Exploring the 2022 Indian Family Business Awards Winners

20 Aug, 2023

Exploring the 2022 Indian Family Business Awards Winners

In the past decade, India's economic aspirations have been underscored by the 'Make in India' and 'Atmanirbhar Bharat' movements, aiming to propel the nation toward a $5 trillion economy. At the forefront of this evolution are family-led enterprises that prioritize innovation, transformation, and sound governance while generating substantial employment opportunities. Many of these businesses are now undergoing a generational shift, where the next leaders are steering the legacy into uncharted territory while upholding its essence.

The Indian Family Business Awards 2022, hosted by Moneycontrol in collaboration with Waterfield Advisors and Grant Thornton, spotlight and honor these family-owned establishments that are reshaping both the economy and society of India. The distinguished ceremony, held on August 19 in New Delhi, saw the presentation of awards by Union Minister of Commerce and Industry, Piyush Goyal, celebrating outstanding achievements across various categories.

Among the victors is Borosil, which clinched the Best Family Business award this year. Established in 1962, Borosil Ltd has grown from its roots as the 'Industrial & Engineering Apparatus Company Pvt Ltd' to encompass two listed companies today - Borosil Ltd and Borosil Renewables Ltd, driven by Managing Director Shreevar Kheruka.

Tega Industries, recognized in the Most Innovative, Disruptive & Transformational category, stands as a global player in the design and production of essential consumables for mining, mineral processing, and material handling sectors. With a legacy dating back to 1976, Tega Industries operates in over 70 countries, epitomizing innovation in the industry.

Century Ply, distinguished as the Most Innovative, Disruptive & Transformational business, traces its origins to 1986, when Sajjan Bhajanka and Sanjay Agarwal founded Century Plyboard. Renowned for its plywood products under the brand Century Ply, the company's international footprint extends to more than 20 countries.

Route Mobile, founded in 2004, earned the Best Governance award in the Mega category. As a leading Cloud Communications Platform service provider, Route Mobile operates globally, serving as a stalwart example of governance and communication solutions.

TVS Srichakra, a member of the TVS Group, secured the Best Business Led by a Woman award. As a prominent auto ancillary group, it manufactures tires and tubes for two- and three-wheelers, catering to an extensive clientele.

Minda Corporation, awarded the Best Family Business, represents a significant player in automotive component manufacturing, not only across India but also internationally in countries including Indonesia, Vietnam, Uzbekistan, the US, and Japan.

The Giga category accolade was claimed by Havells India Limited for Most Innovative, Disruptive & Transformational Business. The company's pioneering FMEG approach and global presence underscore its transformative impact.

Thermax Group, headquartered in Pune, was honored with the Best Business led by a Woman award. Its diverse portfolio spanning heating, cooling, water, waste management, and specialty chemicals reinforces its prominence on the global stage.

Muthoot Finance, India's largest gold loan NBFC, won the Best Family Business award, with Alexander George Muthoot accepting the honor. Beyond gold loans, the company offers financial services, insurance, money transfers, and gold coin sales.

Additional categories were also celebrated at the IBFA 2022 event. Dholakia Foundation secured the Philanthropy award for its efforts in sustainable development, driven by Savjibhai Dholakia's commitment. Meanwhile, the Most Enduring Business recognition went to Gujarat Tea Processors & Packers Ltd, acclaimed for its iconic Wagh Bakri brand.

These awards not only applaud exceptional achievements but also highlight the integral role family-run businesses play in steering India's economic and societal progress.