Vellayan Subbiah, the executive vice-chairman of Tube Investments of India (TII), a 70-year-old manufacturing company and chairman of Cholamandalam (Chola) Investment and Finance, has been named the EY World Entrepreneur of the Year 2024.
Subbiah is the fourth winner from India in the award’s 24-year history. He was selected among nearly 5,000 programme participants including 51 winners across 47 countries and jurisdictions.
Singapore is represented by Yvon Bock, the founder of Hegen. Bock was named EY Entrepreneur of the Year 2023 Singapore (EoY).
Vellayan, who started as an engineer and subsequently as a strategic consultant, became an entrepreneur when he began taking leadership roles in the family’s business nearly 15 years ago.
He first successfully navigated Chola through the fallout of a troubled partnership amid a global recession. He then ultimately became the company’s chairman and grew its market capitalisation some 60 times during his tenure.
Vellayan took on leadership of TII in 2018 and help transform the business through investment reallocation and acquisitions. Since taking over, he’s helped TII’s share price grow by 13 times.
See also: Nominations open for EY Entrepreneur Of The Year 2024 awards in Singapore
"Vellayan possesses all of the qualities one looks for in an entrepreneur. The impressive growth of the businesses he’s led have been remarkable, but his story goes far beyond numbers. His humble and personable approach to leadership and his philosophy of enabling others to 'enter a better life' are the embodiment of what it means to be EY World Entrepreneur Of The Year. He also has an exemplary track record on giving back through education scholarships, health innovations and environmental stewardship. Congratulations to Vellayan, a truly deserving world winner,” says Carmine Di Sibio, EY Global chairman and CEO.
"I am deeply honored and grateful to be recognized as the EY World Entrepreneur Of The Year. As part of a fourth-generation family business, the spirit of entrepreneurship runs deep within me, and I continue to be equally inspired by those who came before and those who follow. I’m steadfast in my belief that by approaching challenges as opportunities and committing ourselves to a path of self-improvement, there’s no limit to what we can achieve. Thanks to my incredible colleagues who have made it all possible and I hope to further the legacy of past winners of this great award by continuing to elevate others along the way throughout my entrepreneurial journey,” adds Vellayan.
