Mumbai tops 2025 family biz rankings, tier-II cities step up

Coimbatore, Ludhiana, Nagpur, Vadodara emerge as business hubs, led by Vardhman Textiles, Inox and Elgi Equipments

- Dipti Sharma

Mumbai remains the undisputed favourite for housing the headquarters of India's most valuable family businesses, hosting 91 companies this year—a sharp rise from 65 last year, according to the 2025 Barclays Private Clients Hurun India Most Valuable Family Businesses List, jointly released by Barclays Private Clients and Hurun India.

But Tier-II cities are grabbing attention as they steadily step into the spotlight, the report noted.

Vadodara has six such companies, while Coimbatore, Nagpur and Ludhiana each have four.

These hubs host some of India's well-known family-run names, including Inox India, Elgi Equipments, Sunflag Iron & Steel and Vardhman Textiles.

Reliance Industries, worth ₹28.2 trillion and led by the Ambanis, cements Mumbai's lead.

NCR ranks second with 62 firms across Gurugram, New Delhi, Noida, Faridabad, Ghaziabad and Manesar—led by the Nadars' HCL Technologies at ₹6.5 trillion.