Velayan Subbiah, executive vice chairman, Tube Investments of India (TII) and chairman, Cholamandalam (Chola) Investment and Finance Ltd, was named the EY World Entrepreneur of the Year™ 2024 at a ceremony held at the Salle des Etoiles in Monaco. Velayan was selected from nearly 5,000 program participants, including 51 winners from 47 countries and regions, competing for the global title. He is the fourth Indian winner in the award’s 24-year history.
Velayan is a transformational business leader with ambitions to change the trajectory of countries, companies and people. Having started his career as an engineer and strategy consultant, he shifted to entrepreneurship nearly 15 years ago when he took over the leadership of his family business. Velayan first successfully steered Chola through the global recession and the aftermath of a troubled partnership, eventually becoming the company’s Chairman and growing its market capitalization 60-fold during his tenure.
Beginning in 2018, he assumed the leadership of TII, a 70-year-old manufacturing company, and initiated a business-wide transformation through investment reallocation and acquisitions. Since taking over, he has grown TII’s share price 13x. TII subsidiary CG Power has just begun construction of India’s first outsourced semiconductor and test facility. In addition to achieving significant business success, Velayan has remained unwavering in his commitment to sustainability and community welfare, propelling the company towards significant environmental and social milestones and driving efforts to set new standards in corporate responsibility.
Carmine Di Sibio, EY Global Chairman and CEO, said:
“Velayan exemplifies all the qualities you need in an entrepreneur. While the businesses he has led have seen impressive growth, his story goes beyond the numbers. His humble and personable leadership style and philosophy of empowering others to start a better life epitomize the essence of the EY World Entrepreneur Of The Year award. He has also demonstrated an outstanding track record of giving back through education scholarships, health innovations and environmental activism. Congratulations to Velayan on this worthy global award.”
Velayan Subbiah, Executive Vice Chairman, Tube Investments of India (TII) and Chairman, Cholamandalam (Chola) Investment and Finance Ltd, said:
“I am incredibly honoured and grateful to be named EY World Entrepreneur of the Year. As part of a fourth-generation family business, the entrepreneurial spirit is deeply ingrained in me and I continue to be inspired by those who came before me and those who followed me alike. I firmly believe that there is no limit to what you can achieve if you see challenges as opportunities and embark on a path of self-improvement. I would like to thank my incredible colleagues who made it all possible. I look forward to building on the legacy of previous winners of this great award by continuing to uplift others through their entrepreneurial journey.”
To celebrate the achievements of visionary leaders who answer the call to transform industries, grow economies and address global challenges, the EY organization hosts its annual World Entrepreneur of the Year event. The annual gathering brings together founders, CEOs and business leaders for a series of networking opportunities and workshops, culminating in the announcement of the winners.
The EY World Entrepreneur of the Year 2024 was selected by an independent panel of judges based on four criteria: entrepreneurial spirit, purpose, growth and impact. This year’s judging panel included a diverse and respected group of entrepreneurs from around the world and was chaired for the second year in a row by Hernan Kazah, co-founder and managing partner at Kaszek Ventures.
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