Tulsi Jayakumar, Professor of Economics and Policy and Executive Director, CFBE at SPJIMR, reflected on the institute's pioneering role in management education for family businesses and noted, "Family businesses contribute significantly to GDP, manufacturing and employment, but their most valuable asset is the currency of trust: the deep relational capital built with customers, suppliers, employees and communities over generations. As these enterprises navigate disruption, it is important to strengthen governance and prepare the next generation for responsible leadership."
Delivering the inaugural address, Nyrika Holkar, Executive Director, Godrej Enterprises Group, spoke about legacy, stewardship and the evolving role of the next generation in family enterprises. "I would like to begin with a simple but profound question that every family business must ask: what will we build that will be worthy of being passed on? Legacy is not something we possess; it is something we hold in trust, shaped by those who came before us and carried forward by those who will come after."
As a fourth-generation member of the Godrej family, Holkar highlighted the challenge of sustaining family enterprises across generations. "Only about 30% of family businesses survive into the second generation, around 12% into the third, and barely 3% into the fourth. When I hear those numbers, I don't hear statistics, I hear responsibility. My responsibility to ensure that what I inherited—the institution, the values and the trust—is left in a better shape than when I found it."
In his address, Savjibhai Dholakia, Founder and Chairman, HK Group, popularly known as the 'Diamond King of India', emphasised the importance of generosity and strong family foundations. "At the heart of every successful family business lies a culture of giving and a deep commitment to family values. When businesses grow with purpose and responsibility, they create prosperity not only for the family but also for the communities around them."
Additionally, in a 'Founder Talks' session, Shashank Mehta, Co-founder and CEO of The Whole Truth Foods, shared insights from his entrepreneurial journey and the evolving landscape of consumer brands in India.
Prof. Varun Nagaraj, Dean, SPJIMR, highlighted the global forces reshaping the family businesses landscape. "Family businesses today are operating in a world shaped by powerful global trends, from AI to geopolitical uncertainty and climate change. The key question is not only what innovations you pursue, but also how you pursue them—with wisdom, responsibility and inclusive decision-making."
Conversations shaping the future of family businesses
The conference featured four plenary sessions addressing key themes shaping the future of family enterprises.
The first session explored how family businesses are navigating the opportunities and disruptions created by AI. Speakers included Dhaval Thanki, Executive Vice President, LogiNext; Jai Bahal, Founder, NAVIC and Co-founder, Studio ALAI (FMB 15); Suraj Dodeja, CEO, Vashi Integrated Solutions Ltd (FMB 09); and Abhinav Aggarwal, Founder, Fluid AI. The discussion was chaired by Abhishek Kumar Jha, Assistant Professor, Information Management and Analytics at SPJIMR.
The second session focused on the growing role of women entrepreneurs within family businesses. Panellists included Jalpa Jain, Director, Aadinath Group (FMB 26); Sanjam Sahi Gupta, Director, Sitara Shipping Pvt Ltd and Founder, Maritime SheEO (FMB 03); and Surabhi Rao, Director, Narsipur Chemicals Pvt Ltd (FMB 16). The session was chaired by Reni Pandya, Executive Director, Dak Systems Inc (FMB 13). It also included a fireside chat with Sunil Reddy Dodla, Founder and Managing Director, Dodla Dairy Ltd, and Silpa Dodla, Founder, Honest Milk Company, which was chaired by Avni Sanghavi Mehta, Marketing Director, Veena Developers (FMB 17).
The third session examined the implications of global geopolitical shifts for family businesses. Speakers included Ananth Narayan, Former Whole-Time Member, SEBI, and Dr Samiran Chakraborty, Managing Director and Chief Economist, India, Citigroup. The discussion was chaired by Prof. Jayakumar, with economist Dr Ajit Ranade as expert speaker.
The fourth session discussed the opportunities and challenges involved in guiding family businesses through IPO journeys. Panellists included Radha Kirthivasan, Head – Listing and SME, BSE Ltd; Deepak Agarwal, Director, Bikaji Foods International Ltd (FMB 10); and Parag Ved, Partner, SSPA & Co. The session was chaired by Gunjan Saboo, President, Mala International (FMB 02).
As India looks toward becoming a $10 trillion economy, the conversations at Viraasat 2026 underscored the pivotal role family-managed businesses will play in shaping that journey. By combining entrepreneurial ambition with stewardship, governance and a deep commitment to community, family enterprises can continue to drive innovation, create livelihoods and build institutions that endure across generations.
About SPJIMR
Bharatiya Vidya Bhavan's S.P. Jain Institute of Management & Research (SPJIMR) is one of India's leading postgraduate management institutes. It is recognised in the Financial Times MiM rankings as the #35 business school globally and among the Top 3 in India, ranked by Business Today as one of the country's top five business schools, and rated by the Positive Impact Rating as one of the top five schools worldwide for societal impact. Known for its innovative and socially conscious approach to management education, research, and community engagement, SPJIMR aims to influence managerial practice and promote the value-based growth of its students, alumni, organisations and its leaders, and society. SPJIMR holds the international 'Triple Crown' of accreditations from EQUIS, AACSB, and AMBA.
Visit SPJIMR.org for more information.
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