The contemporary Indian tycoon is supposedly a decadent sort; swanning about in luxury boats and skyscrapers with Bollywood stars while living off inherited empires built on political connections that churn out cash. Yet for all the visible swagger, Indian business is in reality a fierce Darwinian struggle, especially for those just below the top tier. An example is Murugappa Group, which ranks about 20th among Indian family groups by sales and has been flirting with the big league for about a century. It is unusual in a number of ways. It doesn't do ostentation. "I wouldn't want to drive around in a Ferrari," says A. Vellayan, its boss.
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