Murugappa group gets Distinguished Family Business Award

CHENNAI, OCT. 6. IMD, the International Institute for Management, an independent non-profit foundation located in Lausanna, Switzerland has selected the Chennai based Murugappa group for the Distinguished Family Business Award 2001. This sixth annual award will be presented to the group at a formal ceremony to be held at Rome.

The Distinguished Family Business award was created in collaboration with Lombard Odier & Cie to highlight the important global economic contribution of family-owned businesses. Each year it recognises an outstanding multi-generation company that has successfully blended family and business interests and who's best practices may be a source of inspiration for family-owned firms around the world.

To be considered for this award, potential winners must have reached at least the third generation of family ownership and management with a record of solid financial performance and growth as well as demonstrated social citizenship behaviour.

The Murugappa group is a diversified conglomerate engaged in food processing, abrasives, engineering, farm materials, agriculture and finance. The company employs 24,000 people and its group turnover in 2000 was $900 million.

The Murugappa group showed an extraordinary ability to grow innovatively under difficult political and economic circumstances. Originally engaged in money lending and banking businesses in Burma, Malaysia, Sri Lanka and Vietnam, the family started acquiring plantations and subsequently industrial businesses, as the British were leaving India.

These acquisitions were shrewdly developed, often through a backward integration in order to secure all aspects of the value chain.

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Section  : Business
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