India's Best, Sharpest Young Minds-- 40 under 40
In a country where the overwhelming majority of the population is young—with around 65% estimated to be under the age of 35—it is not surprising that the
new India we live in is one where the youth drive change, collective aspiration,
and economic growth. It is against this background that this edition of Fortune
India’s much-awaited special issue, the 40 Under 40 list, has been put together.
This list, our annual compendium of India’s brightest young minds in the world
of business, reflects the change India as a country is currently going through.

Fortune India’s January issue focusses on that one big developmentin the world of business and economy which we like to call the ‘Move of the Year’. There should be no doubt in anyone’s mind that Ambani’s vision forRIL was clearly the biggest move in the world of Indian business in 2019. To better understand every detail of the mega Ambani game plan, deputy editor T. Surendar met several top executives at RIL across businesses, spoke to analysts, and also understood from other business leaders what the ramifications of the new Reliance could be. Mukesh Ambani himself articulated his plan to Fortune India, saying: “This is the age of disruption and there is no room for linear and static growth models.” Hence, pivoting RIL is now Ambani’s newest mission, one that will see him reshaping the megacorp, getting into new corporate structures, being more aggressive on acquisitions, and ensuring RIL is debt free. And given Ambani’s dexterity on the execution side, Team Reliance is now fully aligned to this new vision. Call it Reliance Redux, for the new business environment. RIL is exploring new structures to ensure the highest value is unlocked from its various businesses—from telecom to digital to retail—even while it eases the pressure on the capital expenditure side, having reached the end of the expenditure cycle in most part. Uncharacteristically, RIL has also
opened itself up to joint ventures (in areas like oil and entertainment), and is thinking of leveraging its access to customers for possible new businesses like education, agriculture, health, and finance. Alongside, the big bet on digital commerce is also going to play out, where the company is expected to integrate consumers, producers, and merchants. Analysts are already calling it a project that may rival giants like Amazon. Tracking how the new Reliance takes shape will, no doubt, be fascinating, and Fortune India will be on the ball on that front.. So keep reading and Happy New Year!

FORTUNE INDIA 500: INDIA’s LARGEST CORPORATIONS
If one wants to take a health check on corporate India, and hence get a glimpse of how the broader economy is looking, there are few better places to do that than the FORTUNE INDIA 500 (FI500) listing of India’s largest corporations.
     The FI500 has always been a mix of stories of success and failure, challenges and opportunities, and it’s no different this time.
But the biggest story this year has been the emergence of a new No. 1, the first time since this list was first published in 2010. 
Reliance Industries Ltd (RIL), the oil-to-telecom-to-retail megacorp owned by Asia’s richest billionaire, Mukesh Ambani, finally
toppled public sector giant Indian Oil Corporation (IOC) to take the top slot in the Fortune India 500 list this year. Last year, RIL was snapping at the heels of IOC, with the gap in their revenue at just over `14,026 crore, but this year RIL has surged ahead to top the charts
with a hefty `5.81 lakh crore in revenue, 8.35% more than IOC’s. In late November, RIL also became the first Indian company ever to hit the `10 lakh crore market capitalisation figure, as its stock surged tonew highs. The old order is changing.

Cover story for Fortune India’s December issue¬ ̶  themed “India 2020”̶  is on Hindustan Unilever Ltd (HUL), the country’s largest FMCG. If the biggest has to grow bigger, business as usual barely suffices. It calls for fresh thinking and the gumption to try new things. Under Sanjiv Mehta’s leadership, HUL is showing just that. As we stand on the threshold of a new decade, we at Fortune India could think of no better company than HUL to represent how essential innovation is if companies and their leaders have to face the changes a new India presents before them.
   Apart from the fascinating HUL story, this issue also looks at the trend of consolidation running across several sectors of the India economy. As India gets ready to enter the 2020s, some sectors have begun showing signs of maturity, with players coming together either owing to market exigencies or the need for stronger balance sheets to tackle sectroal challenges.

