ET Family Business Awards: Serum Institute, Mankind, Varun Beverages among winners in the limelight

SERUM INSTITUTE OF INDIA- PHILANTHROPIC LEADERSHIP

The purpose of any institution is not just to achieve success in business but also in giving back to society, said Natasha Poonawalla, executive director of Serum Institute of India.

“Awards are a moment to reflect rather than celebrate… This recognition is a reminder that philanthropy is not an act of charity, it is a responsibility that comes with success,” said Cyrus S. Poonawalla, founder and chairman of Serum Institute of India (SII), who has crafted a legacy where business scale and measurable social impact progress hand in hand.

“Whether through healthcare, education or community development, our endeavour at Villoo Poonawalla Foundation has always been to create sustainable and long-term impact,” he wrote in an emailed message on his selection for the Philanthropic Leadership Award.


Under his leadership, SII has advanced a ‘Health For All’ vision, with its vaccines estimated to have saved more than 30 million lives globally.

Receiving the award in Mumbai on his behalf, Natasha said: “Over the past two decades, it has been one of the greatest privileges of my life to witness—and in my own way contribute to—the evolution of our family’s philanthropic journey.”

“Working alongside Cyrus Poonawalla has taught me that meaningful philanthropy is not simply about giving; it is about building institutions, creating opportunity and ensuring that impact endures across generations,” said Natasha, Cyrus Poonawalla’s daughter-in-law and chairperson of the Villoo Poonawalla Foundation.

MANKIND PHARMA- MAKE IN INDIA CHAMPION

Indian entrepreneurs over many generations have demonstrated that enduring institutions are built with conviction and perseverance rather than just inheriting wealth, said Rajeev Juneja, Managing Director, Mankind Pharma.

Rajeev Juneja, who along with his brother Ramesh built Mankind Pharma from scratch over three decades, said they were inspired by Indian entrepreneurs who showed that enduring institutions can be built with conviction and perseverance.

“As a family-built enterprise, we have always believed that legacy is not just inherited but earned through trust, integrity and consistently delivering on our commitments,” Juneja said after receiving the Make in India Champion Award at the ET Family Business Awards.

“Growing up in a middle-class family in Meerut taught us the values of hard work, discipline, resilience and the courage to dream beyond our circumstances,” Juneja said.

In 2024, Mankind acquired biopharmaceutical company BSV for ₹13,768 crore, marking its entry into innovative drugs. BSV makes injectables for women’s health, critical care, oncology, urology and drugs for organ transplantation.

Mankind stands among the top four pharmaceutical companies in India by market share. It focuses on mass-market products, backed by 32 manufacturing facilities across Sikkim, Himachal Pradesh, Rajasthan, Andhra Pradesh and Uttarakhand. That ties with the government’s ‘Make in India’ push.

ALLCARGO LOGISTICS- EXCELLENCE IN DIGITAL TRANSFORMATION

Allcargo Group received the Excellence in Digital Transformation award at The Economic Times Family Business Awards, recognising its adoption of AI-powered technologies and digital tools to transform operations across its global logistics business.

Accepting the award, founder and chairman Shashi Kiran Shetty said transforming the logistics industry was particularly challenging because of its global and fragmented nature.

“Logistics and shipping does not change much. It is a very hard business to disrupt because it is spread across the world and is highly fragmented,” he said.

Shetty said the company’s digital transformation was rooted in its long-term focus on building a sustainable institution.

“I have always believed in institutionalisation. Values lead to sustainability, and innovation is very important for an organisation to sustain and grow. With that belief, we decided to adopt digital transformation across our organisation,” he said.

The company has deployed generative AI-powered conversational assistants, machine learning models, IoT-enabled solutions and its proprietary ECU360 online booking platform to improve customer experience and operational efficiency.

Shetty said younger leaders drove the transformation.

“I would give a lot of credit to the younger generation. My son Vaishnav Shetty worked extremely hard, collaborating with the senior management to bring about that change,” he said.

INOX AIR PRODUCTS-FAMILY BUSINESS OF THE YEAR-EMERGING TITANS

Industrial gases maker Inox Air Products won the Family Business of the Year – Emerging Titans award at The Economic Times Family Business Awards, recognising the company’s transformation from a traditional industrial gas supplier into a key player in India’s energy transition.

Inox Air Products, one of India’s leading industrial and medical gases companies, has been expanding its presence in clean energy, including green hydrogen, to diversify beyond its core industrial gases business and tap opportunities arising from the country’s decarbonisation drive. The company serves critical sectors such as steel, healthcare and manufacturing.

Accepting the award, Chairman Pavan Jain reflected on his five-decade journey with the company and its generational transition.

A chemical engineering graduate from the Indian Institute of Technology (IIT) Delhi, Jain said he joined the business started by his father and has spent the last 50 years building it.

“I’ve been in this business for 50 years, which was started by my father. I’m now 75, and I’ve handed over my baton to my son, Siddharth,” he said, adding that his journey thus far has been both rewarding and demanding.

“I don’t know how 50 years have gone by, but when I look back, it has been a very challenging time,” Jain said, adding that the next phase of the company’s growth would now be led by the younger generation.

“It’s the turn of my son now to take the baton and take this company forward,” he said.

VARUN BEVERAGES- EXCELLENCE IN INVESTOR VALUE CREATION

Ravi Jaipuria, chairman of RJ Corp and promoter of Varun Beverages, was honoured with the Family Business Award for Excellence in Investor Value Creation, recognising the company's sustained wealth creation over the past decade as it expanded its geographic footprint and scale of operations under his leadership.

Accepting the award on Jaipuria's behalf, his daughter Devyani Jaipuria described the recognition as both a privilege and a reminder of the responsibility that comes with carrying forward the family's legacy.

Since its 2016 listing, Varun Beverages' market value has surged from ₹8,404 crore to ₹1.52 lakh crore, delivering a 33.5% compound annual growth rate and emerging as one of India's biggest consumer-sector wealth creators.

Devyani said she and her brother grew up watching their father's integrity, commitment and people-first approach, describing the business as a legacy built on trust rather than merely an institution.

"We feel deeply responsible for carrying that legacy forward in a way that would make him proud—not by trying to be him, but by staying true to the values he has taught us," she added.

Jaipuria founded Varun Beverages in 1995 by consolidating PepsiCo's franchise bottling operations in India. The company has since expanded into PepsiCo's second-largest bottling franchise globally outside the US, with operations across India, South Asia and parts of Africa.

BALKRISHNA TYRES- EXPORT CHAMPION

It is the unwavering commitment, passion and dedication of stakeholders that has made BKT an export powerhouse and a shining example of 'Make in India, for the World', said Arvind Poddar, Chairman and Managing Director of BKT.

Balkrishna Industries (BKT), which has built a formidable global presence in the off-highway tyre (OHT) market over three decades, won the Export Champion award at The Economic Times Family Business Awards.

Transforming itself from an Indian manufacturer into one of the world's leading exporters in the segment, BKT's sustained focus on manufacturing excellence, product innovation and overseas market expansion has helped position India as a key production hub for specialised tyres.

"We are deeply honoured to receive the Export Champion award at the ET Family Business Awards. This recognition is a proud milestone for BKT and a testament to the unwavering commitment, passion and dedication of our employees, partners, customers and stakeholders across the world. As a family-led business, we are proud to champion 'Make in India, for the World', delivering world-class products from India while continuing to strengthen the country's position as a trusted global manufacturing and export hub," said Arvind Poddar.

The company's manufacturing footprint spans nine plants in India, supported by carbon black capacity of 200,000 metric tonnes per annum, alongside operations in Europe and the US.