High & Mighty: The boardroom beacons

(NOTE: This article was originally published in the India Today edition dated November 11, 2024)
Disrupt or be disrupted. That’s the reality Indian businesses are living every day. Driven by competition, India’s most powerful business leaders are solidifying their empires by exploring new frontiers, leveraging disruptive tools like artificial intelligence for speed and scale, and fostering innovation to stay ahead of the curve. Whether it’s India’s richest man Mukesh Ambani laying the groundwork for a national AI infrastructure, steel tycoon Sajjan Jindal entering the electric vehicle market, Kumar Mangalam Birla venturing into paints and jewellery, or N. Chandrasekaran of Tata Sons betting big on semiconductors, the spirit of Indian entrepreneurship and innovation shines bright. Putting wind in their sails is the Indian consumer, hungry for newer and better products, but many of these leaders also have their sights set on the global stage. Sunil Bharti Mittal’s company, for example, operates in 15 countries, and Gautam Adani is expanding his footprint across Africa.
But with great profits come great responsibilities. Large Indian companies are incorporating clean manufacturing, clean energy generation and sustainability into their businesses, the government’s focus on these areas providing them further momentum. The darlings of investors, the booming stock markets are only adding billions to their market value. In for the long haul, staying resilient to meet future challenges, Indian businesses and their captains strive to secure their rightful place in the business world.
1. MUKESH AMBANI, 67, Chairman & Managing Director, Reliance Industries
THE POWERHOUSE
Because he continues to dominate India’s business landscape like a colossus, with Reliance Industries Ltd (RIL) becoming the first Indian company to cross the Rs 10 lakh crore revenue milestone in FY24, posting profits of Rs 79,020 crore and exporting goods worth Rs 3 lakh crore, accounting for 8.2 per cent of India’s merchandise exports
Because RIL showcases the best of Indian entrepreneurship and the capability to build world-class enterprises, attracting global giants in the IT, communications and digital space to invest and collaborate. While Microsoft and Google develop 5G solutions, cloud services and affordable smartphones, Nvidia partners for semiconductors
Because India’s richest man, according to the latest Forbes’ list, with a net worth of $119.5 billion (Rs 9.9 lakh crore), is transforming RIL into a deep-tech company with advanced manufacturing capabilities and an AI-native digital infra
Because RIL has been the darling of investors, becoming India’s first company to cross Rs 20 lakh crore in market capitalisation on February 14
Because Jio Financial Services, which listed on the bourses on August 21, 2023, commands a market capitalisation of over Rs 2 lakh crore as on October 10
Beyond business: Ambani stays up late reading about technology, and loves travelling to wildlife reserves—especially those in India— with family
2. KUMAR MANGALAM BIRLA, 57, Chairman, Aditya Birla Group
LEGACY MULTIPLIER
Because he has been following a steady path to grow the diversified Rs 5.5 lakh crore Aditya Birla Group, which breached the Rs 8.4 lakh crore mark in market cap this year
Because UltraTech, India’s largest cement company, crossed the capacity milestone of 150 MTPA (million tonnes per annum)—1.5 times the cement consumption in the US—and is aiming for a 200 MTPA capacity with the acquisitions of India Cements and Kesoram
Because he revitalised the telecom joint venture Vodafone Idea, with a blockbuster fundraising. The company’s Follow-on Public Offer, India’s largest, was subscribed seven times, attracting nearly Rs 90,000 crore in bids from investors
Because he entered two big businesses: paints, with the launch of the Birla Opus brand in February, investing Rs 10,000 crore to build over 40 per cent of the industry’s existing capacity and, later, jewellery retail with Indriya in July, by backing it with Rs 5,000 crore
On target: Birla is a pistol shooting enthusiast, though he complains he doesn’t get enough time to pursue it
3. GAUTAM ADANI, 62, Chairman, Adani Group
WIZARD OF WEALTH
Because the Rs 2.5 lakh crore Adani Group has made a big comeback after being hit by allegations levelled by US short-seller Hindenburg in January 2023. The combined market cap of 10 group firms was Rs 19.4 lakh crore by the first week of June 2024, surpassing the Rs 19.2 lakh crore they had on January 24, 2023
