Business Daily from THE HINDU group of publications
Tuesday, Feb 05, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Feb 05, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Management Industry & Economy - Events ‘Family businesses will continue to flourish’ Our Bureau Hyderabad, Feb. 4 High standards of corporate governance, modern management with technology support and a long-term strategy are key drivers for family business, according to Mr Adi Godrej, Chairman of Godrej Group. Speaking on ‘Building Multigenerational Diversified Family Business’ at the first Asian Conference on Family Business at Indian School of Business (ISB) here, Mr Godrej said family business as a viable form of enterprise would continue to flourish in the era of globalisation too. “Even now, globally 95 per cent of registered firms are family business by definition. In the US, there are 24 million business families accounting for 62 per cent of the workforce,” Mr Godrej said. “The success of family business could be gleaned by the fact that a real estate firm in Japan, originally set up in 578 AD, is still in business being managed by the 40th generation,” he said. In the Indian context, even after liberalisation, family business houses are leading the way to become global corporations with an acquisition-led growth, he pointed out. “I have no doubts about the successful march of family business in future,” he added. Mr Sunil K. Munjal, Chairman, Hero Corporate Services Ltd, said the demarcating line between family interests and business interests was vital. More Stories on : Management | Events
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