Family Business:Family Business: AN IN-DEPTH SURVEY of family businesses in India conducted recently has some interesting insights into how such businesses plan to grow in future. The PwC India Family Business Survey 2019 shows that nearly 60% of companies with a turnover of more than $20 million were present in multiple countries in one sector (35%) or multiple sectors (24%), reinforcing the belief that as companies increase in size, a key facilitator of growth is expansion into new markets or territories. The survey points out that this, perhaps, is why 78% of family businesses in India currently export their goods or services and 89% plan to do so over the next five years. “On an average, foreign sales account for 25% of the turnover for companies in India (26% globally) and in five years, this is expected to rise to 34% (33% globally),” it notes. These findings assume particular significance when seen in the context of Bajaj Auto—the world’s third-largest motorcycle company with a top line of `30,000-crore—which is helmed by Rajiv Bajaj, the older son of group patriarch Rahul Bajaj. Bajaj Auto currently exports as much as 40% of its products and, consequently, likes to call itself “The World’s Favourite Indian”, a tagline it chose after decades of using the iconic earlier one, “Hamara Bajaj”. The new tagline reinforces the company’s strategy of exports being a key element of its growth strategy. Rajiv Bajaj tells deputy editor Aveek Datta, who travelled to Pune to piece together the cover story for this issue, that the origins of this export-driven strategy lay in what Rahul Bajaj told him: “Do what you think is best, but be the best in what you do.” In other words, Bajaj Auto should be world class and that could happen when the company exports 20% of its products. There are other interesting stories too. Happy Reading!

Our Cover Story, INSIDE JIO’S CONTENT FACTORY, tells how Jyoti Deshpande, president, media and entertainment, Reliance Industries, is driving Mukesh Ambani’s mega media strategy to power RIL’s triple play ambitions.
This issue also marks Fortune India’s ninth anniversary. Nine years may not look like a very long time, but the rapid strides made by the Indian economy and entrepreneurial ecosystem make the past nine years hugely significant. In a special package, we bring you glimpses of this change, from how some of India’s young entrepreneurs have successfully created billion dollar enterprises to the
successes and failures of some firms which accessed the markets nine years ago. There’s also a selection of nine of our best covers that chronicle the compelling story of India’s journey over this period. 

Happy reading!

Most Powerful Women:  Meet India’s 50 most powerful women in business who with their sharp acumen have built companies, struck massive corporate deals, or developed brands as they took their firms to the top.

THE LUXURY ISSUE

This year’s Luxury Issue is about the charm of London and what makes the British capital a second home to India’s über-wealthy and famous. For years, Fortune India has been of the view that a luxury issue is not about expensive things you can buy. It’s not a catalogue of products that have hit the market and the reader can splurge on. At Fortune India, we believe luxury is a way of life for the truly wealthy, who buy things or indulge in experiences because for them it is the way they live their lives. In this year’s Luxury Issue, our editor-at-large Hindol Sengupta, who is somewhat of an in-house expert on all things London, takes you on a fascinating journey of the many aspects of this wonderful city which make India’s richest return there again and again. As Sengupta explains, “True luxury is
not checking into a hotel but a hotel so intimate and so personalised—and,
therefore, luxurious—that it merely feels like coming home. To the rich, London
is coming home.” And so Sengupta takes you to Hyde Park, where some of
the richest walk along unobtrusively while striking billion-dollar deals, even
as ordinary people are taken in by the 350-acre park’s general warmth and
beauty. He introduces you to areas like Knightsbridge, Belgravia, and Chelsea
where the rich from the world over—and India—often descend to become
Londoners and marinate in the London way of life. In this issue you'll find other interesting stories too.

