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Sunday, May 19, 2024

SP Hinduja who turned Hinduja Group from trading firm to multi-crore business passes away

Hinduja Group Chairman SP Hinduja passed away. The Hinduja Group was once a commodity-trading company, but he helped expand the business to other sectors. The group’s operating revenues reached between Rs. 100 cr and Rs. 500 cr during the  2022 fiscal.

Hinduja Group has informed about the death of its  Chairman, SP Hinduja, in London on Wednesday. At the age of 87, Hinduja passed away after suffering from illness for a period of time.

In 1914, Parmanand Deepchand Hinduja established the Hinduja Group, hailing from the Sindh region of British India. SP Hinduja, the eldest of the four sons of Parmanand Deepchand Hinduja, has been identified. From its humble beginnings as a commodity-trading firm, the Hinduja Group has undergone a remarkable transformation under the astute leadership of Srichand and his brothers.

Over the years, the group has diversified its business interests and ventured into various other sectors, cementing its position as a formidable player in the global business landscape. The initial triumph was achieved through the global dissemination of Bollywood movies beyond the borders of India. Following this, his business experienced growth. Srichand, a British citizen, was among the wealthiest individuals in the nation. The group has a significant business presence in India. India is home to six listed companies belonging to this group.

The Hinduja Group boasts of dozens of companies today. From truck manufacturing to banking, chemicals, power, media, and healthcare, the company’s business is vast and diverse. Ashok Leyland and IndusInd Bank are among the group companies. The Hinduja family has been named as Britain’s wealthiest family, with a net worth of $14 billion.

The group’s business operations span across 38 countries, employing over 150,000 individuals. In a statement released to the press, a representative for the Hinduja family conveyed the news of the passing of SP Hinduja, the patriarch and chairman of the Hinduja Group. The spokesperson, speaking on behalf of the entire family, including Gopichand, Prakash, and Ashok Hinduja, expressed their deep sorrow at the loss.

India’s 108-year-old company is set to expand its reach to other countries, thanks to the success of Sangam, which has transformed the company’s fortunes.
SP Hinduja, hailing from a business family in Karachi, undivided India, was born on November 28, 1935. His initial triumph in the business realm was attributed to the acquisition of the international distribution rights of the Hindi film ‘Sangam’. Following this, he collaborated with his younger brothers to produce numerous articles on their achievements.

Amidst his successful career, he was also embroiled in controversy when his name was linked to the Bofors scam. The Bofors gun purchase scandal has resurfaced with allegations against SP Hinduja and his two brothers. The trio has been accused of accepting an illegal commission of Rs 64 crore. In 2005, the Delhi High Court acquitted the three Hinduja brothers on account of insufficient evidence. Madhu, the wife of the individual in question, passed away in January of last year at the age of 82. Two daughters, Shanu and Veenu, are left to survive him.

The Hinduja business empire finds its roots in the efforts of Parmanand Deepchand Hinduja, the father of Srichand Hinduja. After gaining experience in commodity trading in the Sindh area, now part of Pakistan, he ventured to Iran to establish his own business. In 1964, a young Srichand made a significant stride in his career by successfully distributing Raj Kapoor’s Sangam in various West Asian countries.

Following a heated dispute between Indira Gandhi and the Shah of Iran regarding oil prices, the Hinduja brothers were presented with an enticing offer from the Iranian government. This offer allowed for an increase in the export of Indian products to Iran, which the brothers eagerly capitalized on. As a result, they began conducting business ventures that spanned from iron ore to various commodities.

In a display of camaraderie between India and Sri Lanka, Sri Lankan citizens are set to embark on Ashok Leyland buses. Details of the event are forthcoming.

In a diverse range of sectors, business is thriving.
In 1980, a stake in India’s truck and bus manufacturer Ashok Leyland was acquired by him. In addition, he has ventured into the oil and lubricants industry through the acquisition of Gulf Oil from Chevron Corp. In 1993, SP Hinduja made a notable entry into the banking industry with the establishment of IndusInd Bank.

Former Finance Minister Manmohan Singh was extended an invitation to attend the bank’s inauguration ceremony. In the following year, he founded SP Hinduja Bank Privé in Geneva, Switzerland, which is presently the sole Swiss bank owned by an Indian. The bank boasts branches in key global financial centers such as Zurich, London, and Dubai, offering investment advisory and wealth management services to prominent industrialists and entrepreneurs.

The Hinduja brothers have been embroiled in legal disputes over their family assets in UK courts, despite their reluctance to publicly disclose their wealth. Interestingly, this particular family has been more forthcoming about their political affiliations. With connections to notable global figures such as the former Shah of Iran, ex-US President George Bush Sr., and former UK Prime Minister Tony Blair, this story has a high-profile cast of characters.

The Hinduja brothers made a significant purchase in 2006 when they acquired a spacious 25-bedroom residence located on Carlton House Terrace Street in London. The property was reportedly sold for a staggering $58 million. The Hinduja family has expressed their condolences on the passing of SP Hinduja. In a statement, they acknowledged that SP Hinduja had lived a life that was consistent with the principles and values upon which the group was founded. He, along with his brothers, played a pivotal role in fostering strong ties between India, his motherland, and Britain, the host country.

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