The Indian business community mourns the loss of Arunachalam Vellayan, the former chairman of Murugappa Group and Chairman Emeritus of Coromandel International, who passed away in Chennai on Monday after battling a prolonged illness. He was 72 years old.
A Legacy of Strategic Leadership
Vellayan, a fourth-generation member of the prominent business family and great-grandson of founder Dewan Bahadur Murugappa Chettiar, leaves behind his wife Lalitha Vellayan, sons Arun and Narayanan, and grandchildren. Across corporate India, leaders and colleagues remembered him for his exceptional strategic clarity, institution-building capabilities, and personal warmth that defined his leadership style.
During his tenure as executive chairman beginning November 2009 at age 56, Vellayan orchestrated a period of remarkable growth and organizational strengthening that transformed Murugappa into one of India's most respected business conglomerates. Known for his calm authority and long-term perspective, he brought what many described as a "strategic lens rare even among business leaders."
Transformative Growth and Business Acumen
Under Vellayan's leadership from 2009 to 2018, the Murugappa Group witnessed unprecedented expansion. Group revenues doubled from ₹15,907 crore in 2008-2009 to ₹30,023 crore in 2016-2017, while EBITDA surged from approximately ₹1,500 crore to ₹4,000 crore. The Group's market capitalization experienced a six-fold increase, reaching ₹70,000 crore by January 2018.
Venu Srinivasan, chairman emeritus of TVS Motor Company who knew Vellayan for over six decades, highlighted his exceptional business understanding. "He had a high level of business acumen and a strong grasp of international trade and economics," Srinivasan noted. "He was an institution builder and a tall leader of my generation. It is a personal loss and an irreparable one for the Indian industry."
Vellayan's strategic discipline was evident in the Group's decision to shelve its payments bank venture despite receiving RBI approval in 2015. Recognizing the shifting landscape toward capital-intensive operations dominated by telecom and e-commerce giants, he redirected focus to Murugappa's strong financial services portfolio—a move that exemplified his long-term, disciplined approach.
Building People and Institutions
Perhaps Vellayan's most enduring legacy was his exceptional talent for identifying and nurturing leadership potential. L Ramkumar, former MD of Tube Investments of India, recalled how "He identified potential in many of us, often before we recognized it. He gave freedom and support and then expected results. Because he trusted us, we delivered."
Several prominent leaders including S S Gopalarathnam, N Srinivasan, and K E Ranganathan flourished under his mentorship. In retired colleagues' groups, the overwhelming sentiment echoed: 'Many of us owe where we are today to him.'
Despite his stature, Vellayan remained remarkably accessible and humble. Ranganathan, who worked closely with him at Parryware, shared touching anecdotes about his leader's humility. "He would accompany me to the market, even to small shops. When offered tea or water, he never refused. 'If I say no, they will feel hurt', he told me."
His approach to leadership combined genuine empowerment with thoughtful guidance. "Many promoters claim to give freedom, but with him, it was real," Ranganathan emphasized. "I could act and inform him later. He would ask, 'Have you seen it from this angle'."
Vellayan's commitment to governance was equally strong. He insisted that every decision pass through proper channels, emphasizing "Nothing random" as a guiding principle that defined his leadership style.
An alumnus of Doon School with degrees from Shri Ram College of Commerce, Aston University, and Warwick Business School, Vellayan held leadership positions in numerous industry bodies including the Fertiliser Association of India and the All India Cycle Manufacturers' Association. His contributions earned him honorary doctorates from Aston University and Tamil Nadu Agricultural University.
Arunachalam Vellayan (January 9, 1953 - November 17, 2025) will be remembered as a leader who masterfully combined strategic vision with genuine empathy—a rare combination that built not just businesses, but people and institutions that will continue to shape Indian industry for generations to come.