SMART COMPANIES are always looking for ways in which to improve their
processes, be it manufacturing or delivery, so that the end result is both cost
competitive and provides a good customer experience. Whether it is the use of
the latest technology, artificial intelligence, or machine learning, the biggest
companies the world over—across sectors—are pushing the boundaries to
become more nimble and efficient. As these changes become a part of
manufacturing or services, they make life easier for the consumer. In this issue,
which we at Fortune India refer to as The Future Issue, we take a close look at
one such trend sweeping sectors from manufacturing to aviation and
healthcare: 3D printing. Invented more than three decades ago, 3D printing
was, for long, seen as an industrial process. But today, the technology has come
into widespread use and is being seen as a game changer in several sectors. Constant innovation and developments have made 3D printing a game changer which is disrupting industry and affecting lives in waysnever thought of before.

In this year’s Green Issue, we take a close
look at how GE India is rolling out its green energy strategy in the country. The company is making a bold bet on wind power and disrupting the renewable
energy market through its technological innovations and a
new business model.

This issue of Fortune India features a list of India's most successful companies that have consistently created wealth for share holders--- India's Top 100 Wealth Creators.

THE BIG POINT OF CONCERN these days when discussing the Indian economy is about the lack of adequate private sector investment to kick-start growth. While the government has been taking steps to push infrastructure investment, not enough is coming from the private sector. However, if there is one area where the private sector has been drawing up aggressive investment plans—running into thousands of crores—it is the steel industry. 
Leading the charge on this is India’s largest steel maker, JSW Steel, owned by billionaire Sajjan Jindal who is busy giving the finishing touches to a mega strategy which will see his company’s capacity grow to 45 MTPA by 2030. In our cover story this month, deputy editor Ashish Gupta delves into the JSW story and examines how the company is putting together its plan of increasing capacity and maintaining leadership at a time when competition is about to get much more intense. Elsewhere in this issue, deputy editor T. Surendar brings you the story of how, a year after the Nirav Modi scandal brought the state-run Punjab National Bank, one of the country’s largest, to its knees, the management, led by managing director Sunil Mehta, is bringing the bank back to the path to profits and, more importantly, respectability. While it’s still a work in progress, Mehta’s efforts have seen the bank undertaking a massive clean-up and clocking a `247 crore profit in the third quarter of FY19. Such is the aggressive nature of the restructuring being put in place at the bank that it is now expected to report a profit of `2,266 crore by March 2020. If that happens, it would be a turnaround as big in scale as the scandal that wracked it.


As India goes to the polls in April-May to elect a new government, this issue of Fortune India take a close look at some of the steps taken by the Narendra Modi government, the challenges that stare the economy in the face, and what the next government needs to do to ensure the economy is piloted to safety.

India’s Top Midsize Companies- The Next 500: 
LIFE IS TOUGH FOR a midsize company. We at Fortune India have been em-phasising this fact for some time, particularly in the context of The Next 500 listing of companies, the only such list in India. Now in its fifth year, the Fortune India Next 500 takes a close, hard look at several aspects of the midsize companies space, and its findings have always led to significant takeaways about the health of corporate India.

Our cover story for this issue is on the rapid growth of the Jeff Bezos-founded Amazon in India.Amazon  is one such example of a global tech giant which has now made India a major market for itself. Add to that Bezos’ deep pockets and aggression and you have a giant which is clear in its plan for dominance in the Indian marketplace and knows how to get it. Our Sr. editor Deepti Chaudhary takes you through the Amazon India game plan at a time when the government has just put in place major tweaks to the policies governing e-commerce companies. This issue also brings you Fortune’s annual list of the World’s Most Admired Companies, the much-awaited line-up of corporate role models. Fortune polled 3,750 executives, directors and analysts to come up with this year’s list. Apple tops the list for the 12th straight year, while Amazon features at No. 2 and Microsoft at No. 6, with Microsoft CEO Satya Nadella figuring as the most underrated chief executive. Facebook’s Mark Zuckerberg is the most overrated.

