37 companies in 2021 Burgundy Private Hurun India 500 hails from Gujarat

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  • The cumulative value of companies from Gujarat stands at INR 15.3 lakh crore
  • Big 3: With a value of INR 2.1 lakh crore, Adani Transmission is Gujarat’s most valuable company, followed by Adani Green Energy with INR 1.9 lakh crore and Adani Enterprises with INR 1.7 lakh crore
  • 14 companies doubled in value and 3 companies rose by INR 1 lakh crore from Gujarat in 2021 Burgundy Private Hurun India 500 List
  • Healthcare led the way with 8 companies, followed by Chemicals and Energy with 7 and 5 entrants respectively
  • Total sales of companies from Gujarat in the 2021 Burgundy Private Hurun India 500 List cumulated to INR 3.1 lakh crore, equivalent to 19% of state’s GSDP
  • The 2021 Burgundy Private Hurun India 500 companies from Gujarat employ 2.3 lakh people in total, with an average of 6,100 employees
  • The average age of companies from Gujarat in this list is 36 years, i.e., founded in 1985

December 9, Ahmedabad:  Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched the first edition of the ‘2021 Burgundy Private Hurun India 500’, a list of the 500 most valuable companies in India. These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. Hurun Report India and Burgundy Private launched a further analysis of most valuable non-state-controlled companies from Gujarat in the 2021 Burgundy Private Hurun India 500 List. The cut-off date to arrive at this list was 30th October 2021. This list refers to companies headquartered in India only; state-owned companies and subsidiaries of foreign companies are not included.

Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said: “Burgundy Private is delighted to partner with Hurun India in celebrating India’s 500 most valuable companies. We salute the leadership of these companies who have ably steered their businesses through the ravages of the pandemic, adopting new ways of serving their customers and emerging as winners. As India’s leading wealth management franchise, Burgundy Private has witnessed this value creation from close quarters.

The total value of the 2021 Burgundy Private Hurun India 500 companies is close to INR 228 lakh crore (US$3tn), which is higher than India’s GDP for FY21. The top line of these 500 companies is equivalent to 29% of India’s GDP and they employ up to 1.5% of the total workforce of the country. What is most heartening is that nearly 10% of these companies are younger than 10 years, representing India’s vibrant tech ecosystem. We believe that India’s new economy companies will witness greater representation in this list in the times to come. Axis Bank has been a partner to many names that find a mention in this report, and through our integrated ‘One Axis’ approach, we look forward to working closely with them as they achieve greater milestones in their journey ahead.”

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said:

“Hurun India is delighted to partner with Burgundy Private, Axis Bank’s Private Banking Business to release the 2021 Burgundy Private Hurun India 500. The 2021 Burgundy Private Hurun India 500 is a sanguine representation of the evolution of the economy. Led by Adani Green, Gujarat has cemented its position as one of the key contributors towards India’s achievement of the RE targets to battle climate change. Gujarat, indexed as one of the most preferred states for ease of doing business with industrial policy offering lucrative incentives and concessions has also emerged as a nurturer for allied industries such as construction, engineering and chemical, and healthcare”


The 2021 Burgundy Private Hurun India 500 is a list of the 500 most valuable companies that are headquartered in India. Government/ State-owned companies and subsidiaries of foreign companies are excluded. Although the cut-off date for the list is 30th October 2021, we have taken an exception for Paytm, Nykaa, Policybazaar, Sapphire Foods India, Latent View Analytics and Go Fashion for which we have considered the closing market cap of the listing day. The aforementioned companies were in the process of going public/ getting listed during the cut-off date.

Valuing private companies is as much an art as it is a science. Surely, Hurun India may have missed some

companies, but our endeavor is to develop the most comprehensive report of its kind with an objective to

identify and acknowledge India’s top businesses. Hurun Report’s team of researchers have traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and other sources of publicly available data.

For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents

using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, EV to EBITDA. Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. In certain cases of early- stage companies, Hurun used the First Chicago Method for valuation. Financial information used is from the latest available annual reports or audited financial statements.

To view the detailed 2021 ‘Burgundy Private Hurun India 500’ report, please click here

About Axis Bank:

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,679 domestic branches (including extension counters) and 10,970 ATMs across the country as on 30th September 2021, the network of Axis Bank spreads across 2,658 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation. 

For further information on Axis Bank, please refer to the website: https://www.axisbank.com 

About Burgundy Private – Private Banking by Axis Bank

Burgundy Private, Axis Bank’s private banking business, is one of the fastest growing wealth managers in India, managing client assets of over USD 10bn. With access to considerable resources of the Axis Group, Burgundy Private provides bespoke wealth management services along with the power and stability of a leading bank to its private clients.

Headquartered in Mumbai, with a 200 strong team, Burgundy Private manages the wealth of more than 3,000 illustrious families across 27 locations in India. The clientele comprises of some of the most distinguished families in the country, including 25% of India’s top 100 families in terms of their net-worth.

Burgundy Private brings to its clients a comprehensive platform that provides tailored services across wealth management, investment advisory, family-office solutions, personal & corporate banking, family governance & succession-planning and tax advisory.

Burgundy Private offers Investment Advisory and Family Office Services through Axis Securities Limited.

For more information, please visit www.burgundyprivate.com

About the Hurun Report     

Hurun Report is a leading research, luxury publishing and events group established in London in 1998 with presence in India, China, France, UK, USA, Australia, Japan, Canada and Luxembourg. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.

Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage venture capital fund with investments into tech, media, retail and education.

About Hurun India

“Promoting Entrepreneurship Through Lists and Research”

Hurun India was launched in 2012, under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University and the duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been in the pursuit to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy.

The Five core pillars of Hurun India are:

  1. Wealth CreationWe celebrate transparent wealth creation by bringing to light success stories of some of the most amazing entrepreneurs through Hurun Rich Lists.
  • Hurun India Rich List is a ranking of individuals with a net worth of INR 1,000 Crore+ and has grown to become the most comprehensive rich list from India. Over the last decade, the list grew from 100 individuals from 10 cities to 1,007 richest Indians, from 76 cities.
  • Hurun Leading Wealthy Women List is the ranking of the richest self-made women in India
  • Hurun Real Estate Rich List ranks the most successful Real Estate entrepreneurs in the country. 
  • Hurun India Wealth Report is the most detailed Hurun study on the wealth      distribution landscape in India.

  1. Value Creation – Under this pillar, Hurun celebrates the success stories of some of the most respected Indian companies through Hurun India 500– a ranking of most valuable non-state-controlled companies and emerging companies and investors that make the future look bright for India through the Hurun India Unicorn Index, Gazelle List, Cheetah List, and Top Investors List.

  2. Sustainability and Philanthropy Hurun India Philanthropy List, which is on the 6th year anniversary, ranks India’s most generous entrepreneurs. Hurun India Impact 50 list ranks India’s most sustainable companies based on their alignment with the UN’s Sustainable Development Goals.

  3. Art – In 2019, the Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. Through the art list, our endeavor is to encourage individuals to collect Indian art.

  4. Lifestyle and LuxuryThe Hurun Luxury Consumer Survey debuted in 2019 to encourage an understanding about lifestyle and brand preferences of ultra-high net worth individuals, while curating a survey to help them explain their spending habits.

Globally, the Hurun brand registers an estimated 8 billion views, 50% YoY growth, on the back of lists and research reports.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2021, a ranking of the 3,228 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the tenth India Rich List which ranks the 1,007 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.

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