Vellayan Subbiah Won EY World Entrepreneur of the Year Award

In a glittering ceremony at Monaco's Salle des Etoiles, Indian entrepreneur Vellayan Subbiah was crowned the EY World Entrepreneur of the Year 2024 Award. This prestigious accolade not only celebrates Subbiah's remarkable achievements but also underscores India's growing influence in the global business landscape. Let's delve into Subbiah's journey, the significance of his win, and the broader impact on Indian entrepreneurship.

Vellayan Subbiah: A Journey of Transformative Leadership

Vellayan Subbiah's entrepreneurial journey is a testament to visionary leadership and strategic acumen. Currently serving as the Executive Vice Chairman of Tube Investments of India (TII) and the Chairman of Cholamandalam (Chola) Investment and Finance Limited, Subbiah has steered both companies through challenging waters towards phenomenal success.

His leadership at Chola during the global recession was pivotal. Despite the economic downturn, Subbiah's strategies not only kept the company afloat but also propelled it towards substantial growth. This resilience and growth mindset are hallmarks of his leadership style.

In 2018, Subbiah took on another challenge by assuming leadership of the ailing Tube Investments of India (TII). His transformative approach revamped TII's entire business model, turning a struggling company into a healthy, profitable enterprise. Under his guidance, TII's subsidiary, CG Power, embarked on a groundbreaking project: building India's first outsourced semiconductor and test facility. This initiative not only boosts TII's portfolio but also contributes to India's technological advancement.

Subbiah's background - an engineering degree from IIT Madras and an MBA from the University of Michigan, coupled with experience at global firms like McKinsey and Company and the Indian company Sundram Fasteners - has equipped him with a unique blend of technical knowledge, strategic thinking, and global perspective.

The EY Award: A Global Recognition

The EY World Entrepreneur of the Year award is a globally recognized accolade that celebrates visionary leaders who transform industries, grow economies, and address global challenges. Subbiah's win in 2024 is particularly noteworthy as he was chosen from among 51 winners across 47 countries where EY operates.

The selection process is rigorous. An independent panel of judges evaluates candidates based on four criteria: entrepreneurial spirit, growth, purpose, and impact. Subbiah's transformative leadership, customer-centric approach, and commitment to long-term sustainability clearly resonated with the judges.

Upon receiving the award, Subbiah expressed deep gratitude and acknowledged the entrepreneurial spirit instilled in him by previous generations. His humility was evident as he dedicated the award to the teams at TII and Chola, emphasizing the collective effort behind his success.

Rajiv Memani, Chairman and CEO at EY India, commended Subbiah's ability to scale and transform businesses while prioritizing customer needs. Carmine Di Sibio, EY Global Chairman and CEO, further lauded Subbiah's leadership style, particularly his humility and dedication to improving lives.

India's Growing Global Entrepreneurial Footprint

Subbiah's win is not just a personal triumph; it's a significant milestone for Indian entrepreneurship. He becomes the fourth Indian to win this prestigious award in its 24-year history, joining an illustrious group that includes NR Narayana Murthy of Infosys, Uday Kotak of Kotak Finance, and Kiran Mazumdar Shaw of Biocon Limited.

This consistent recognition of Indian entrepreneurs on the global stage speaks volumes about India's growing influence in the business world. It reflects the country's vibrant startup ecosystem, its ability to produce world-class leaders, and its commitment to sustainable and innovative business practices.

Moreover, Subbiah's win highlights the diversity of India's entrepreneurial prowess. While previous winners came from IT, finance, and biotech, Subbiah's background in traditional manufacturing and finance sectors shows that Indian entrepreneurial excellence spans across industries.