Rich List: India moguls find ally in Modi

Family-owned conglomerates like Tata and Mittal continue to expand holdings on the back of policy support courtesy of business-friendly Prime Minister Narendra Modi.
Lakshmi Mittal
Lakshmi Mittal

Prime Minister Narendra Modi’s government was elected last year to implement radical reforms to open up and boost the economy, reduce bureaucratic waste and induce greater transparency. Investors responded enthusiastically by buying equities and economic activity surged.

Lower commodity prices also helped. The Tata conglomerate, which has businesses in almost every major domestic industrial sector as well as extensive international interests, benefited from this highly-charged positive environment.

The Tata family, No. 3 on FinanceAsia's 2015 Rich List, has long been synonymous with India's economic rise. Best known for car making and consulting, the conglomerate is led by patriarch Ratan and his close associate Cyrus...

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