Because his quest for scale has made him nearly unmatched in the Indian infrastructure space. The group controls the country’s largest integrated ports network with 15 ports and terminals, operates eight airports, owns the largest power transmission network, and is the leading private thermal power producer with 15,250 MW capacity
Because the Adani portfolio recorded an Ebitda (earnings before interest, taxes, depreciation, and amortisation—a measure of profitability) of Rs 83,656 crore in FY24, 45 per cent higher than the previous year, making it one of only three Indian groups to cross this milestone
Because the group has guided a capex of about Rs 8.4 lakh crore over the next 10 years—mainly focused on green energy transition, and transport (ports and airports)
Because he oversaw big buys, with Ambuja Cement acquiring Sanghi Cement for Rs 5,000 crore in August 2023, followed by Penna Cement and Orient Cement in June and October this year, raising total operational capacity to 97 MTPA
Worksmith: Adani puts in at least 100 hours of work in office every week, with meetings often stretching till midnight, since he prefers to ‘close’ all issues on the same day itself
4. N. CHANDRASEKARAN, 61, Chairman, Tata Sons
GROWTH TITAN
Because not only did he steady the Tata ship after taking over as chairman in 2017, he has also delivered results. So, 21 Tata companies posted profits in FY24, contributing to a groupwide profit after tax (PAT) of Rs 85,510 crore on revenues of Rs 11 lakh crore—a 13 per cent jump from FY23
Because he is overseeing a massive transformation at the Tata Group, having regrouped similar businesses across different companies through mergers and demergers. The merger of Vistara with Air India will take place in November
Because Tata Sons is betting big on businesses that the Modi government is pushing. The group has committed Rs 50,000 crore for a semiconductor fabrication unit in Gujarat; Tata Power has pledged Rs 75,000 crore on renewable energy projects by 2030
Long haul: The avid marathoner sees a lot of similarities between the sport and leadership. “To succeed,” he says, “you need tremendous willpower and perseverance. Also, a certain rhythm and pace to keep going. And both are injury-prone”
5. SAJJAN JINDAL, 64, Chairman, JSW Group
STEEL STALWART
Because he has been spearheading a big transformation at the Rs 1.9 lakh crore JSW Group. Having earlier diversified from steel into energy, cement and sports, the group is now tapping new opportunities in clean energy mobility by forming a joint venture with Shanghai-based SAIC Motor, parent of MG Motor India, to launch electric vehicles and hybrids under the MG Select brand
Because despite a challenging global environment, the 42 million MTPA JSW Steel reported revenues of Rs 175,006 crore, its highest ever, and a net profit of Rs 8,973 crore in FY24, and operated its plants at 92 per cent utilisation. JSW Steel is planning to invest Rs 65,000 crore in Odisha to set up one of its biggest manufacturing plants
Because JSW Energy, with an installed capacity of 7.2 GW across thermal, hydro, solar and wind, saw a compound annual growth rate of 26 per cent in the past two years and has secured 3.4 GWh in energy storage projects. Total renewable energy gen­eration rose 54 per cent y-o-y to 9.3 billion units
Sport support: Twenty athletes from the group’s Inspire Institute of Sports competed in the Paris Olympics, among them javelin throw silver medalist Neeraj Chopra
6. SUNIL BHARTI MITTAL, 67, Founder & Chairman, Bharti Enterprises
LORD OF THE RINGS
Because Mittal is one of the doyens of the telecom sector, having been among the first to recognise its vast potential. And he led Bharti Airtel to achieve a $100 billion (Rs 8.3 lakh crore) market cap this June, making it only the fourth company to reach that milestone after Reliance Industries, TCS and HDFC Bank
Because the self-made entrepreneur recently became the largest shareholder of the UK’s iconic BT Group, by acquiring a 24.5 per cent stake for $4 billion (Rs 33,464 crore). Interestingly, the UK telco had previously invested in Airtel in the 1990s. Airtel is already one of the top three mobile operators globally, serving over half a billion customers across 15 countries, including India
Because he is relentless in his pace and mission. Airtel has decided to invest in 5G despite monetisation challenges and, today, all capacity investments are focused on 5G. By the end of March, Airtel’s 5G user base in India had been rising steadily, reaching 75 million
