Tuesday, June 13, 2023

Srichand Parmanand, the head of the Hinduja Group, dies at age 87

Srichand Parmanand Hinduja, a British industrialist born in India who, along with his younger brothers, built the family's trading business into a conglomerate that included real estate, banking, automotive, healthcare, and healthcare services, passed away on Wednesday. He was 87.

Dementia and other health issues were plaguing him. A Hinduja Gathering representative said he had been ailing for quite a while and kicked the bucket at his home in London where he was getting clinical consideration.

He joined his father, the founder of Hinduja Group, in the business at the age of 17 and went on to become the chairman of the conglomerate. Among his friends and associates, he was known as SP. It has been reported that his brother Gopichand Hinduja, 83, will take over as chairman of the privately held company worth more than $60 billion.

Madhu, SP's wife, died four months ago at the age of 82. Shanu, Vinoo, and Dharam were their three children, all of whom passed away in 1992. In an explanation, the gathering said, "SP was a visionary... A titan among his friends... gutsy in real life and liberal on the most fundamental level".

When SP Hinduja joined the family business in 1952, his father had made Iran the center of his trading business. He would export carpets and dry fruits from Iran and import textiles and tea from India. After the Iranian revolution, SP moved the group to the UK. The Hinduja Gathering remained settled in Iran till 1979. However, when the Islamic revolution toppled the Shah and installed Ayatollah Khomeini as president, SP and his family relocated to London, which is still the headquarters of the conglomerate.

SP helped the family expand their business interests. In Switzerland, the group established Hinduja Bank, a finance company. Later, it bought Gulf Oil International and Land Rover Leyland International Holdings (UK), which owns a lot of Ashok Leyland stock. The Hinduja Group website claims that SP came up with the idea for IndusInd Bank, India's first new-generation private bank.

Previous Ashok Leyland MD R Seshasayee said, "He (SP) was a man well forward thinking and was genuinely a visionary." "He was a person who had a deep commitment to India and all the ancient values that India stands for," stated Seshasayee, who worked closely with SP for a number of years. He was a nationalist regardless of the passport he carried, and our civilizational values were deeply ingrained in his mind.

SP was described as a complete family man by Seshasayee. He was the glue that held the family together, which included the immediate family as well as the extended family and the idea of Parivar. Professionals like myself were drawn into that circle because of him."

SP, alongside his three siblings, controlled the Hinduja Gathering, which utilizes over 1.5 lakh individuals in excess of 35 nations. Be that as it may, in June 2020, a UK court recording uncovered a debate among SP and his three siblings over the responsibility for. SP's relatives looked for a division of a portion of the family resources. However, the four brothers had signed a contract in 2014 stating that each brother would appoint the others as their executors and that all of the assets would belong to them all. According to UK media reports in 2022, the brothers had decided to end the litigation after agreeing to break the agreement.

Catch Daily Highlights In Your Email

* indicates required

Post Top Ad