Srichand Parmanand Hinduja, the head of billionaire Hinduja Family, died in London. 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 the Hinduja Group, Mr S P Hinduja today,” the group spokesperson said in a statement.
SP, as he was fondly called, was the eldest of the four Hinduja brothers and chairman of Hinduja Group. He was unwell for some time.
“His loss has left a huge void as the brothers have always been four bodies and one soul,” the statement said.
Founded by SP's father Parmanand Deepchand Hinduja, the Hinduja Group is a diversified conglomerate with interests in banking and finance, transport, energy, technology, media and renewables.
SP had joined the family business after completing his education in 1952, according to the group website. Along with his brothers, he diversified and the Hinduja Group now has presence across Asia, the Middle East, Europe and the Americas.
SP's wife Madhu Hinduja died earlier this year at the age of 82. The couple have two daughters, Shanu and Vinoo. Their son Dharam died in 1992.
Family Feud
The group came in the spotlight last year as Bloomberg reported a feud over family assets citing court documents. With SP ailing, his younger daughter Vinoo alleged that her uncles tried to cut her side out of funding, according to the report. SP's brothers wanted to stick to the family's motto of “everything belongs to everyone and nothing belongs to anyone”, Bloomberg reported.
SP's brothers had denied the allegations.
The Bofors Controversy
The Hinduja family patriarch and his brothers were accused of receiving nearly SEK 81 million in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract in the 1980s. They were, however, exonerated by the court.
(With inputs from PTI and Bloomberg)
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