Exploring Transgenerational Entrepreneurship in Family Firms
Edited by Kevin Au, Justin B. Craig and K. Ramachandran
Kavil Ramachandran, John Ward, Sachin Waiker and Rachna Jha 11.1 INTRODUCTION With the opening up of the economy in 1991, India emerged as one of the fastest growing economies in the world. Acknowledging the need for a sound infrastructure base to support this rapid pace of socio-economic growth, the government of India initiated several policy measures to promote investments in the infrastructure industry, among which encouraging public-private partnerships for infrastructure development was one. Grabbing this opportunity to deliver sustainable development through public-private partnerships, the GMR Group made a foray into the infrastructure business in 2000. Within a span of nine years, the Group successfully positioned itself as one of the leading infrastructure companies in the country, with interests in airports, energy, highways and urban infrastructure. Named after its founder and the current Chairman, G.M. Rao, the GMR Group was built upon the entrepreneurial energy of two generations. Starting from a very small trading base, the Group went global through the infrastructure route and started institutionalizing entrepreneurship in the family and business. The family and business also adopted and practiced good governance principles. 11.2 BACKGROUND The Company The GMR case underlines the need to have proactive approaches to sustain entrepreneurship in the family. Entrepreneurship flourishes when 164 M2725 - AU TEXT.indd 164 24/08/2011 10:06 GMR Group: a case of serial entrepreneurship 165 a favorable environment is created both in the family and the business. Among the multiple models of family entrepreneurship possible, the GMR Group followed a model whereby family...
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