THE BUSINESS OF ENTERTAINMENT:This first-ever Show Business special from Fortune India aims at capturing the emerging trends in fast growing entertainment industry, whether it is cinema, streaming, audio or even multiplexes. The massive growth in the entertainment sector has meant that film actors are no longer just performers. They are brands with a massive value attached to them, with the biggest companies lining up to get them to endorse a range of products. Sample this: The latest ‘Celebrity Brand Valuation Report’ by consulting firm Duff & Phelps pegs actor Deepika Padukone’s brand value in 2018 at a staggering $102.5 million. Padukone is the biggest movie star brand and No. 2 on the list just after Indian cricket captain Virat Kohli.For this collector’s issue on entertainment, Fortune India’s journalists looked at several aspects of the entertainment world to bring you stories not just of some of the biggest movie star brands—Ranveer Singh (brand value $63 million), Amitabh Bachchan ($41.2 million), and Alia Bhatt ($36.5 million) who we feature in this issue—but also of the latest developments in show business. If the battle in the OTT space is turning more interesting by the day, with even large movie producers like Eros International coming up with their own plans to take on giants Hotstar, Amazon Prime, and Netflix, this also means a great opportunity for newer writers, directors, cinematographers and others associated with the entertainment industry to showcase their talent. Indian audiences, now exposed to the finest in global entertainment through streaming channels, are hungry for genuine, quality content. Welcome to a whole new world.

February 2019 Issue Highlights: 
Our cover story this month tells you how TCS, for long the jewel in the crown in the House of Tata, is reviving up its digital business to take the company to the next level. TCS apart, a key highlight in this issue is also Fortune India’s annual list of India’s most profitable public sector undertakings (PSUs). The 2019 list of the 50 most profitable PSUs has some very interesting takeaways. The biggest one being the near absence of public sector banks in the list. While there were 17 banks in the 2015 list, contributing 21.24% to the aggregate gross profit, this year there are only three, who together contribute a measly 2.47% share to the total. This is evidence enough of the state of India’s public sector banks, something the government is also deeply concerned about. As our lists editor Rajiv Bhuva points out, on a sectoral basis, the banking sector’s gross profits fell 68.62% this year, while those of non-banking finance companies grew 10.46%. That’s a story in itself.

Move of The Year:
This issue cover story is on Walmart’s acquisition of Flipkart which is clearly what we at Fortune India call the ‘Move of The Year’. Team Fortune India tells why Walmart paid $16 billion for Flipkart to be part of the India story. The cover story apart, team Fortune India also does some crystal ball gazing and tells you what 2019 could hold for us, whether it’s business, politics, or entertainment. The big story to watch, ofcourse, will be the general election in middle of year. Happy New Year!

IF ONE WANTS TO TAKE A health check on corporate India, and hence get a glimpse of how the broader economy is looking, there are few better places to do that than the Fortune India 500 (FI500) listing of India’s largest corporations. Over the years, this list has demonstrated the ups and downs of India Inc, the challenges faced by companies in the wake of policy changes, and the way forward for the economy. This year’s listing, the ninth by Fortune India, takes a deep dive into the state of the country’s largest companies after what has arguably been a momentous fiscal year.
The FI500 has always been a mix of stories of success and failure, challenges and opportunities, and it’s no different this time. This year, in the following pages, we bring you stories of companies from diverse sectors which have either been able to succeed in facing business headwinds squarely or are in the process of executing their own plans for growth. There are also stories of rampant mismanagement and misdemeanour—like that in financial services company Infrastructure Leasing & Financial Services—where the government had to step in and take control and appoint an entirely new management team to stem a possible contagion effect on the country’s financial system.

