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June 7, 2024

Vellayan Subbiah of TII Named EY World Entrepreneur of the Year 2024

Vellayan Subbiah, the Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam Investment and Finance Co Ltd., has been honored with the prestigious EY World Entrepreneur Of The Year 2024 award. Subbiah’s recognition marks a significant milestone, as he becomes the fourth Indian to receive this esteemed award, following the footsteps of NR Narayana Murthy, Uday Kotak, and Kiran Mazumdar Shaw. This achievement also highlights India as the only country among EY regions to win the global entrepreneurship award four times.

Subbiah’s journey to this global recognition began with his solid educational foundation. He holds a Bachelor of Technology in Civil Engineering from IIT Madras and a Master’s in Business Administration from the University of Michigan, USA. His career commenced in engineering and strategic consulting, eventually leading him to significant leadership roles.

In August 2010, Subbiah took on the role of Managing Director at Cholamandalam Investment and Finance, navigating the company through a challenging period marked by a troubled partnership. His leadership during these critical years culminated in his appointment as Chairman of the Murugappa Group firm in November 2020. Under his guidance, the market capitalization of Cholamandalam Investment and Finance grew exponentially, showcasing his adeptness at steering companies toward substantial growth and stability.

In 2018, Subbiah was appointed Managing Director of Tube Investments of India (TII), a 70-year-old manufacturing giant. His tenure has been marked by remarkable success, with TII’s share price increasing 13-fold under his leadership. Additionally, TII’s subsidiary, CG Power, has embarked on a pioneering project to establish India’s first outsourced semiconductor and test facility, further solidifying the company’s innovative edge.

Expressing his gratitude upon receiving the award in Monaco, Subbiah remarked, “I am deeply honoured and grateful to be recognised as the EY World Entrepreneur Of The Year. As part of a fourth-generation family business, the spirit of entrepreneurship runs deep within me. I am inspired by those who came before me and those who will follow. I firmly believe that by approaching challenges as opportunities and committing ourselves to a path of self-improvement, there is no limit to what we can achieve.”

Rajiv Memani, Chairman and Chief Executive Officer at EY India, praised Subbiah for his customer-centric approach, innovation, and focus on long-term sustainability, which have driven the remarkable scale of his businesses. Carmine Di Sibio, EY Global Chairman and CEO, emphasized that Subbiah’s impact extends beyond mere numbers, highlighting his humble and personable leadership style and his philosophy of enabling others to “enter a better life.”

The EY World Entrepreneur Of The Year award is a highly competitive accolade, with nearly 5,000 program participants, including 51 winners from 47 countries and jurisdictions, vying for the global title. Subbiah’s selection was based on four key criteria: entrepreneurial spirit, purpose, growth, and impact.

Subbiah’s recognition as the EY World Entrepreneur Of The Year 2024 not only celebrates his individual achievements but also underscores the significant contributions of Indian entrepreneurs on the global stage. His journey exemplifies the transformative power of visionary leadership, resilience, and an unwavering commitment to innovation and growth.

Read more Business related news on R9 News
Jhumpa Lahiri

Jhumpa Lahiri

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