India’s richest family biz: Ambanis, Bajajs and Birlas at top 3 — value equals $460 billion Singapore GDP, says report

The Ambani family business, led by Reliance Industries Chairman Mukesh Ambani — the richest man in Asia, has topped 'The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses List', as per a Business Standard report.

Valued at ₹25.75 lakh crore — or 10 per cent of India's GDP — the energy, retail, and infrastructure empire took the top spot, it said.

Following in second place was the Bajaj family business, led by Niraj Bajaj, the Pune-based auto business group, valued at a neat ₹7.13 lakh crore. Rounding out the top three was the Kumar Mangalam Birla-led family conglomerate, valued at ₹5.39 lakh crore, as per the report.

The top three families — Ambanis, Bajajs, and Birlas, together saw their valuation at equal to Singapore's GDP of $460 billion (close to ₹38.27 lakh crore), the report said.

Valuations are till March 20, 2024, and exclude private investments, liquid assets, and first-generation family businesses. It also adjusts for cross-holdings, it added.

Top 10 List

Further, the Jindals, led by Sajjan Jindal were at fourth and valued at an impressive ₹4.71 lakh crore. And the Nadars, led by Roshni Nadar Malhotra finished off the top five with holdings valued at ₹4.30 lakh crore — she is also the only woman on the top 10 list, it said.

On the sixth to tenth spots were: the Mahindras of Mahindra & Mahindra, Asian Paints' holders the Dani, Chowksi, and Vakil families; Premji family (Wipro), Rajiv Singh-led DLF, and the Muruguppa family (Tube Investments of India).

First Generation Families, Outliers

While the main list excluded first-generation family businesses, among themselves, the Gautam Adani-led Adani family came on top with a valuation of ₹15.44 lakh crore, the report said. Notably, they would have jumped to second place on the main list, if included.

They were followed by the Serum Institute of India (SII) owners, the Poonawalla family business in second place, which was valued at ₹2.37 lakh crore. And the third place was pharma major Divi family, with a valuation of ₹91,200 crore, it added.

Further, among unlisted family businesses, Haldiram Snacks took the top position with a valuation of ₹63,000 crore.

Anas Rahman Junaid, founder and chief researcher at Hurun India noted in the report that the "significant industry diversification of family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India".