Main highlights of Fortune India, December 2018 issue: This issue of Fortune India carries a cover story on ‘The Telecom War’. India’s three surviving telecom giants¬—Vodafone Idea, Bharti Airtel, and Reliance Jio—are fighting a bruising battle for the top spot in market. Airtel, which has been dislodged from the number one position in terms of subscribers by the newly-created Vodafone Idea, finds itself caught in the slugfest between Ambani and Birla. While Vodafone Idea will have to aggressively defend its turf and pump in funds to counter Ambani, Jio, on the other hand, is leaving no stone unturned, topping up its aggressive pricing with innovations to target the lucrative rural market which had so far been Idea’s strength prior to the merger. Mittal, India’s original telecom entrepreneur, will have to pull out some tricks from his bag if he is to hold on to his market share.
Talking of battles, we bring you the story of another another face-off which, despite a ceasefire for now, continues to simmer beneath the surface. That’s the one between the government and the Reserve Bank of India (RBI) over a host of contentious issues like systemic liquidity and the amount of the RBI’s reserves which should be transferred to the government.


Main highlights of Fortune India, November 2018 issue: This issue of Fortune India carries a cover story on ‘The Power of Data’. The abundant and low cost- availability of data is powering aspirations rooted in a digital world. Team Fortune India explore how data is transforming India. Another interesting read  is , how global technology company ABB is helping India leapfrog to the next level of Industrial manufacturing. In this issue we also bring you the 25 examples the A.I is changing business. Another highlight of this issue is the 2018 Fortune list of Future 50 companies, firms which showed steady execution and forward- looking strategic nimbleness.

Anniversary Issue: 8th Anniversary-
Eight years is not a very long time, but ever since Fortune India was launched in 2010, the enormous strides taken by the Indian economy and several significant developments in the corporate sector tell us that these years have been both dramatic and highly eventful. To give you a sense of this, elsewhere in this issue we bring you some of the key faces who grabbed headlines for various reasons—good and bad— and why we feel they made news.  In this eighth anniversary double-cover issue, we also get you the exclusive story of legendary former Cisco Systems boss John Chambers’ entry into the lucrative cybersecurity market in India, by way of an investment in Lucideus, the firm co-founded by ethical hacker Saket Modi. Other interesting read is our cover story of this anniversary issue which is on Maruti, a car brand synonymous with the vast Indian mass market. Ever since the carmaker started its journey nearly 35 years ago, it has managed to stay ahead of the competition with a smart mix of affordable models aimed at the middle-class buyer. Much of Maruti Suzuki India’s success can be attributed to its chairman, R.C. Bhargava, and, more recently, its razor-sharp strategist Kenichi Ayukawa, who is its chief executive. The Bhargava-Ayukawa duo has managed to beat intense competition of late and ensure the company stays firmly on the road to profitable growth. Consider some recent figures: Today, one in every two cars sold is a Maruti, its market capitalisation is over `2 lakh crore, and its 2017-18 net profit was a record `7,722 crore. Validation enough that the company is in fine fettle. However, as Debabrata Das and Prerna Lidhoo tell us the company managed this performance by undertaking some key tweaks to its strategy. Known primarily as a maker of no-frills, functional cars, the company decided to expand its horizon and move beyond hatchbacks to sedans and sports utility vehicles (SUVs). Happy reading!

WOMEN POWER:
IT’S ALWAYS A GOOD thing when lists like the Fortune India Most Powerful Women (MPW) in business see churn. After all, in a country of over 1.3 billion, there will be so many, many women who are making a mark in their chosen fields in the world of business, across sectors. And it’s only natural that they will, at some point or other, figure on the list as they grow their businesses and move onward in their journey. This year is one such year of churn: There are as many as 14 new faces, from a wide variety of sectors, and they are success stories in their own right. Whether it is Anupriya Acharya, CEO of media buying firm Publicis Media India who is steering the company through the new digital media age; or Chetna Gala Sinha, founder of Mann Deshi Mahila Sahakari Bank, a bank for rural women; or Falguni Nayar, the astute investment banker-turned-entrepreneur who has built a successful cosmetics business in Nykaa despite intense competition, these new faces give us hope that despite the enormous challenges which women face at work and at home, there are so many who are successfully breaking barriers and forging their own paths to success. Now in its eighth year, the Fortune India MPW list has 19 names that have figured in all editions, a sign of their continuing success and resilience as names to reckon with in the world of business. Topping the list this year is ace lawyer Zia Mody, whose legal acumen and clout in the world of business is legendary. Mody is also among the 19 who have been on the list in all eight years. Read on to find out final 50 names……….

