Corporate Groups and Listed Companies
(This
is for information purposes only. This should not be construed as a
recommendation or investment advice even though the author is a CFA Charterholder. Please consult your financial
adviser before taking any investment decision. Safe to assume the author has a vested
interest in stocks / investments discussed if any.)
India is home to a number of corporate and family groups, like, Tatas, Birlas, Ambanis and others.
There is some confusion about which company belongs to which corporate or family group, because of similarity of names.
This is an attempt to list such groups and their listed companies. They may be having some unlisted companies, but they are not included here. Data aggregators do not provide such information, at least it's not available in public domain.
One peculiarity of Indian corporate houses (similar to those in Japan) is that these companies will have cross holdings, which could complicate the shareholding pattern of companies.
The top of the list will be publicly traded companies from Tata group, Aditya Birla group, Mukesh Ambani group, Mahindra group and so on.
Companies owned by Government of India, such as, public sector undertakings (PSU) and public sector banks (PSBs) are not mentioned here. For more on them, please refer Nifty PSE index, Nifty PSU Bank index, Trendlyne and other sources.
The blog will be updated continually with newer groups.
1. Tata group and their listed firms:
Tata Consultancy Services Limited
Titan Company
Trent
Tata Consumer Products
Tata Consumer Products
Tata Chemicals
Voltas
Tata Motors
The Indian Hotels Company (Taj group of hotels)
Tata Elxsi
Tata Steel
Voltas
Tata Motors
The Indian Hotels Company (Taj group of hotels)
Tata Elxsi
Tata Steel
Tata Power
Tata Technologies
Rallis India
TRF Ltd
Taj GVK Hotels & Resorts
Tata Communications
Tata Investment Corporation
Tata Teleservices (Maharashtra)
Tejas Networks
Automotive Stampings & Assemblies
NELCO
Oriental Hotels
Tata Technologies
Rallis India
TRF Ltd
Taj GVK Hotels & Resorts
Tata Communications
Tata Investment Corporation
Tata Teleservices (Maharashtra)
Tejas Networks
Automotive Stampings & Assemblies
NELCO
Oriental Hotels
For more on these companies, please see here - Nifty Tata Group index; and Trendlyne weblink.
2. Aditya Birla group and their listed firms:
Grasim Industries
Hindalco Industries
Vodafone Idea
Aditya Birla Capital
Aditya Birla Fashion and Retail
Aditya Birla Real Estate (formerly Century Textiles & Industries Ltd)
Aditya Birla Sun Life AMC
Aditya Birla Money
Pilani Investment and Industries Corporation
Century Enka
For more on this, please see Nifty Aditya Birla group index.
3. Mukesh Ambani group and their listed firms:
Jio Financial Services
Reliance Industrial Infrastructure
Alok Industries
Justdial
Network18 Media & Investments
Justdial
Network18 Media & Investments
4. Mahindra group and their listed firms:
Tech Mahindra
Mahindra Holidays & Resorts India
Mahindra Lifespace Developers
Mahindra & Mahindra Financial Services
Mahindra Logistics
Swaraj Engines
Mahindra EPC Irrigation
For more on this, see Nifty Mahindra group index.
