'India is home to the third-largest number of family-owned businesses in the world.' 'While everyone pays lip service to succession planning being entrenched in the functional DNA of family-owned business enterprises, it's still not an area of focus for a lot of family businesses', points out Shyamal Majumdar.
A mere two-bedroom apartment - albeit quite spacious, covering 3,000 square (sq.) feet (ft) - will set you back 5.8 million. That's the asking price from the Indian-owned Hinduja Group, if you desire a nest in London Whitehall's iconic Old War Office (OWO). Its 1,100 rooms are now being converted into 85 residences and a first-ever hotel to be operated in Britain by Singapore's legendary Raffles Hotels chain. Gopichand Hinduja, co-chair of the conglomerate, said: "Every decision made on The OWO (as the building is fondly called) is underscored by our passion and respect for the heritage of the building and long-term commitment to London."
The Hinduja brothers, who run the multinational Hinduja Group conglomerate with interests across automotive, real estate and oil, moved up from third position last year to top the UK's billionaire charts this year.
A day after he was ruthlessly removed from the Bharatiya Janata Party Parliamentary Board, Nitin Gadkari -- arguably, the top performer in the Narendra Modi Cabinet and a former BJP president -- was in Mumbai, launching one of his pet projects: Electric public transport buses for the city.
NRIs must be given business priority in India.
British Prime Minister Rishi Sunak and his wife Akshata Murty have made their debut on the UK's 'Asian Rich List 2022' topped by the Hinduja family. Sunak and his wife, whose father N R Narayana Murthy co-founded Indian IT major Infosys, are ranked 17th on the list, with an estimated wealth of 790 million pounds. The combined wealth of this year's list sits at 113.2 billion pounds, an increase of 13.5 billion pounds over that of last year.
Srichand and Gopichand Hinduja emerged as the 66th richest in the world, as part of an Oxfam study released at the WEF.
South America-based Synergy Group, one of the suitors, has said slots at London's Heathrow airport are critical to the airline's operations and will decide on participating in the resolution only if it gets clarity. It also wants to form a new company with its assets, employees, and operating permit but minus all liabilities.
Jaitley presents NRI award to G P Hinduja.
Some of the world's wealthiest Indian billionaires, such steel magnate Lakshmi Mittal and mining and metals tycoon Anil Agarwal, are based in London.
London is the best place in the world to live in, leading NRI industrialist Gopichand P Hinduja has said that after travelling around the globe, he found "home" in the British capital.
The Rs 31,000-crore refinery and petrochemical plant being planned by Oil and Natural Gas Corporation in Kakinada in Andhra Pradesh is likely to have a new partner -- the Bangalore-based GMR group. GMR is the latest to join the long line of suitors, including the Hinduja group, Reliance Industries and Essar Oil, for the refinery.
Apart from the Adani group, the Tata group, the Hinduja group, Indigo and a New York-based fund, Interups, are expected to submit EoIs.
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
Roughly 40% of this projected outlay is expected to go towards emerging industries, including green hydrogen, clean energy, semiconductors, and electric vehicles.
Top ten billionaires in India.
While about 8,000 people are in the long list of invitees, the select list features 506 A-listers, including prominent politicians, leading industrialists, top film stars, sportspersons, diplomats, judges and high priests.
Lenders have postponed the second auction to sell bankrupt Reliance Capital's assets by a week to April 11, even as the Torrent group, the highest bidder in the first round, pursues litigation in the Supreme Court. Lenders are expecting the Hinduja group and Torrent to participate in the second auction and maximise the value of the assets. American financial services major, Oakteee may also join the race, said a source.
The Hinduja Group said on Thursday that it is looking to expand the geographical reach and production capacity of flagship automobile firm Ashok Leyland in a big way to make the company one of the top 10 global commercial vehicle producers in the next five years.
Under the MCA, one of the joint venture would be to manufacture LCVs, in which Ashok Leyland would have an equity stake of 51 per cent and the Nissan 49 per cent, Gopichand P Hinduja, President of the Hinduja Group and Carlos Ghosn, president, Nissan, said.
'But it is only now being detected more via a test that costs about Rs 15,000 to Rs 20,000.' 'The HMPV virus typically causes mild respiratory symptoms in most people, but can be more severe in young children, the elderly, and those with compromised immunity.'
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks.
The group chairman Srichand P Hinduja said in that finance minister Pranab Mukherjee has presented a 'confidence - building Budget of hope and change with focus on all inclusive growth.
'Investors are now getting clarity on policies.'
The estimated costs of these weddings start from Rs 100 crore and go up to Rs 700 crore.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
As their flagship heavy vehicle manufacturer Ashok Leyland celebrated its diamond jubilee, the Hindujas Monday announced plans to acquire related businesses in Europe and the Middle East.
The CEOs, sources said, also discussed the steps to raise domestic production of coal.
Exit polls indicate the BJP-led National Democratic Alliance under Modi will form the next government after votes are counted on May 16.
Hinduja business empire chairman S P Hinduja on Friday said his group was in the process of putting together huge funds in partnership with global investors for deployment in core sectors in India.
Foreign banks and private credit funds are queuing up to fund acquisitions by Indian companies who are buying out their local rivals. The Adani Group, Torrent Group, and the Hindujas have approached several foreign banks and private equity (PE) firms to fund their acquisitions. Global investors have about $2 trillion of funds to invest, and about $100 to $150 billion is set aside for India, according to an estimate by JP Morgan.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Concern about corruption has moved to the centre stage and impacted business confidence and FDI flows, besides hurting the government and its image.
Group Chairman S P Hinduja told a meeting of shareholders of IndusInd International Holdings Ltd in Dubai that the network would be set up by IndusInd Media and Communications Ltd, which is among the largest Cable TV companies in India with a customer base of 5.5 million households. IIHL has an indirect investment of about $385,000 in IMCL.
According to reports, by last year, the company has helped its customers save 15 per cent on costs -- around 5-6 per cent on fuel and 15 per cent on fleet utilisation through digital measures.
The aircraft was called back to the parking bay at the time of taxiing.
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The Hinduja brothers, who top Britain's rich list, said in a statement that Finance Minister Arun Jaitley's Budget had set the direction for a 'very positive long-term agenda'.
Hinduja group company Hinduja TMT Ltd said on Thursday it has completed the sale of its entire stake in Hutchison-Essar Ltd for over Rs 2,089 crore (Rs 20.89 billion).
State commerce and industry minister, Nirupam Sen, and secretary, Sabysachi Sen are in Mumbai and have held a series of meetings with industrialists in Mumbai, including Tata group chairman, Ratan Tata, Mukesh Ambani of Reliance and Ashok Hinduja of the Hinduja group.
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