The Indian-born billionaire leader who was chairman of the Hinduja Group suffered from dementia.
Srihand Hinduja, the Indian-born billionaire, leader of a global business empire and patriarch of the United Kingdom’s wealthiest family, has died aged 87, his daughters reported on Wednesday.
Hinduja, known by his initials SP, was suffering from dementia and his family said he “passed away peacefully this morning”.
He was the chairman of the eponymous business group that owns publicly traded companies in India with interests in banking, chemicals, software and commercial vehicles.
Hinduja and his younger brother Gopichand, 83, topped the Sunday Times Rich List for the fourth time in 2022, with an estimated net worth of £28.5 billion ($36 billion), including property worth millions in the center of London.
“It is with deep sadness that we announce the passing of our father,” Hinduja’s daughters Shanu and Vinoo said in a statement.
“SP was a visionary titan of industry and business, humanitarian and philanthropist… He touched countless lives in his path, and we are eternally grateful for the time we cherished with him.”
Employing 200,000 people in over 30 countries, the Hinduja Group was founded in 1914 by Parmanand Deepchand Hinduja, who traded in carpets and dried fruits from Iran before his sons Srichand and Gopichand moved their base to the UK in the 1970s .
More recently, the brothers were involved in a feud over the future of their business empire and Gopichand had challenged the legitimacy of a lasting power of attorney granted to Srichand’s daughters.
Gopichand and Srichand’s daughters had reached an apparent truce, but a lawyer representing Srichand’s interests told a London court last month that deal was in jeopardy.
“SP will be remembered, among other things, for his great contributions in bringing India and its culture to the world stage through his work and philanthropic endeavours,” the Hinduja daughters said.