The ICFAI University here and Parampara Family Business Institute (PFBI), Bengaluru, a GMR social initiative, today signed an MoU for academic collaboration with the objective of cooperating in the areas of research, conferences, workshops, case studies, and other academic activities related to family business. The Mou was inked on the occasion of sixth foundation lecture at the ICFAI University, it said in a statement. Delivering the lecture on 'creating an institution in perpetuity, G M 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," the statement quoted him as saying. 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 lakh to a USD 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. Rao further talked about the values like humility, team work, respect for individuals, delivering promises, emotional quotient and spirituality that have guided the journey of GMR Group over the years. He also narrated how the group moved through various stages in the Corporate Life Cycle.
He explained how people, processes, technology and governance have been the four pillars that helped GMR in its journey and how the group went about creating a family business constitution. 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 PFBI to disseminate the experience and knowledge of the group amongst other family run businesses.