Srichand Parmanand Hinduja, the eldest of four Hinduja brothers, Hinduja Group chairman and founder of IndusInd Bank, died at the age of 87 in London, the family spokesperson said on Wednesday.
SP Hinduja, Indian-born British billionaire businessman, investor, and philanthropist, had been unwell for some time, the spokesperson said.
In a statement, the family said, “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 the Hinduja Group, Mr S P Hinduja today.”
SP Hinduja had lost his wife Madhu in January this year. She was 82. He is survived by his daughters, Shanu and Vinoo.
“He was a visionary and mentor to the family bestowing the founding principles and values of our late father, PD Hinduja. He played a very important role alongside his brothers in building a strong relationship between his host country, the UK and his home country, India,” it added.
Since the 1990s, he was consistently ranked among the UK and Asia’s wealthiest people. In 2022, Hinduja topped the Sunday Times Rich List with an estimated wealth of £28.472 billion sterling. Based on the rich list compiled by Asian Media & Marketing Group, Hinduja’s wealth is estimated at £25.2 billion (US$31.7 billion).
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.
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