SP Hinduja, eldest of four Hinduja brothers and Hinduja Group chairman, died in London on Wednesday. He was 87.
“Gopichand, Prakash, Ashok and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and chairman of Hinduja Group, Mr S P Hinduja today,” a spokesperson for the family said., a family spokesperson said.
The enigmatic patriarch of the Hinduja clan suffered from dementia, as per reports.
Srichand P Hinduja or S.P. as he’s was also known, joined his family business after completing his education in early 50s.
Led by his vision and leadership, SP along with his brothers, Gopichand, Prakash and Ashok Hinduja, conceived and strategized the diversification and expansion of Hinduja Group.
Years of business experience in the free market as well as protected economies across Asia, the Middle East, Europe and the Americas shaped SP’s fundamental belief that a free market economy can improve tolerance and understanding between different people and cultures, thereby benefitting mankind.
SP, a leading Non-Resident Indian (NRI) businessman and head of Hinduja Group, conceived the vision of IndusInd Bank – the first of the new-generation private banks in India – and through collective contributions from the NRI community towards India’s economic and social development, brought the Bank into being.
He’s survived by his two daughters, Shanu and Vinoo.
The Hinduja family patriarch and his brothers, Gopichand and Prakash, were accused of receiving nearly SEK 81 million in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract. A court had however exonerated them.
The Hinduja family’s business spans sectors including banking, chemicals and healthcare and employs roughly 200,000 people worldwide and their vast wealth put Srichand, Gopichand and the Hinduja family at the top of this 2022’s The Sunday Times UK Rich List, with a net worth of more than 28 billion pounds (USD 33 billion).
(With inputs from Agencies)
