Havells India: A Success Story‪.‬

Introduction Families are ruling the world of business. Family businesses range in size from small, medium or large businesses in terms of employees and turnover and can be put in two different categories: first, businesses having only the family members as its stakeholders. Avedis Zildjian (1623), Laird & Co (1780) George Ruhl & Sons (1789) etc are some oldest surviving business of USA. Secondly, businesses where family has a majority stake and control the company. Examples are: Wal-Mart, Nestle, Ferrari, Fiat, Ford, Hyundai, Nike, Virgin, Reliance, Wipro, Havells etc. Chowdary (2007) mentions the findings of the university of South Maine's Institute of Family Owned Business, which are quite revealing: some 35% of Fortune 500 companies are family controlled. Family business accounts for 50% of USA's GDP. They generate 60% of the country's employment and 78% of all new job creation. In India, family business groups like Tata, Birla Thapar, and Singhania etc. have dominated the private sector business even in British regime. As a result, many affiliated firms were established under these groups, headed by a family member.