Srichand Hinduja, Patriarch Of The Billionaire Hinduja Clan, Dies After Prolonged Illness

Srichand Hinduja, chairman of the Hinduja Group, passed away at the age of 87 on Wednesday. Widely referred to as “SP,” he was the head of the billionaire Hinduja clan and had been ailing for several years. SP was also the chairman of Hinduja Bank of Switzerland and Hinduja Foundation.

“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. SP Hinduja today,” said a spokesperson for the Hinduja family in a written statement.

SP was the eldest son of the Hinduja Group’s late founder Parmanand Deepchand Hinduja, who started his entrepreneurial journey in Sindh, in what was then undivided India. The founder moved base to Mumbai in 1914, and set up an international base in Iran, where the group flourished for six decades

After completing his studies in 1952, SP joined his father in the family business. On his father’s death in 1971, SP took charge and together with his siblings—Gopichand, Prakash and Ashok—expanded the business portfolio, moving the group’s base to London after the 1979 Islamic Revolution.

Today, the conglomerate has businesses ranging from trucks and lubricants to banking and power plants. With a combined net worth of $15.2 billion, The Hinduja brothers were ranked No.8 on the list of India’s 100 Richest published last October.

SP led the acquisition of Indian-listed Chennai-based truck manufacturer Ashok Leyland from British Leyland as well as Gulf Oil from Chevron in the 1980s. He also spearheaded the establishment of IndusInd Bank, the first of the new-generation private banks in India.

The family statement refers to him as “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 U.K., and his home country, India…His loss has left a huge void as the brothers have always been four bodies and one soul.”

The Hinduja brothers had always projected a united front and often cited their family philosophy that “everything belongs to everyone.” But SP’s final years, when he was ailing from dementia, were marked by a family disagreement. In June 2020, a U.K.-court filing revealed a dispute between SP and his three siblings over the ownership of a Geneva-based bank. Gopichand, Prakash and Ashok disputed SP’s claim of sole ownership of the bank, and said it contradicted a 2014 letter signed by the brothers confirming joint ownership of all group assets.

SP, represented by his younger daughter Vinoo, argued in a U.K. court that the letter should have no legal bearing on inheritance matters and that it cannot be used as a will or a power of attorney. SP’s brothers revealed that he was suffering from dementia and his health had been deteriorating for several years.

The next group chairman is expected to be Gopichand Hinduja, who is based in London. Prakash is in Monaco and the youngest, Ashok, oversees the Indian interests from Mumbai. The brothers, who own trophy properties, such as Carlton House Terrace near Buckingham Palace, are readying to open the Raffles London, a luxury hotel that was formerly the Old War Office.