Srichand P Hinduja, the eldest son of P D Hinduja, the Founder of Hinduja Group and the head of the Hinduja Family has died at the age of 87 in London, UK, informed a Family spokesperson, reported PTI. The report said that he was unwell for some time
“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, S P Hinduja today,” a spokesperson for the family said.
Srichand P. Hinduja, known as ‘SP’ among his business associates and friends, was the eldest son of PD Hinduja, the founder of Hinduja Group. Upon completing his education in 1952, SP joined his father in the family business and was head of the Hinduja family, as well as the Chairman of the Hinduja Group and its charitable foundations. Together with his brothers, Gopichand, Prakash, and Ashok Hinduja, SP played a significant role in the diversification and expansion of the Hinduja Group.
Having gained years of business experience in various economies across Asia, the Middle East, Europe, and the Americas, SP fundamentally believes that a free market economy can promote tolerance and understanding among different cultures, ultimately benefiting mankind. He was a leading Non-Resident Indian (NRI) businessman and was instrumental in conceiving the vision of IndusInd Bank, the first new-generation private bank in India.
The Hinduja Group is a multinational conglomerate controlled by four siblings – Srichand, Gopichand, Prakash, and Ashok. With a combined net worth of $15.2 billion, their group’s business operations include trucks, lubricants, banking, and cable television. They also own valuable real estate in London, including the Old War Office building which is set to become a Raffles Hotel. Srichand and Gopichand are based in London, while Prakash resides in Monaco and the youngest brother, Ashok, oversees the group’s Indian interests from Mumbai.
SP Hinduja and his brothers Gopichand and Prakash were charged with accepting roughly SEK 81 million in illegitimate commissions to aid Swedish firearms manufacturer AB Bofors in obtaining a contract with the Indian government, but they were acquitted by court.
In 2020, a dispute over ownership of a Geneva bank emerged between the eldest sibling, Srichand, and his three younger brothers. At the heart of the dispute between the four Hinduja brothers is a letter they signed in 2014 that stated “Everything belongs to everyone and nothing belongs to anyone.”
Initially, Gopichand Hinduja, 83, had asserted that the letter governed the succession planning for the conglomerate. However, he later agreed to abandon the letter, acknowledging that it was no longer legally binding against his elder brother.