ICFAI signs MoU with GMR Group

On the occasion of sixth foundation day lecture at the ICFAI University on February 4, the ICFAI University signed a Memorandum of Understanding (MoU) for academic collaboration with Parampara Family Business Institute (PFBI), Bangalore, a GMR Social Initiative. Under this MoU, the objective would be to cooperate in the areas of research, conferences, workshops, case studies, and other academic activities related to family business.

The chief guest, GM Rao, founder and chairman of GMR Group said, “India has tremendous entrepreneurial talent but only two private groups in the country feature in the list of Global Fortune 500 companies. One of the main reasons for this is the family disputes and conflicts, which prevent Indian families from sticking together and becoming successful global businesses.

In contrast in the US and Europe big corporates are run by family groups and it is common to find centuries old Family Businesses running successfully,” He was delivering the Sixth Foundation Day Lecture on ‘Creating an Institution in Perpetuity’ at the ICFAI University.

GM Rao traced his 40 year journey as an entrepreneur and leading the GMR Group and how he developed the group with an initial investment of Rs. 3 lacs to a US$ 10 billion conglomerate. He narrated his journey illustrating several examples of how he faced tremendous challenges and converted them into opportunities through positive attitude, can-do spirit and self belief.

Addressing the students, he said, they need more than just talent to face the present day uncertainties and unpredictability. They have to cultivate positive attitude and strong self belief to emerge successful. He then explained how GMR has created Parampara Family Business Institute (PFBI), a social initiative of the group, to disseminate the experience and knowledge of the group amongst other family run businesses.