Latest analysis reveals that most large Indian family-owned business groups have structured their core investments through publicly listed holding companies, with Bajaj Holdings and Tata Investment Corporation emerging as major players in this evolving ownership landscape.
Business Standard’s latest analysis suggests that most large Indian family business groups have already used the stock market to house their core investment companies, with 41 listed holding firms now spanning assets of roughly ₹200 crore to ₹30,000 crore at the end of March 2025. Their market values ranged from about ₹30 crore to ₹1.26 trillion on August 7, underscoring how central these entities have become to the ownership structures of some of the country’s best-known industrial houses.
The newspaper excluded major operating companies such as Reliance Industries, Mahindra & Mahindra, Grasim Industries, Larsen & Toubro, Adani Enterprises and Bajaj Finserv, which also function as group anchors but are not counted in the same category of pure holding vehicles. Among the listed names, Bajaj Holdings and Investments stood out as the largest, with a market capitalisation of ₹1.26 trillion. It remains the key holding company for the Bajaj group, with major stakes in Bajaj Auto, Bajaj Finserv and Maharashtra Scooters, as well as interests in Bajaj Electricals, Mukand, Bajel Projects and Hercules Hoists.
Business Standard said Bajaj Holdings’ shareholding in listed group companies was worth about ₹2.44 trillion in FY25, while the cost of those assets was estimated at ₹27,317 crore. The company also owns stakes in unlisted names including the National Stock Exchange and Fab India, alongside other equity, debt and property investments. For context, Tata Sons reported standalone assets of ₹1.8 trillion at the end of FY26, while Tata Investment Corporation, another major listed vehicle, had a market capitalisation of ₹35,000 crore as of August 7.
The Murugappa group’s Tube Investments was the second-largest holding company on the list, with a market value of ₹53,600 crore, followed by Tata Investment Corporation. Business Standard said Tube Investments’ stakes in CG Power and Shanthi Gears were worth nearly ₹80,300 crore, while Tata Investment Corporation held positions in around 60 listed companies at the end of March 2026, including 14 Tata group firms. Other prominent listed holding companies mentioned in the analysis include Cholamandalam Financial Holdings, TVS Holdings, JSW Holdings, The Bombay Burmah Company, Kama Holdings, Bengal & Assam Company, Pilani Investments, Kirloskar Industries, Nalwa Sons Investments, Kalyani Investments and Summit Securities. The 15 biggest names together had a combined market capitalisation of about ₹3.45 trillion at Friday’s close, against assets of roughly ₹1.79 trillion and listed equity investments valued at around ₹6.8 trillion.
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