The third season of the Indian Family Business Awards (IFBA) took place in New Delhi on December 3, 2024, bringing together some of India's most distinguished family-run businesses and their leaders. This prestigious event celebrated the innovation, governance, and transformative impact of family businesses across the country, honoring their contributions to India's economic and social landscape.

IFBA, presented by Waterfield Advisors and co-created with Moneycontrol and process partners PwC India, is a truly distinctive platform dedicated to the family business community in India. Since its inception in 2021, the awards programme has become grander with each edition. The awards are purely meritocratic. There are no nomination fees and the entries are judged by an independent jury panel.

The award ceremony of the third season was graced by eminent dignitaries who shared their insights on the evolving landscape of Indian family businesses:

• Dr. Jitendra Singh: Minister of State in the Prime Minister's Office and Independent Charge for multiple pivotal ministries.
• Shri Amitabh Kant: G20 Sherpa and former CEO of NITI Aayog
• Shri Harivansh Narayan Singh: Deputy Chairman of the Rajya Sabha.

Their presence underscored the importance of family businesses in driving India's growth narrative.

The Winners of IFBA Season 3

IFBA recognised family businesses in Super (annual turnover of up to ₹1000Cr), Mega (annual turnover of ₹1000Cr - ₹5000Cr), and Giga segments (annual turnover of over ₹5000Cr), as well as special recognitions for emerging and veteran leaders in the family business ecosystem. 14 winners were shortlisted out of 150+ nominations after a meticulous jury round. The jury panel for this edition included -

• Gopal Srinivasan, Chairman, TVS Capital Funds Ltd
• Gaurav Dalmia, Chairman, Dalmia Group Holdings
• Roshni Nadar, Chairperson, HCL Technologies
• Sonu Bhasin, Family Business Historian
• Soumya Rajan, Founder & CEO, Waterfield Advisors

Presenting the winners for this season -

Super Category

• Most Innovative, Disruptive & Transformational: Supriya Lifescience Ltd.
• Best Governance: FIL Industries Pvt Ltd.
• Best Family Business: Forbes Marshall Pvt Ltd.

Mega Category

• Most Innovative, Disruptive & Transformational: Tilaknagar Industries Limited
• Best Governance: INOX Group (INOXCVA & INOX Air Products)
• Best Family Business: Safexpress Pvt Ltd.

Giga Category

• Most Innovative, Disruptive & Transformational (Jury Select): Alkem Laboratories Ltd.
• Best Governance: Thermax Limited
• Best Family Business: KRBL Limited (India Gate)

Family Business Empowered by Women

• HP Adhesives Ltd.
• Ashoka Foundry & Equipment Pvt. Ltd.

Philanthropy Excellence

• Century Plyboards (India) Ltd.

Special Recognitions

Jury Special

• Next-Gen Business: GFCL EV Products Ltd.

Editorial Recognitions

• Next-Gen Leader Award: Jinal Mehta, Vice Chairman & MD, Torrent Power
• Woman Business Leader: The Reddy Sisters, Apollo Hospitals Enterprise Ltd. (Award received by Preetha Reddy)
• Lifetime Achievement Award: Dr. Anand Burman, Chairman Emeritus, Dabur India

The IFBA Season 3 not only celebrated the achievements of these remarkable businesses but also highlighted the importance of innovation, governance, and sustainable growth in family enterprises. It served as a reminder of how these organizations continue to balance legacy with forward-thinking strategies, shaping India's future while staying true to their values.

As the curtain closes on another inspiring chapter of the Indian Family Business Awards, the spotlight remains on the extraordinary journeys of these businesses. Their stories inspire the next generation of leaders to carry forward the rich tradition of excellence and innovation in the family business ecosystem.