Master stroke: A ranked table tennis player at Panjab University, Mittal would often let his bank manager win just to stay in his good books during his early days in business
7. ANIL AGARWAL, 70, Founder, Vedanta Group
METAL MAGNATE
Because the ‘Metal King’ has strengthened Vedanta’s position among the foremost mineral conglomerates. With about $18 billion (Rs 1.5 lakh crore) in revenues, Vedanta is India’s largest mining company and ranks among the world’s top 10 non-diamond miners
Because Vedanta is one of the biggest beneficiaries of India’s liberalised mining policy for minerals, metals and fossil fuels. The company is posting profits across its business lines and reducing debt, and has created a Rs 30,000 crore war chest to grow organically and inorganically
Because he has successfully demerged operations to create a pure-play, asset-owner business model, resulting in six separate listed companies
Because Agarwal is expanding his global footprint by completing the acquisition of Japanese display glass major AvanStrate Inc., along with regaining control of the Konkola Copper Mines in Zambia
Bihari at heart: From posting on X in Hindi to attending religious programmes and simplifying wisdom from sacred texts, he never misses an opportunity to showcase his deep connection to his Bihari heritage
8. SANJIV PURI, 61, Chairman & Managing Director, ITC Ltd
MARKET MOVER
Because he is spearheading the ITC Next strategy to shape the conglomerate’s next horizon of growth. It entails strengthened structural competitiveness of the company’s FMCG businesses through a future-ready portfolio, investments in supply chain infrastructure, premiumisation and innovation
Because ITC is committed to partnering India’s journey towards becoming the world’s third largest economy by building a future-tech, climate-positive, innovative and inclusive national enterprise of pride
Because he heads the influential Confederation of Indian Industry and serves on several government advisory groups to help shape the growth strategy for Modi 3.0
Book by his bedside: ‘Nexus’ by Israeli professor Yuval Noah Harari
9. RAHUL BHATIA, 68, Group Managing Director, InterGlobe Enterprises
CHARTING NEW SKIES
Because Bhatia led IndiGo to become India’s largest airline with around 60 per cent market share. IndiGo is also one of the few profitable airlines globally. FY24 was a record-breaking year with the budget carrier’s net profit soaring to Rs 8,172.5 crore from a Rs 305.8 crore loss in the previous fiscal
Because he piloted the airline to achieve the one-million-passenger milestone. From just 100 aircraft in 2006, the fleet has grown to over 350, flying 106.7 million passengers across 115 destinations ‘On time, every time’ in FY24
Because he is now revving up InterGlobe’s next phase of growth with a firm order of 30 A350-900 wide-body aircraft to boost its international expansion. The overall order pipeline includes 1,000 aircraft set for delivery over the next decade
Defying doubts: Bhatia’s parents, family members, friends and even Rakesh Gangwal—who later co-founded IndiGo—did not want him to launch an airline
10. KIRAN MAZUMDAR-SHAW, 71, Executive Chairperson, Biocon and Biocon Biologics
GLOBAL HEALER
Because the Rs 40,000 crore Biocon continues to expand under her leadership, with consolidated revenue growing 35 per cent year-on-year to Rs 15,621 crore in FY24, largely driven by a 58 per cent surge in its biosimilars business. Biocon’s biosimilars are gaining traction in both the US and Europe, with Fulphila emerging as the leading biosimilar pegfilgrastim in the US and Glargine capturing over 12 per cent market share
Because Shaw, named among Time magazine’s ‘100 Most Influential People’ in 2010, continues to play a pivotal role in shaping India’s healthcare landscape. As a member of the Advisory Council for the Department of Biotechnology, she has frequently sought increased funding in healthcare research and development
Because she co-founded Immuneel Therapeutics, a cancer-focused biotech startup whose CAR-T cell therapy aims to provide blood cancer treatment at a fraction of the cost compared to that in the US
Because she has been outspoken on key issues, actively advocating for creating safe workplaces for women, even pledging that Biocon will be a gender parity firm by 2030. She also opposed Karnataka’s private sector job quota bill
Pharma’s gain: In 1978, Shaw returned to India with a master’s degree in brewing from an Australian university. But no brewery would hire her because she was a woman. That loss was pharma’s gain as Kiran went on to set up Biocon
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