Time Magazine Honors Tata Group and Serum Institute of India in Top 100 Most Influential Companies of 2024

Tata Group and the Serum Institute of India (SII), led by Adar Poonawalla, have been named among the top 100 ‘World’s Most Influential Companies of 2024’ by Time magazine.

Tata Group was featured in the ‘Titans’ category, while Pune-based SII was listed under the ‘Pioneers’ section.

Time magazine’s description of Tata Group reads: “Founded in 1868, the Tata Group long ago cemented its place in India’s economy, its vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels.”

Despite its extensive reach, Tata has faced significant challenges from competitors aggressively pursuing new business opportunities. In 2017, after over a century of family-led management, N. Chandrasekaran, a “high-tech pivot,” was appointed as Chairman of Tata Group. His lack of family ties to the company was particularly notable in a business landscape dominated by family succession.

As Chairman, Chandrasekaran has spearheaded a transformation within the group by focusing on tech manufacturing, AI, and semiconductor chips. The magazine highlighted, “In 2023, it became the first Indian company to assemble iPhones, and is building another plant. In September, Tata announced a partnership with Nvidia to develop an AI cloud in India.”

Tata’s market influence is substantial. In February, the combined market capitalisation of Tata’s companies reached $365 billion, “more than the entire economy of India’s neighbour and rival, Pakistan.”

Serum Institute of India, the world’s largest vaccine producer, manufactures 3.5 billion doses annually, including vaccines for measles, polio, and HPV. CEO Adar Poonawalla credits the company’s success to its private ownership. “We’ve always looked at growth not in terms of pricing, but in providing access,” he told Time magazine.

SII has been instrumental in providing 90% of the vaccines for India and has expanded its reach to export vaccines globally. However, the company faced significant challenges with its Covid-19 vaccine production. At the end of 2021, SII ceased manufacturing Covid-19 vaccines and in 2022, destroyed approximately 210 million doses that were in stockpile.

This recognition by Time magazine underscores the influential roles both Tata Group and SII play in the global economy and their respective industries. Tata Group, with its extensive and diverse portfolio, continues to shape India’s economic landscape, while SII’s commitment to vaccine accessibility and its impact on global health are commendable.

Tata Group, established in 1868, has long been a cornerstone of India’s economy, encompassing a wide array of industries including steel, software, watches, subsea cables, chemicals, salt, grains, air-conditioners, fashion, and hotels. Despite its vast portfolio, the group has had to navigate intense competition as rivals aggressively pursued new business ventures.

In a significant shift in 2017, N. Chandrasekaran, described as a “high-tech pivot,” assumed the role of Chairman of Tata Group. His appointment was particularly notable as it marked a departure from the company’s century-old tradition of family-led management, an uncommon move in India’s business sector which is largely governed by family succession.

Under Chandrasekaran’s leadership, Tata Group has undergone a significant transformation with strategic investments in tech manufacturing, AI, and semiconductor chips. The company achieved a milestone in 2023 by becoming the first Indian firm to assemble iPhones, with plans for building another plant underway. Additionally, in September, Tata announced a collaboration with Nvidia to develop an AI cloud in India.

The group’s financial stature is remarkable. In February, Tata’s combined market capitalisation hit $365 billion, surpassing the entire economy of Pakistan, a neighboring and rival country.

On the other hand, the Serum Institute of India stands as the world’s largest vaccine manufacturer, producing 3.5 billion doses annually for diseases such as measles, polio, and HPV. CEO Adar Poonawalla attributes the company’s success to its private ownership model. He remarked to Time magazine, “We’ve always looked at growth not in terms of pricing, but in providing access.”

The institute has played a crucial role in India’s healthcare by supplying 90% of the country’s vaccines and has extended its efforts to export vaccines globally. However, SII faced hurdles with its Covid-19 vaccine production. By the end of 2021, the institute had stopped manufacturing Covid-19 vaccines and in 2022, had to destroy around 210 million doses that were in stockpile.

The inclusion of Tata Group and SII in Time magazine’s list of the top 100 ‘World’s Most Influential Companies of 2024’ highlights their significant impact on the global economy and their respective sectors. Tata Group’s expansive and diverse operations continue to shape India’s economic framework, while SII’s dedication to vaccine accessibility has made substantial contributions to global health.

Tata Group’s establishment in 1868 has solidified its integral role in India’s economy, with a broad spectrum of businesses spanning from steel and software to watches, subsea cables, chemicals, salt, grains, air-conditioners, fashion, and hotels. However, it has faced significant competition from rivals eager to capture new market opportunities.

In a pivotal moment in 2017, N. Chandrasekaran, known for his expertise in technology, took the helm as Chairman of Tata Group. His appointment was a break from the norm, as he had no familial ties to the company, which is uncommon in an industry dominated by family-led businesses.

Chandrasekaran’s leadership has been transformative for Tata, emphasizing investments in technology, AI, and semiconductor chip manufacturing. In 2023, Tata Group made history as the first Indian company to assemble iPhones and is currently developing another manufacturing plant. Furthermore, in September, Tata formed a partnership with Nvidia to create an AI cloud in India.

Tata’s market influence is profound, with its combined market capitalisation reaching $365 billion in February, a figure that eclipses the entire economy of Pakistan, India’s rival neighbor.

Simultaneously, the Serum Institute of India, the leading vaccine producer worldwide, manufactures 3.5 billion doses annually for various diseases including measles, polio, and HPV. CEO Adar Poonawalla attributes the company’s success to its private ownership, telling Time magazine, “We’ve always looked at growth not in terms of pricing, but in providing access.”

SII has been pivotal in supplying 90% of India’s vaccines and has extended its reach by exporting vaccines internationally. Nonetheless, the institute faced significant challenges with its Covid-19 vaccine production. By the end of 2021, SII had ceased Covid-19 vaccine manufacturing and in 2022, had to destroy approximately 210 million doses that were stockpiled.

The recognition of Tata Group and SII in Time magazine’s top 100 ‘World’s Most Influential Companies of 2024’ emphasizes their substantial contributions to the global economy and their respective industries. Tata Group continues to influence India’s economic landscape with its diverse business portfolio, while SII’s commitment to vaccine accessibility has had a notable impact on global health.