Understanding Strategy Through India’s Business Groups at ISB

I had always wondered how India’s largest conglomerates such as Tata, Reliance, and Adani manage their complex portfolios, balance family ownership with professional governance, and scale across industries and geographies. 

Choosing Strategy and Governance in Business Groups during my PGP at ISB was an instinctive decision fuelled exactly by this curiosity.

The course sat perfectly within my Strategy and Leadership focus and promised a structured look at how these giants think and operate.

Inside the Classroom

The learning came alive because of Professor Nirmalya Kumar, whose experience on the board of the Tata Group gave us a rare insiders’ view. Instead of restricting the class to theory, he walked us through leadership transitions, family dynamics, and strategic dilemmas involving Ratan Tata and Cyrus Mistry. His stories illuminated how multi-billion-dollar decisions are made, and how judgement, personality, and governance shape the outcomes we later read about in headlines.

The curriculum itself explored the strategic logic behind business groups, the drivers of diversification, and the realities of expanding globally. We examined how conglomerates respond to the challenges of scale, regulation, and succession, and how family influence can either strengthen or strain long-term strategic clarity. Each session connected seamlessly to cases and discussions, which made even complex structures feel relatable and relevant.

What We Learnt

Through the week, we analysed how conglomerates grow through innovation or acquisitions and how they build a parenting advantage that enables subsidiaries to thrive. The readings, especially Porter’s Note on Diversification as a Strategy and Why Conglomerates Thrive (Outside the U.S.), helped explain why Indian business groups continue to flourish in emerging markets while similar models struggle in developed economies.

Our group project required us to assess an Indian business group through the lens of a decade: its performance, diversification pattern, governance structure, and global footprint. Another assignment centred on the Dabur India case, showing how a family-led firm professionalised its leadership while maintaining its core identity. These exercises helped us reflect on the balance between control and professional management and why that balance determines resilience.

A New View of Strategy

By the end of the course, my understanding of strategy had shifted completely. I realised that strategy is not a fixed document but an evolving process of judgement, adaptation, and governance. Leading a large conglomerate demands financial skill, emotional intelligence, and the ability to make decisions that respect both organisational complexity and family legacy.

Strategy and Governance in Business Groups became one of the most enriching parts of my ISB journey. It sharpened my analytical ability, deepened my understanding of leadership, and strengthened my appreciation for the unique architecture of Indian business groups.

Synopsis

Darshil Shah reflects on his experience taking Strategy and Governance in Business Groups at ISB, a course taught by Professor Nirmalya Kumar. Through real-world insights, case studies, and group projects, he gained a deeper understanding of diversification, governance, succession, and strategic judgement within India’s largest conglomerates. The course reshaped his view of strategy as a continuous, adaptive process.