India’s top three business families — Ambani, Bajaj and Kumar Mangalam Birla — have a combined net worth of over $460 billion, which is nearly equivalent to Singapore’s GDP, stated the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses report.
According to the report, the Ambani family, leading with Reliance Industries valued at a staggering `25.75 trillion, primarily thriving in the energy and telecom sector.
Following them is the Bajaj family, which has interests in the automobile, finance, and auto components industries through the Bajaj Group, with a valuation of `7.12 trillion.
The Aditya Birla Group, managed by the Kumar Mangalam Birla family and with interests in metals and mining, holds the third spot with a valuation of `5.38 trillion.
The Jindal family’s involvement in JSW Steel and the mining sector brings their valuation to `4.71 trillion. The Nadar family’s interest in the software and services sector, through HCL Technologies, is valued at `4.30 trillion.
Perhaps the most diversified name in the group is that of Mahindra family which has interests in the automotive, IT, real estate, defence, timeshare holidays sector through Mahindra & Mahindra valued at `3.45 trillion.
The rankings are determined based on company valuations as of the March 20, 2024 cut-off date. The methodology for valuation excludes private investments and liquid assets, and it adjusts for cross-holdings to prevent double counting.
Anas Rahman Junaid, founder and chief researcher, Hurun India, said: “Around 75% entrants in the list registered a growth in value compared to that of last year. With 28 companies in the industrial products, 23 companies in the automobile sector and 22 in the pharmaceuticals sector, these businesses are pivotal in enhancing India’s global competitiveness and economic resilience.”
With 65 headquarters from the list, Mumbai emerges as the primary hub, hosting the headquarters of the top family businesses, including the Ambani family’s Reliance Industries. Kolkata is second on the list with 17 company headquarters while Delhi is third with 15 headquarters.