This year, the wedding of Prince Harry and American actor Meghan Markle in May was a major subject of discussion not just in England but also across the world as millions watched the event live on television. There’s something about royalty. And it is with this in mind that we at Fortune India decided to focus on royalty as the central theme for this year’s luxury issue. For nearly a decade, the Fortune India luxury issue has tried to serve as a thinking person’s guide to consumption.” In keeping with that tradition, we picked out three of the world’s most exclusive businesses with a royal connection: milliners Lock & Co., perfumer Floris, and shotgun maker Purdey. It takes you on a fascinating journey into their world and brings you delightful anecdotes from these businesses. For instance, Gary Oldman wore royal perfumer Floris’ Special No. 127 while playing Winston Churchill in Darkest Hour since the fragrance was a favourite of Churchill. And hat maker Lock and Co.’s master hatter is an Indian by the name of Jayesh Vaghela. Luxury, to the connoisseur of the good life, is not necessarily about wearing or using expensive things. Real luxury is about pure whimsy, about picking up something just because you can. Just like royalty. This issue also marks an important milestone for us at Fortune India. It is the 100th issue of the magazine, and one which gives us a chance to stop for a moment and look back at the journey so far, the people, businesses, and issues we have written about ever since we started off in October 2010. And it’s been a wonderful ride for us bringing you those stories, even as the Indian economy and the markets registered one milestone after another. We’ve put together a 100th edition special package for you. Elsewhere in this issue, we also bring you the annual Fortune Change the World list, companies which are doing good while turning in a profit. Number one on this list of 57 companies from across the world is Reliance Jio of Mukesh Ambani.

THE FUTURE OF BUSINESS: We broke up the cover theme, into three parts. In the first part, we decided to take a close look at how Indian business groups—are future-proofing themselves against the background of what happened at one of the world’s most-admired conglomerates, General Electric, which saw a dramatic meltdown recently. Are there Indian versions of the GE collapse waiting to happen? Are Indian business groups strong and structurally sound enough to withstand the vagaries of competition and the risks of diversification? Or is there a need to reinvent the conglomerates model which many feel is broken?
Second important trend we discuss in the context of the future is the way Indian business families are choosing to deploy their surplus wealth. Family offices are emerging as a major tool by which India’s uber rich are attempting to increase their wealth. Many prominent business families have now set up robust family offices, with the next generation managing them, and are co-investing either with other family offices or even with angel investors who guide them on attractive investment options in the startup ecosystem. Many family offices are even open to the idea of taking over entire companies and running them. But the new-look family offices are much more than mere investors for families. They do a plethora of other things and are emerging as a key element of the Indian business landscape.
The third, and equally important, element in the discussion on the future of Indian business relates to whether India can emerge as the next big innovation hub. From clean fuel to artificial intelligence, from Royal Dutch Shell to Microsoft, India is becoming the chosen laboratory for a number of innovations which can power businesses in the future.
Other interesting read is story on how Indian VFX is coming of age, with companies like Prime Focus and actor Shah Rukh Khan’s redchillies.vfx emerging as important Indian names in the global entertainment space. 


