Two Indian corporate entities- Tata Group and the Serum Institute of India (SII) - have found place in Time magazine's prestigious list of the 'World's Most Influential Companies of 2024'.
While Tata Group made it to the elite 'Titans' category, the Serum Institute, headquartered in Pune, found a place in the 'Pioneers' section.
Having its origin dating back to 1868, the Tata Group has come to be known as a pillar in India's economic landscape, the group's portfolio includes steel, software, and watches to subsea cables, chemicals, and hospitality, to name a few. But of late, the flagging conglomerate was struggling to stay ahead of the game in a highly competitive market.
In a significant shift from traditional family management, N. Chandrasekaran assumed the role of Chairman of Tata Group in 2017, marking a departure from India's prevalent family succession norms.
Under him, the group underwent a significant change, investing heavily in hi-tech manufacturing, artificial intelligence, and semiconductor chips.
The technological innovation of the group was evident when in 2023, it became the first Indian company to commence iPhone assembly, with plans to expand. Furthermore, with a partnership with Nvidia to create an AI cloud in India, Tata is making strides toward pioneering advancements in the tech domain.
The collective market capitalization for Tata Group soared to a staggering $365 billion in February, crossing the whole GDP of its neighboring rival, Pakistan, symbolic of its strong growth trajectory and market leadership.
In another story, as the world's largest vaccine manufacturer, Serum Institute has played a pivotal role in churning out billions of doses every year against certain critical health challenges, including measles, polio, and the recent addition of HPV vaccines to its kitty.
Adar Poonawalla, the Chief Executive Officer of Serum Institute, told Time Magazine that the reason behind this success was that it was a private company. Adar underlined that the institute is committed to widespread accessibility of vaccines rather than maximizing the profit margin of the vaccine. Interestingly, the institute was supplying 90% of the vaccine requirement in India before reaching international markets.
Though it suffered some setbacks in its way forward, like ceasing Covid-19 vaccine production by the end of 2021 and scrapping approximately 210 million doses of surplus vaccine in 2022, Serum Institute is still one of the mainstays of healthcare efforts globally, personifying resilience and innovation amidst challenges.
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