5. Gautam Adani group and their listed firms:
Adani Enterprises
Adani Power
Adani Energy Solutions
Adani Green Energy
Ambuja Cements
ACC
Adani Total Gas
Adani Wilmar
Sanghi Industries Ltd
New Delhi Television (NDTV)
6. ITC group and their listed firms:
ITC Hotels (being listed in Feb2025)
7. Murugappa group and their listed firms:
CG Power & Industrial Solutions
Tube Investments of India
Coromandel International
Carborandum Universal
Cholamandalam Financial Holdings
EID Parry (India)
Shanthi Gears
Wendt India
Coromandel Engineering Company
Kartik Investments Trust
8. Jubilant Bhartia group and their listed firms:
Jubilant FoodWorks
Jubilant Pharmova
Jubilant Ingrevia
Jubilant Industries
Jubilant Pharmova
Jubilant Ingrevia
Jubilant Industries
Raymond Lifestyle
Raymond Realty (probable listing in 2025)10. RP - Sanjiv Goenka group or RPSG (Calcutta HQ)
CESC Ltd
Saregama India
Firstsource Solutions
PCBL Ltd
RPSG Ventures
Spencer's Retail
Harrisons Malayalam *
CESC Ltd
Saregama India
Firstsource Solutions
PCBL Ltd
RPSG Ventures
Spencer's Retail
Harrisons Malayalam *
(* jointly owned by RP - Sanjiv Goenka group and RPG Enterprises group)
11. RPG Enterprises group (owned by Harsh Vardhan Goenka)
KEC International
Zensar Technologies
Ceat Ltd
RPG Life Sciences
Summit Securities
Harrisons Malayalam *
STEL Holdings
FGP
KEC International
Zensar Technologies
Ceat Ltd
RPG Life Sciences
Summit Securities
Harrisons Malayalam *
STEL Holdings
FGP
(* jointly owned by RP - Sanjiv Goenka group and RPG Enterprises group)
12. HDFC Bank group
HDFC Bank
HDFC Life Insurance
HDFC Asset Management Company
HDB Financial Services (to be listed in Q1FY2025)
13. ICICI group
ICICI Bank
ICICI Prudential Life Insurance Company
ICICI Lombard General Insurance Company
ICICI Securities (delisting process is underway)
14. SBI group
State Bank of India
SBI Life Insurance Company
SBI Cards & Payment Services
15. HCL group
HCL Technologies
HCL Infosystems
16. L&T group
Larsen & Toubro Ltd
LTIMindtree
L&T Technology Services (LTTS)
L&T Finance
17. MP Birla group (Madhav Prasad Birla* group)
Birla Corporation
Universal Cables
Vindhya Telelinks
Birla Cable
(* Priyamvada Birla was wife of MP Birla; she bequeathed her assets to Rajendra S. Lodha through a will. Now, MP Birla is managed by Harsh Vardhan Lodha, son of Rajendra S Lodha.)
18. Bajaj group (different persons, like, Sanjiv Bajaj, Rajiv Bajaj, Shekhar Bajaj, Madhur Bajaj and Niraj Bajaj manage different companies of the group)
Bajaj Finserv
Bajaj Auto
Bajaj Holdings & Investment
Bajaj Housing Finance
Maharashtra Scooters
Bajaj Electricals
Bajel Projects
Mukand
Hercules Hoists
Hindustan Housing Company
(In 2008, Shishir Bajaj and his son Kushagra Bajaj separated from Bajaj group -- and they now look after Bajaj Consumer Care and Bajaj Hindustan Sugar)
19. Shishir Bajaj group
Bajaj Hindustan Sugar
Bajaj Consumer Care
20. JSW group (headed by Sajjan Jindal)
JSW Infrastructure
JSW Holdings
Shiva Cement (a subsidiary of JSW Cement)
Please check tweet 30Dec2024 for more on this.
21. Naveen Jindal
Jindal Steel & Power (JSPL)
22. JSL group (headed by Ratan Jindal)
Jindal Stainless
23. PR Jindal group (headed by Prithavi Raj Jindal)
Jindal Saw
JITF Infralogistics
Nalwa Sons Investments belongs to OP Jindal group.
Note on Jindals: Mrs Savitri Devi Jindal is wife of Late Om Prakash Jindal (OP Jindal). Their sons are: Prithviraj Jindal, Sajjan Jindal, Ratan Jindal and Naveen Jindal. As shown above, the companies belonging to them are headed by different persons and they are having cross holdings and are related parties to one another. Sometimes, the group companies of these four sons are collectively known as OP Jindal group.
24. BC Jindal (Bhavi Chand Jindal) group
Jindal Poly Films
25. DP Jindal (Dharm Pal Jindal) group
Jindal Drilling & Industries
Haryana Capfin
26. Max Group (Analjit Singh is one of the promoters)
Max Financial Services Ltd
Max Estates
Max Ventures & Industries
Max India
{it may be noted Max Healthcare Institute Ltd (whose promoter is Abhay Soi) does not belong to this Max Group companies of Analjit Singh}
27. Kalyani Group (Baba Kalyani of Bharat Forge)
Bharat Forge
Hikal Ltd
Kalyani Steels
Automotive Axles
Kalyani Investment Company
BF Invstment
BF Utilities
Kalyani Forge
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References:
Tweet thread Jubilant Bhartia group
Tweet thread Murugappa group
Tweet thread RP Sanjiv Goenka and RPG Enterprises groups - blog
Blog Adani group
Blog Adani group
Blog Adani group
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Read more:
Blog of Blogs Theme-wise
Weblinks and Investing
India Fixed Income Data Bank
Indian Economy Data Bank
India Forex Data Bank
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