THE GREEN ISSUE: Rising pollution levels in Indian major cities clearly indicates that electric vehicles (EVs) are the next big opportunity in auto sector. The government is pushing auto industry to go electric and ministers have even set a time target of 2030 by which India should ideally not see any petrol or diesel car being sold. Anand Mahindra known to be a risk taker is leading the electric vehicles play in India. But as the market grows, can M&M maintain pole position? These are early days, and there’s no real infrastructure or policy framework in place yet for EVs. But Mahindra knows EVs will play a large part in future of mobility and is therefore readying for battle. However, at least one large competitor, a newly- energized Tata Motors, is also much in fray and has won a large ESSL order.  Other that M&M there are other exciting green stories. We also bring you the fascinating Fortune story on the collapse of one of the world’s most admired conglomerates, General Electric. That meltdown has lessons for many large corporations around the world, including India. The question is whether those questions are being driven home.

MIDSIZE MUSCLE -Fortune India Next 500
Discussions on the economy in corporate circles these days invariably revolve around whether and how the growth momentum can be sustained, the problems of employment generation, the health of banks, and how, despite the government’s initiatives to make the business environment easier, several challenges still remain. Many of these issues are particularly true and relevant for midsize and smaller companies, which continue to battle on and seek growth opportunities, despite the roadblocks. In this context, the Fortune India Next 500, the definitive ranking of the country’s largest midsize companies, assumes special significance. Now in its fourth year, the Next 500 is our annual deep dive into all aspects of midsize firms as we slice and dice their revenue and profit figures, look at how the markets value them (if they are listed), and which among these companies have successfully created value over a period of time. This Next 500 list is the result of months of painstaking number-crunching by associate editor and editor (lists) Rajiv Bhuva, who leaves no stone unturned to ensure we get you every dimension of the data at our disposal. In the process, several trends emerge, which are significant pointers to not just the health of the companies but also the state of the economy. After all, it is the midsize companies that are known as major job creators and add significant heft to the country’s GDP. Their health status, therefore, is like taking a peek into the blood report of the economy.

FEW CORPORATE BATTLES have been as unpredictable and as dramatic as the one currently playing out for Fortis Healthcare, the hospital chain once owned by the Singh brothers Malvinder and Shivinder. Ever since it became clear that the company would be opened up for bidding and the Singhs were no longer in charge, it’s been a series of endless twists and turns, a story which is a continuous work in progress. The cast of characters includes some of the biggest names in India and overseas—the Munjal-Burman combine, representing two of India’s best-known business families, Ranjan Pai of the Manipal Group with TPG Capital, IHH Healthcare of Malaysia, and the KKR-backed Radiant Life Care. Chinese giant Fosun has also been sniffing around. Much has happened at the time of going to press. After the erstwhile Fortis board declared the Munjal-Burman combine as the winners in an earlier round of bidding, the board itself was reconstituted after four members resigned or were voted out. It was then natural that the entire bidding process would have to start all over again. And that’s exactly what has happened. All bidders are now back to the starting line. Not surprisingly, the three which have been so far ahead in the race—the Munjal-Burman combine, Manipal-TPG, and IHH—have come up with various permutations and combinations which each of them feels is best suited to nursing the hospital chain back to health.Team Fortune India assiduously track the bidders’ every move and dive into the engrossing and nail-biting Fortis drama.. Even after this issue hits the stands, the story will be playing out and we at Fortune India will be bringing you the developments both in the magazine and on our digital platform. But for now, it’s the story so far. Moving away from Fortis, we discuss how business families are in the midst of fine-tuning their strategies to stay ahead of competition. There’s lots to read. So read on.

