Masterclass: Strategic Capital Allocation Frameworks Used by Top Indian Conglomerates

Over a decade, what a group does with its capital matters more than any single operating decision. This masterclass is for CFOs, corporate development heads, senior finance and strategy leaders, and founders before or after an IPO who sit in the room where those decisions are made. It starts with the arithmetic of value creation (return on capital against cost of capital) and how the market prices Indian business groups, then opens up group architecture: holding companies, listed subsidiaries, internal capital markets and group leverage. It studies the frameworks real Indian conglomerates have used, including Mahindra's return hurdles and exits, Reliance's stake sales to fund Jio and Retail, Tata Sons' pruning and consolidation, and the contrasting cash policies of Bajaj and ITC. It then covers capex gating, acquisitions against organic build, demergers and divestments, dividends and buybacks under current Indian tax rules, and the funding mix. It closes with a capital allocation policy, a portfolio scoring matrix and a five year group capital plan you can take to your own board. Educational content only.