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What Makes Mumbai the Financial Capital of India?
Need an editable PowerPoint map of India We are featuring the newly released Mini Namaskar eBook in place of our Mumbai Expat Guide. Read more about the ebook.
We know Mumbai as India's business centre and financial hub. It is home to the prima donnas of business. Be it the legendary Tatas, the luminary Birlas, the enterprising Wadias or the adventurous Ambani Group, Mumbai gives us our leaders in every field of business. With companies that are branded Fortune 500, with Indians getting listed as billionaires, the economy surging ahead with a robust GDP of 9%, and with lakhs of people enjoying a high per capita disposable income, and raising the standard of living, Mumbai is growing with a huge revenue sharing model for one and all. Let’s take a look at the five Indian business houses that have transformed the modus operandi of business in India and made Mumbai a throbbing financial destination. The Tata Group The first Company that is synonymous with India has to be the Tata Group. Headed by the dynamic Ratan Tata, the group has as many as 96 operating companies across seven business sectors. From engineering, retail, energy, chemicals, services, information systems, and communications, Tatas is a household name in India. Founded by Mr. Jamshedji Tata in the 19th century, Tatas is one of India's largest and most respected business conglomerates with revenues of $21 billion, equivalent to 2.8% of the country's GDP and market capitalization of $ 51 billion as on June, 2007. Tatas have played a phenomenal role in building the Indian business industry. From retail to hotels, to consultancy and to automobiles, Tatas is a name to be found everywhere. Some of the best brands come from them: Titan, Westside, Trent, and Tata Tea to name a few. And who can forget the grand Taj Mahal Palace and Towers supposedly the most dazzling piece of architecture, and the finest five star hotels in the country, beautifully juxtaposed along the Gateway of India? Tatas is not only a trusted company in India, it is a name well known globally, and its contribution to India is immense. The recent Corus acquisition by Tatas is adequate testimony to the role played by a company in the growth and progress of an economy. The acquisition has placed the Tata Group in the list of the largest steel manufacturing companies in the world. The Aditya Birla Group A close competitor are the 'Birlas' who have also been instrumental in shaping the Indian economy. The Aditya Birla Group is one of India's largest business houses. With companies like Hindalco, Grasim, and Indian Rayon in its repertoire, the group headed by Kumar Mangalam Birla, operates in over 18 countries. Its revenues are in excess of $6 billion and it has a market capitalisation of $ 5 billion. The group shares strategic joint ventures with global majors like Sun Life, AT&T, and NGK Insulators. The Group has also cut roads into the BPO sector by acquiring TransWorks, a leading BPO/ITES company. The Birlas also have a strong philanthropic side to them. Under the aegis of Aditya Birla Centre for Community Initiatives and rural development, spearheaded by Rajashree Birla, the group is involved in welfare-driven activities that make a qualitative difference to the lives of marginalised people. The Helen Keller Institute for the Deaf and Blind is one of their well-known organisations. The Reliance Group Not far behind is The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), which is India's largest private sector enterprise. The group's annual revenues are in excess of US$ 25 billion. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company and the largest private sector company in India. The legacy now rests with the heirs, Mukesh Ambani and Anil Ambani, who in their own ways are taking the empire to new heights. Reliance can be safely called the most aggressive business house in India that is vigorously trying to make its presence felt in every sector of business. Be it biotechnology, shipping, energy, or telecom, the Ambanis are foraying into everything and everywhere lucrative. They made cellular technology affordable for the common man, which shows they know their game well. The Wadia Group Who can forget the Wadias who are playing their cards silently yet consistently? The Wadia Group has the distinction of being at the helm of industry in India for 116 years. Today the group has diversified into several growth industries that cover plantations, foods, health, airlines, chemicals, textiles, petrochemicals, electronics, light engineering, laminates, real estate, and consultancy. With the reins of the group in the hands of young blood like Jeh Wadia and Ness Wadia, the group companies have emerged as market leaders in their various fields. The Wadia Group has strong brands like Bombay Dyeing, Go Airlines, and Britannia to their credit. The Godrej Group 'Enriching the Quality of Life – Everyday, Everywhere', goes their slogan. They are the famed Godrej Group. And indeed, the brands offered by this company have earned the loyalty of consumers. People still swear by the sturdy and reliable Godrej locks and cupboards. It is one of the few companies that is exploring the rural markets in the country with brands like Real Good Chicken, Nature's Basket and Aadhar. Trust is where Godrej scores all the brownie points. It is one of the respectable conglomerates in Mumbai. With each of these companies and many more having a strong presence in Mumbai and on the BSE, a lot of funds are being pumped into the city every day. Stock trading has become the next best investment option for the people. Mumbai is called the Land of Opportunities. It is a fine example of Maslow's Need Hierarchy theory. The Sensex thrives on this pure economics of wants and means and so does Mumbai. Whoever said, "Where there is no vision, the people will perish", wouldn't have seen the city called Mumbai where dreams are born and realised every minute, where people are multiplying and so is the liquidity. Be it the famous celebrities or the nation's premier financial institutions, be it the culture of yesteryear or the cosmopolitan way of life, Mumbai encompasses everything unique and successful. Chillibreeze's disclaimer: The views and opinions expressed in this article are those of the author(s) and do not reflect the views of Chillibreeze as a company. Chillibreeze has a strict anti-plagiarism policy. Please contact us to report any copyright issues related to this article.
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