ONE OF THE biggest reforms the BJP -led government had sought to come up with was an insolvency law which would make winding up companies easier, and hence ensure lenders, who had large amounts of funds locked into these non-performing companies, were able to recover a significant portion of their money. And so, when the Insolvency and Bankruptcy Code (IBC) came into force in 2016, there was justifiable cheer all around, with the corporate sector, financial markets, and even foreign investors lauding the government’s move and resolve to push through what was seen as one of the more thorny pieces of the economic reforms roadmap. Cut to 2018, and the picture looks vastly different. While the IBC has been able to bring several cases to the negotiating and bidding table, the experience over the past several months has been one of confusion, protracted legal wrangles, decisions being challenged in the courts, and a woeful lack of clarity on when the cases would actually be resolved. In our cover story in this issue, we deconstruct the challenges facing the insolvency process and find out what’s going wrong and whether there are solutions in sight to ensure that a law born out of good intentions does not fall prey to shoddy implementation. Opinion is divided even among the players key to the process. While Aditya Mittal of ArcelorMittal agrees that the code does provide a transparent process for disposal of distressed assets and Puneet Dalmia of Dalmia Bharat calls it “the biggest reform story in India’s capitalist history”, others like J. Sagar Associates partner Divyanshu Pandey say promoters are also seeking to maximise gains by finding loopholes in the code. The government, then, will need to act quickly to plug the gaps in the code which some see as a hurried and inadequately-drafted law which may not end up serving its purpose. That needs to happen fast. Elsewhere in this issue, we bring you the Fortune list of the World’s 50 Greatest Leaders.

WE ALL KNOW of the e-commerce battleground and the eyeball-to-eyeball confrontation between global giant Amazon and homegrown Flipkart. But an equally intense battle is unfolding behind the scenes: that’s for the top slot in the highly competitive online fashion sweepstakes. That the big boys in the e-commerce game will be locked in a fight to the finish on the fashion front is not without reason. At last count, the size of the Indian online fashion market was pegged at $4 billion, projected to grow 3.5 times to touch $14 billion by 2020. And that’s not all. Globally, online fashion retail is one of the largest categories in e-commerce and the same trend is visible in India, as more and more people log in to shop for clothes and accessories. Online fashion retail is also pretty much a battle between Amazon and Flipkart, with one little twist. Flipkart also has the Myntra-Jabong combine under its belt–the result of two acquisitions which demonstrated Flipkart’s seriousness about the fashion business–and the smallest player currently seems to be winning. Our cover story takes a detailed look at what’s at stake in the online fashion retail faceoff. With gross merchandise volume  set to touch $1.85 billion by FY19, Myntra is in pole position, followed by parent Flipkart, which expects to finish FY19 with revenue of $1.6 billion. Amazon, with its legendary deep pockets, has some catching up to do, though its fashion business in India is also witnessing a very rapid pace of growth. Amazon Fashion is one of the top three stores on Amazon.in. The e-commerce giant saw an 80% growth in fashion in 2017, and the year before had seen growth of 100%. So clearly, the global giant will soon be snapping at the heels of Myntra and Flipkart. And that’s exactly what makes this fight so compelling to watch. Another interesting read is about how the husband-wife duo of K. Ganesh and Meena Ganesh has put together a virtual ecosystem of exciting startups through their platform GrowthStory.

January 2020

December 15, 2019  - March 14, 2020

December 2019

November 2019

October 2019

September 15, 2019- December 14, 2019 Special Quarterly Issue

September 2019

August 2019

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March 15, 2019 - June 14, 2019

March 2019

February 15, 2019 - August 14, 2019 - BIANNUAL COLLECTOR'S EDITION

Fortune is one of the most respected business magazines in the world. It is known for its unrivaled access to world’s most influential leaders and decision-makers. In a world of business long on information and short on time, Fortune stands out with trusted insight, deep reporting and provocative story telling. Few publications cover the world of business with as much depth, breadth, wisdom, and panache. That’s why Fortune is recognized as ‘the best magazine in the world that just happens to be about business’.

Fortune 500 is perhaps the best-known brand in business journalism and the ultimate hallmark of corporate success.

Launched in India in October 2010 in a licensed partnership between ABP Group of Publications & Time Inc., Fortune India retains the spirit of the global brand with respect to thought leadership and practice from across the world every month while adding an Indian dimension.

It is the only truly global business magazine dedicated to the global success of Indian business leaders, offering actionable insights to propel their businesses.

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Fortune India - June 15, 2019

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