Monaco, June 7, 2024 – Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Co. Ltd., was honored as the EY World Entrepreneur Of The Year™ 2024 at a prestigious award ceremony held in Monaco’s Salle des Etoiles. Vellayan was selected from nearly 5,000 program participants, including 51 winners from 47 countries and jurisdictions, making him the fourth winner from India in the award’s 24-year history.
Vellayan Subbiah is recognized for his transformative leadership and his commitment to changing the trajectory of his country, companies, and people. His professional journey began as an engineer and strategic consultant, eventually leading to entrepreneurial roles in his family’s business. Over the past 15 years, Vellayan has successfully navigated Chola through challenging times and grown its market capitalization 60x during his tenure as Chairman. Since 2018, he has led TII, transforming the business through strategic investments and acquisitions, resulting in a 13x increase in TII’s share price. Under his leadership, TII’s subsidiary, CG Power, has initiated the development of India’s first outsourced semiconductor and test facility.
Vellayan’s commitment to sustainability and community welfare has propelled his companies towards significant environmental and social milestones, setting new standards for corporate responsibility.
“Vellayan possesses all of the qualities one looks for in an entrepreneur. The impressive growth of the businesses he’s led have been remarkable, but his story goes far beyond numbers. His humble and personable approach to leadership and his philosophy of enabling others to ‘enter a better life’ are the embodiment of what it means to be EY World Entrepreneur Of The Year. He also has an exemplary track record on giving back through education scholarships, health innovations, and environmental stewardship. Congratulations to Vellayan, a truly deserving world winner.”
Carmine Di Sibio, EY Global Chairman and CEO
“I am deeply honored and grateful to be recognized as the EY World Entrepreneur Of The Year. As part of a fourth-generation family business, the spirit of entrepreneurship runs deep within me, and I continue to be equally inspired by those who came before and those who follow. I’m steadfast in my belief that by approaching challenges as opportunities and committing ourselves to a path of self-improvement, there’s no limit to what we can achieve. Thanks to my incredible colleagues who have made it all possible, and I hope to further the legacy of past winners of this great award by continuing to elevate others along the way throughout my entrepreneurial journey.”
Vellayan Subbiah
The EY organization hosts the annual World Entrepreneur of the Year event to celebrate the accomplishments of visionary leaders who are transforming industries, growing the economy, and addressing global challenges. The event brings together founders, CEOs, and business leaders for networking opportunities and workshops, culminating in the announcement of the winner.
The EY World Entrepreneur of the Year 2024 was chosen by an independent panel of judges based on entrepreneurial spirit, purpose, growth, and impact. This year’s panel included a diverse and esteemed group of entrepreneurs from around the world, chaired for the second consecutive year by Hernan Kazah, Co-founder and Managing Partner, Kaszek Ventures.
EY exists to build a better working world, helping to create long-term value for clients, people, and society, and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate. Working across assurance, consulting, law, strategy, tax, and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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