia Group | 128,900 | Nusli Wadia | FMCG |
| 17 | Hamied Family | Cipla | 114,400 | Y. K. Hamied | Pharmaceuticals |
| 18 | Lodha Family | Macrotech Developers | 112,200 | Abhishek Lodha | Real Estate |
| 19 | Siddhartha Lal Family | Eicher Motors | 106,100 | Siddhartha Vikram Lal | Automobile & Auto Components |
| 20 | Pankaj Patel Family | Zydus Lifesciences | 102,400 | Pankaj R. Patel | Pharmaceuticals |
| 21 | Prasad Family | Dr. Reddy’s Laboratories | 101,800 | K Satish Reddy | Pharmaceuticals |
| 22 | Burman Family | Dabur India | 94,600 | Mohit Burman | FMCG |
| 23 | Munjal Famiy | Hero Motocorp | 93,000 | Pawan Kant Munjal | Automobile & Auto Components |
| 24 | Anil Rai Gupta Family | Havells India | 91,600 | Anil Rai Gupta | Consumer Electronics |
| 25 | Benu Bangur Family | Shree Cement | 89,900 | Hari Mohan Bangur | Cement & Cement Products |
| 26 | T. V. S. Family | TVS Motor Company | 77,600 | Sudarshan Venu | Automobile & Auto Components |
| 27 | Arun Bharat Ram Family | SRF | 73,000 | Ashish Bharat Ram | Chemicals & Petrochemicals |
| 28 | Manju Gupta Family | Lupin | 71,200 | Manju D. Gupta | Pharmaceuticals |
| 29 | Singhania Family | JK Cement | 67,600 | Sushila Devi Singhania | Cement & Cement Products |
| 30 | Manohar Agarwal Family | Haldiram Snacks | 63,000 | Manohar Lal Agarwal | Food & Beverages |