Hinduja Chairman Dies At 87

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Hinduja Chairman dies at 87 on 17th May, 2023: SP Hinduja(Srichand Parmanand Hinduja), the eldest of the four Hinduja brothers and the Chairman of Hinduja Group, passed away in London on Wednesday at the age of 87.

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A Family’s Regretful Announcement at Hinduja Chairman’s Death

“Gopichand, Prakash, Ashok, and the entire Hinduja family, with heavy hearts, regret to announce the passing away of our family patriarch and Chairman of Hinduja Group, Mr. S P Hinduja today,” expressed a spokesperson for the family.

A Battle with Dementia

According to reports, the enigmatic patriarch of the Hinduja clan had been suffering from dementia.

A Legacy in the Business World

Srichand P Hinduja, also known as S.P., joined his family business in the early 1950s after completing his education. Alongside his brothers, Gopichand, Prakash, and Ashok Hinduja, he played a pivotal role in the diversification and expansion of the Hinduja Group.

Championing the Free Market

SP’s belief in the power of a free market economy to foster tolerance and understanding among people and cultures was shaped by years of business experience in both free and protected economies across Asia, the Middle East, Europe, and the Americas. He firmly believed that such an economy could bring immense benefits to mankind.

The Visionary behind IndusInd Bank

As a leading Non-Residential Indian (NRI) businessman and the head of Hinduja Group, SP conceived the vision for IndusInd Bank, which became India’s first new-generation private bank. Through the collective contributions of the NRI community, he brought the bank into existence, contributing to India’s economic and social development.

Survived by Two Daughters

SP is survived by his two daughters, Shanu and Vinoo.

A Controversial Chapter

The Hinduja family patriarch and his brothers, Gopichand and Prakash, were once accused of receiving nearly SEK 81 million in illegal commissions to assist Swedish gunmaker AB Bofors in securing an Indian government contract. However, a court had exonerated them of these allegations.

A Global Business Empire

The Hinduja family’s business empire spans various sectors, including banking, chemicals, and healthcare. With approximately 200,000 employees worldwide, they hold a prominent position in the business world. In the year 2022, Srichand, Gopichand, and the entire Hinduja family claimed the pinnacle of The Sunday Times UK Rich List, boasting a staggering net worth surpassing 28 billion pounds ($33 billion).

(With inputs from Agencies)