India family offices: business houses and succession

How do Indian business houses hold family wealth?

Economic liberalisation began in India in 1991, with lower tariffs and interest rates and an end to many public monopolies, and families grew large groups in the decades that followed. As of 2025 India ranks third in the world in total number of billionaires (Wikipedia, Economy of India).

Most business houses combine several companies under family control, with branches that have their own interests. A family office for such a house must serve the group, the branches and the households at once. It starts by drawing the map, with the help of the group finance team: who owns which company, who sits on which board and who holds which personal assets.

What is a Hindu Undivided Family, and why does it matter for family wealth?

A Hindu Undivided Family, or HUF, is a legal form tied to Hindu family law. It is treated as a person under section 2(31) of the Income-tax Act, 1961, and it is a separate entity for assessment (Wikipedia, Hindu Undivided Family). Family income goes into a common pool that meets the needs of the members.

The HUF matters because it holds property and income for a family group as a unit, and members’ deaths do not end its legal existence. Advisers in India explain how it applies to your case. A family office tracks which assets sit in the HUF, which sit with individuals and which sit in companies. That record helps the family see the whole picture before any change.

Who leads an Indian family, and how is the role changing?

The head of a Hindu Undivided Family is the karta, who makes decisions on economic and social matters for the family. The other members are called coparceners. For a long time the karta was the eldest man. A 2016 Delhi High Court ruling held that the eldest female member of a Hindu Undivided Family can be its karta (Wikipedia, Hindu Undivided Family).

The role is changing, and the next generation often expects a say. Write down how decisions are made: who proposes, who approves and how the family records the outcome. Clear roles help a business house keep its pace when the founder’s generation hands over to younger relatives. Involve the younger relatives in the writing, so they own the rules.

How do Indian business houses manage branches and family splits?

As a family grows, branches form around siblings and cousins, and each branch may want its own businesses, its own investments and its own rules. A split can follow in an orderly way when the family agrees on principles in advance: how assets are valued, who receives which company and how debts are shared.

Research on family firms offers the three-circles model of family, ownership and management, which separates the roles that people hold (Wikipedia, Family business). Drawing the circles for each branch shows who owns, who manages and who simply belongs to the family, and it makes a respectful separation easier to design. Agree the principles when relations are warm, and keep the valuation to an independent expert.

How can an Indian business family plan succession step by step?

Parallel planning addresses 5 overlapping issues: capital, control, careers, conflict and culture (Wikipedia, Family business). Capital asks who funds the group and who receives value. Control asks who decides. Careers asks who works in the group. Conflict asks how disputes end. Culture asks what the family stands for.

Planned succession leaves both the incumbent and the successor more satisfied, and power usually shifts gradually over several years. Name the successor and a backup, set milestones for the handover and review the plan every year. A genogram, an enhanced family tree, reveals patterns across generations. Advisers in law, finance and conflict resolution each bring a different skill, and the family office coordinates them.

Why do some Indian families look at Singapore for a family office?

Some Indian business families hold part of their wealth abroad for diversification, for access to funds and for heirs who live overseas. Singapore offers banks, trustees and fund managers who work in English across Asia, and a legal system that families and advisers know well. Heirs who study or work in Singapore often make the hub a natural meeting point for the family. The operating group usually stays in India.

A family office can coordinate Indian advisers with those in the hub, collect reports in one place and track currency exposure across USD, SGD, HKD and JPY (EQOS Asia private page, 2026). Each country keeps its own rules, so every cross-border step needs confirmation from licensed advisers on both sides.

How can an Indian business family start planning with a family office?

Start with 3 lists: assets by country, heirs by city and advisers by role. Add the group, with companies, owners and directors. Mark which assets sit in the HUF, which sit with individuals and which sit in companies. Hold one family meeting to share the goals and invite each branch to speak. Record the points of agreement first, then the open questions.

A free 30-minute pre-diagnostic with EQOS Asia helps you place your case (EQOS Asia private page, 2026). This page is general information, not legal, tax or investment advice, as of October 2026. Confirm every legal and tax point with advisers licensed in India and in any other country where your family holds assets.

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About the author

Stéphane Jambu

President, EQOS Forecast Asia

Stéphane Jambu leads EQOS Forecast Asia and works as a consultant in e-commerce, search visibility, and AI. LinkedIn profile