Vellayan Subbiah, who holds the positions of executive vice-chairman for Tube Investments of India (TII) and chairman for Cholamandalam (Chola) Investment and Finance, has been honoured with the EY World Entrepreneur Of The Year 2024 award at a grand ceremony in Salle des Etoiles, Monaco.
Out of nearly 5,000 program contenders, Subbiah stood out, competing against 51 winners from 47 different regions, making him the fourth award recipient from India in its 24-year course. EY praises Subbiah as a ‘revolutionary business pioneer’ with the drive to significantly alter the path of not only his country but also his enterprises and his personnel.
Subbiah’s career started with engineering, later moving into strategic consultation before transitioning into entrepreneurship, as he assumed leadership positions within his ancestral business around 15 years prior.
He successfully guided Chola amidst a global financial crisis brought on by a problematic partnership, ultimately rising to the position of company chairman and causing a 60-fold increase in its market capitalisation during his term.
In 2018, he took charge of TII, having a history of seven decades in manufacturing. He embarked on a substantial transformation of the entire firm through the adjustment of investment dutifulness and takeovers.
Since assuming responsibilities, TII’s share value has rising by a factor of 13 under his guidance. CG Power, a subsidiary of TII, has recently started constructing India’s premier outsourced semiconductor and testing facility.
Carmine Di Sibio, EY global chairman and CEO, commented, “The extraordinary growth of the companies he has led is worth noting, but his tale extends beyond mere figures. He also demonstrates an unrivalled contribution through educational scholarships, health dominance and ecological safeguarding.”
In response, Subbiah stated, “Being a member of a family business with four generations, deep-seated entrepreneurial spirit is in my very nature. I’m constantly motivated by those who preceded me and those who will follow me. I strongly believe in treating hurdles as opportunities and dedicating ourselves to self-enhancement, we can surpass all boundaries of what we can accomplish.”
I extend my gratitude towards my remarkable coworkers who have been instrumental in this success, and it’s my wish to honour the tradition set forth by previous recipients of this distinguished award, by consistently lifting others throughout my entrepreneurial venture. The EY group organises the World Entrepreneur of the Year festivity annually, praising the achievements of “innovative figures who are revolutionising sectors, boosting the economy, and responding to the need to tackle worldwide issues.”