Hinduja Group Chairman SP Hinduja passed away at the age of 87 in London today (May 17). Known as 'SP' among his business associates and friends, he was also the chairman for Hinduja Bank of Switzerland and Hinduja Foundations
''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, Mr S P Hinduja today,'' a spokesperson for the family said
Srichand P Hinduja was born to PD Hinduja, the Founder of Hinduja Group, and Jamuna P Hinduja in 1935 in British India’s port city Karachi (now in Pakistan). SP Hinduja had a net worth of about $3.6 billion as of May 17, according to Bloomberg Billionaires Index
SP Hinduja is survived by his daughters Shanu and Vinoo. However, his wife Madhu Hinduja passed away earlier this year on January 4 at the age of 82
After completing his education in 1952, SP Hinduja joined his father in the family business of textiles and trading, He reportedly tasted early success in the sale of onions and potatoes, and export of iron ore from India to Iran
SP Hinduja, a British national, conceived the vision of IndusInd Bank - the first of the new-generation private banks in India. The IndusInd Bank was inaugurated by then Union Finance Minister Manmohan Singh in April 1994
SP Hinduja along with his brothers, Gopichand, Prakash and Ashok Hinduja, conceived and strategized the diversification and expansion of Hinduja Group
The Hinduja brothers SP, Gopichand and Prakash, were accused of accepting kickbacks to the tune of SEK 81 million to help AB Bofors, a Swedish arms company, secure a contract with the Indian government. Fourteen years later in 2005, the brothers were exonerated by a court in legal battle that reportedly cost them £32 million
Srichand Hinduja's children claimed that their family was being sidelined in the Hinduja Group's businesses and challenged a 2014 letter, where succession planning was vaguely outlined. All the brothers had signed a letter that assets held by one brother belonged to all. After a legal battle that started in 2020, the billionaire Hinduja family decided to end the family dispute in 2022