Srichand Parmanand or SP Hinduja, the chairman of Hinduja Group and the eldest among the four Hinduja brothers, passed away in London on Wednesday. He, 87, was battling with a form of dementia.
“It is with deep sadness that we announce the passing of our father SP Hinduja,” news agency Reuters quoted SP Hinduja’s children Shanu and Vinoo Hinduja as saying.
“SP was a visionary titan of industry and business, humanitarian and philanthropist … He touched countless lives on his path, and we are forever grateful for the time we cherished with him,” the family further said.
Who was SP Hinduja?
Srichand Parmanand Hinduja, popularly known as SP Hinduja, was the founder of the Mumbai-based Hinduja Group and the eldest among his siblings. Born on November 28, 1935, in British India’s Sindh province (now part of Pakistan), Hinduja entered the family business as a teenager.
His father, Parmanand Deepchand Hinduja, had established a successful merchant business, dealing in carpets, dried fruits, saffron, textiles, and tea. After his father’s passing in 1971, SP Hinduja and his brother Gopichand relocated the family conglomerate’s operations from Iran to London.
The Hinduja Group operates in various sectors such as truck-making, banking, chemicals, power, media, and healthcare, employing over 150,000 people in 38 countries, according to a Bloomberg report in 2021.
SP Hinduja was married to Madhu and had three children: Shanu, Vinoo, and Dharam (who passed away in 1992).
Known as a leading Non-Resident Indian (NRI) businessman, Hinduja played a pivotal role in conceptualising IndusInd Bank, one of India’s first new-generation private banks.
According to the Bloomberg Billionaires Index, SP Hinduja had an estimated net worth of about $3.6 billion.
In 2022, SP Hinduja and his younger brother Gopichand topped The Sunday Times Rich List for the fourth time, with an estimated net worth of £28.5 billion ($36 billion).
(With inputs from Bloomberg)
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