It was a remarkable year for Indian business. Safe to say, it had its fair share of ups and downs. Some companies made headlines for all the wrong reasons (DLF), while others won praise for their accomplishments (Flipkart).
Some companies faced the end of an era (Infosys), while others basked in the promise of a new one ahead (the Tata group). It was also a year in which some companies became rising stars (Cognizant), while others plumbed to new lows (Maruti Suzuki).
Here’s a look back at some of the more memorable business newsmakers of 2011.
Tata Group: It arguably made the most anticipated corporate announcement of 2011. India’s largest business conglomerate finally named a successor to chairman Ratan Tata. His name: Cyrus Mistry, the 43 year-old son of Pallonji Mistry, whose company Shapoorji Pallonji is the largest shareholder in Tata Sons. Tata Sons is the holding company of the $80 billion business group. Mistry, former managing director of Shapoorji Pallonji, will spend a year training for the top job under Ratan Tata, and is expected to take over as chairman in December 2012.
Infosys: One of India’s highly respected IT companies saw the end of an era when co-founder Narayana Murthy stepped down in late August. Murthy co-founded Infosys with six engineers in 1981 by borrowing Rs 10,000 from wife Sudha.
Today, the company boasts a market capitalisation of Rs 1,53,000 crore. Famous for his sense of integrity and honesty, Murthy continues to remain Chairman Emeritus at Infosys. K V Kamath, former ICICI Bank chairman, replaced Murthy as chairman, while S D Shibulal was appointed chief executive officer and managing director.
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