Mumbai, July 21, 2025 – The ET NOW Family Business Excellence Summit & Awards held at Grand Hyatt Mumbai on June 25, 2025, brought together India’s most influential family business leaders, industry experts, and next-generation entrepreneurs. The summit, themed “Legacy isn’t just inherited. It’s earned,” featured insightful discussions on transformation, succession planning, and the evolving landscape of family-managed enterprises.
The summit opened with compelling statistics presented by Arpita Vinay, Senior Managing Director & Co-CEO, Spark Capital PWM, who highlighted that family-run businesses drive nearly 75% of global GDP and consistently deliver higher shareholder returns. “The most resilient businesses are those that embrace change with a mindset of stewardship. Because when it comes to transformation, it’s never just about business, wealth, or structure. It’s personal.” She emphasized, noting that 88% of entrepreneurs believe the next generation is ready to lead.
Dr. Thomas Mathew, Author, Defense Analyst, Corporate Strategist, Conservationist, Government of India, shared profound insights about Ratan Naval Tata’s transformational leadership, describing how he established 11 strategic pillars of change that reshaped the Tata Group from 1991 onwards. “When he took the helm in 1991, the only certainty was that the world had changed — and so had the rules of business. He believed that with the right environment, nothing was truly out of reach. What set this legacy apart was the emotional connection carried across generations — a sense of purpose that went beyond profits. For Ratan Naval Tata, this wasn’t just tradition. It was personal. His leadership was rooted in empathy and compassion, staying true to the belief that business should make life better, not just for shareholders, but for society.”
The summit featured powerful testimonials from emerging leaders who are successfully navigating the transition from legacy to leadership. Manan Shah, Managing Director, MICL Group, shared his journey of proposing India’s tallest tower project, which initially faced resistance but ultimately gained support through thorough research and mature negotiations. “When you step into a legacy business, the first and most important step is earning the trust of the existing leadership and stakeholders. That trust doesn’t come overnight, but once it’s there, it can give you the momentum to lead with purpose. This was never about a power shift. It was about reaching a point of maturity, one where you can understand the bigger goal and work together to make it happen.”
Amruda Nair, Founder & Director, Araiya Hotels & Resorts, highlighted the importance of external validation in accelerating growth, noting, “I believe that change — and the willingness to accept it — is the only way forward. Sometimes that means embracing what can’t be changed and still moving ahead, while staying true to the legacy that defines you.”
Dr. Niranjan Hiranandani, Founder & Chairman, Hiranandani Group, stressed the importance of professional management and integrity, noting, “Today, 30 percent of my business comes from people who have worked with us before. That says a lot. Integrity always pays—it builds trust that lasts. Ultimately, what you leave for the next generation goes beyond financial wealth; it’s the legacy of values and reputation that truly endures.”
Harsh Mariwala, Founder & Chairman, Marico, and Dr. Ram Charan, Global Business and Leadership Consultant, discussed the critical need for family businesses to evolve from being solely family-driven to more institutionally managed.
The summit also featured perspectives from the media and entertainment sector. Jackky Bhagnani, Co-owner and Creative Producer, Pooja Entertainment, shared insights on transforming promoter-led companies into more democratic organizations, sharing, “When I think of my father and the legacy he’s built, I know the shoes are big to fill. I aspire to transform our promoter-led company into a more democratic organization. Yet, I’ll admit — letting go of old ways is not easy. Despite these challenges, the fear of failure is slowly being replaced by the hope of success.”
Ektaa Kapoor, Joint Managing Director, Balaji Telefilms Ltd & Founder, ALTBalaji, emphasized that “Legacy shouldn’t be tied to bloodline. It’s a path meant to be earned and carried forward by those who are truly deserving. Partnering with creators who are better than me has been key. I’ve often found myself in rooms with people far more experienced and insightful — and that’s been invaluable.”
Gaurav Dani, Founder and Sr. Partner, CMS INDUSLAW, highlighted the evolving nature of family wealth management, noting, “What’s changing over time is the nature of assets, and with that, the approach to planning. The most effective structure we’ve seen is the use of trusts. As businesses grow, so do the challenges.”
The evening concluded with the ET NOW Family Business Excellence Awards 2025, honouring standout performers across categories including governance, innovation, next-gen leadership, and long-term impact. With deep conversations and actionable insights, the summit reinforced that India’s family businesses are not just preserving the past; they’re actively shaping the nation’s economic future. The event successfully demonstrated that while family businesses face unique challenges in balancing tradition with innovation, those that embrace change while maintaining their core values are positioned to drive India’s continued economic growth.
