Conglomerates

Godrej Enterprises's Nyrika Holkar sees structural parallels with the Tata Group, cautioning that regulatory listing pressure on family conglomerates risks undermining long-gestation investments.

On Tuesday, Godrej Consumer Products CEO Sudhir Sitapati resigned after the Godrej board granted him a second five-year term and shareholders approved the decision on 7 August. Global chief financial officer Aasif Malbari was appointed in his place on the same day.

Instead of waiting to sell stakes after projects are de-risked, India's largest business groups are increasingly bringing in foreign equity partners at the outset to share risk, reduce capital outlay and fund simultaneous expansion across sectors.

Germany's Bertelsmann Next has acquired an 80% stake in Let's Transport as it enters the Indian market. The investment platform aims to consolidate logistics through multiple acquisitions, focusing on long-term growth.

India's top conglomerates excelled in 2025 with significant M&As and capital expenditure, reflecting resilience amid global challenges. Experts caution against overleveraging and stress the importance of succession planning as India's top business houses prepare for sustained growth in 2026.

While the 30 companies in the Sensex have gained 6.2% in market cap so far in 2025, this elite group's combined market cap has inched up by a modest 4.7%. But this overall underperformance hides a sharp divergence: while some have grown significantly, others have seen their value shrink.

India’s top 10 conglomerates have added 20 listed companies since 2021—matching the total growth of the previous decade—led by Adani, Reliance, Tata, and JSW.More IPOs and demergers are expected, underscoring the growing dominance of India’s corporate giants.

ITC Ltd finally gave in to shareholder pressure and hived off its hotels business. But many diversified companies and groups have successfully shrugged off investor calls to focus only on their ‘core competence.’