A titan passes: A doyen of India Inc, Ratan Tata (86), chairman emeritus of Tata Sons, died on October 9 in Mumbai due to age-related problems. Tributes poured in from around the world for the visionary businessman, whose leadership had transformed the Tata group, one of India’s biggest conglomerates, into a global brand. Recipient of the Padma Vibhushan, Tata was also known for his philanthropy and commitment to the startup world, in which he invested generously. After his death, his half-brother Noel Tata was named chairman of Tata Trusts.
Eye of the storm: In August, Hindenburg Research made allegations of financial impropriety against Sebi Chairperson Madhabi Puri Buch. The US-based short-seller alleged that she had a stake in offshore funds associated with the Adani group, a conglomerate under Sebi investigation. Amid these allegations, internal unrest broke out at Sebi with its employees accusing the leadership of fostering a toxic work culture. Earlier, in July, the death of a 26-year-old EY executive, allegedly due to work pressure, had triggered a debate around work culture across firms.
Striking standoff: A major strike at Samsung’s Sriperumbudur unit saw workers demanding higher wages and union recognition. Though the management had agreed to a wage hike earlier, the strike continued as workers pressed for formal recognition of their union. The strike ended on October 16, after 37 days. On December 5, the Madras High Court gave the Tamil Nadu government six weeks to decide on the union's status.
Turbulence and takeoff: Vistara took to the skies one last time on November 11 before the airline merged into Air India the next day. This was the second merger for the Tata group, following that of Air India Express and AIX Connect on October 1. Meanwhile, Jet Airways’ long saga concluded with the Supreme Court ordering its liquidation. This was also a year when airlines received over 700 hoax bomb threats, which disrupted flight operations nationwide.
IPO frenzy: 2024 became the year of IPOs as both established giants and startups turned to Dalal Street. Hyundai led with India’s largest ever IPO, while startups like Swiggy saw strong investor interest. SME IPOs also shone with sky-high subscription rates.
Bull run: Both the Sensex and Nifty hit record highs in 2024 despite global volatility and corporate controversies. A new bull statue was unveiled outside the NSE. Bitcoin also surged past $100,000, fuelled in part by Donald Trump’s return to power in the US.
Make-in-India milestone: Prime Minister Narendra Modi and Spanish PM Pedro Sanchez inaugurated the Tata Aircraft Complex in Vadodara, Gujarat, marking the launch of India’s first private-sector assembly line for military aircraft. The facility, located on the campus of Tata Advanced Systems, will produce 56 C-295 aircraft in collaboration with Airbus, boosting India's defence capabilities.
Tech glitch: A faulty CrowdStrike security update on July 19 caused millions of Microsoft Windows PCs to shut down globally. The issue was resolved within six hours, but not before major disruptions.
Sea-Link spectacle: Prime Minister Modi inaugurated the Mumbai Trans-Harbour Link, India’s longest sea bridge. Spanning 22 km – 16.5 km over the sea and 5.5 km on land – it slashes travel time between Mumbai and Navi Mumbai to 20 minutes. The Rs 18,000 crore project received significant backing from Japan International Cooperation Agency.
A show that wasn’t: The proposed $10 billion Sony-Zee merger fell through as the Sony group withdrew from the agreement, ending plans of creating a media behemoth. A legal tussle followed but was settled in August with both sides withdrawing claims.
Family feud to boardroom battles: The personal feud between Raymond Group MD Gautam Singhania and his estranged wife, Nawaz Modi, escalated to the boardroom after Modi was removed as director from several group companies.
Leadership shakeup: Corporate entities and financial institutions saw leadership changes in 2024. Revenue Secretary Sanjay Malhotra (top) became RBI governor, succeeding Shaktikanta Das; C S Setty (centre) took charge of SBI; and former Amazon India Country Manager Manish Tiwary was named Suresh Narayanan’s successor as MD of Nestle India.
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