Mumbai (Maharashtra) [India], November 16 (ANI/BusinessWire India): The significance of family-run businesses to the Indian economy is unmatched. They are the oldest and most prevalent form of business ownership in India and contribute 79 percent of the annual GDP. India has over 115 publicly listed family businesses and their contribution to India's economic development and stability is a well-chronicled fact.
Moneycontrol Pro, India's fastest growing subscription-based product, and Waterfield Advisors, India's largest Independent Multi-Family Office and Wealth Advisory Firm, have joined forces to recognize and celebrate families that have played a significant role in shaping the Indian economy, generated employment and augmented the entrepreneurial spirit of the country. Together, they launched the Waterfield- Moneycontrol Pro Indian Family Business Awards.
Moneycontrol PRO and Waterfield have signed a three-year engagement to honour excellence in family businesses.
Talking about the same, S. Shivakumar, COO - Branded Content, Moneycontrol said, "The role of family businesses in nurturing the economy of India is a well-documented one. In building their businesses for generations to come, and nurturing them to become future-ready, family businesses have made rich contributions to the economic stability of the country. We have instituted this award in memory of the great pioneers of Indian industry, and to inspire future generations with the potential that a strong family holds. And in this arduous task, we are thrilled to have the expertise of Waterfield Advisors with us, who have a robust body of experience in advising family businesses in wealth creation and growth."
Soumya Rajan, Founder and CEO, Waterfield Advisors, said, "The family enterprise is at the heart of the Indian economy. At Waterfield, we have a deep appreciation for these businesses as they create livelihoods, contribute to their communities and fuel economic activity and growth. Through the Family Business Awards, we are delighted to partner with Moneycontrol Pro to recognize and celebrate the resilience and contribution of exceptional family businesses."
To qualify for the awards, a family business must fulfill parameters such as being set up in India, being in existence for at least 10 years, except for start-ups which must prove incorporation at least five years prior, and the family being the single largest shareholder and/ or has control over the management. The businesses will be evaluated under three umbrellas: Super (under 1,000 crores), Mega (under 1,000 and 5,000 crores) and Giga (over 5,000 crores).
Categories for the companies will include Best Family Business; Best Governance; Most Effective Succession Planning; Best ESG & Sustainability; Most Innovative, Disruptive and Transformational Family Business; Best Family Business led by a Woman; and finally, for Best COVID response/Philanthropy.
The jury for the awards includes renowned names from the economic sphere including Vishesh Chandiok - National Managing Partner, Grand Thornton Bharat, Gopal Srinivasan - Chairman, TVS Ventures, Soumya Rajan - Founder and CEO, Waterfield Advisors, Gaurav Dalmia - Chairman, Dalmia Group Holdings, Sonu Bhasin - Founder of FAB- Families and Business, Sanjeev Bikhchandani - Founder, Info Edge.
The process, that was launched on 15th November, will be carried out over a period of 3 weeks and the awards event will be held in January 2022.
To nominate themselves, businesses may log onto (https://www.moneycontrol.com/msite/indian-family-business-awards)
One may follow the updates on Moneycontrol's and Waterfield Advisors' social media handles.
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