SP Hinduja's Death Puts Spotlight On Britain's Richest Family's $14 Billion Fortune

SP Hinduja, who was the head of Britain¡¯s richest family, the Hinduja group, died at the age of 87 earlier this week.

For several decades, Srichand Parmanand Hinduja served as the patriarch of the business empire behind one of the world¡¯s biggest family fortunes, with origins dating back more than a century.

SP Hinduja's Death Puts Focus On The $14 Billion Empire's Successor

Scmp/twitter

His death at the age of 87 raises questions over who¡¯ll assume his role as head of the $14 billion empire, whose legal battles in recent years over control of investments spanning banking, media, and energy still threaten to tear apart the once tight-knit group. For the moment, the Hinduja family seems to be united in grieving for the loss of their patriarch.

¡°The brothers have always been four bodies and one soul,¡± the family said in a statement. ¡°His loss has left a huge void.¡±

Gopichand Hinduja, 83, is the British-Indian family¡¯s oldest member following Srichand¡¯s death on Wednesday, May 17, 2023, in London. He and his two younger brothers ¡ª Prakash, 77, and Ashok, 72¡ªhave fought over the past three years with SP Hinduja and his daughter, Vinoo, over a letter signed by the four siblings that said assets held by one of them belonged to all.

While the family called a truce on the bitter power struggle last November, it emerged last month that they¡¯re still privately haggling on related issues.

The family, which spans at least four generations, has a collective fortune of about $14 billion, putting it among Asia¡¯s 20 richest dynasties, as per a Bloomberg report.

Also Read: Meet Binod Chaudhary: Nepal's First & Only Billionaire On Forbes List

A Litmus Test For Britain's Richest Family

This is a litmus test after the Hinduja family¡¯s recent feud in court. At stake is the direction of one of the world¡¯s biggest conglomerates, which employs more than 2 lakh people worldwide.

Hinduja Group¡¯s assets include major holdings in listed Indian businesses, from automaker Ashok Leyland to Mumbai-based lender IndusInd Bank. The Hindujas are also refurbishing a hotel near 10 Downing Street in central London, where they own a set of palatial homes overlooking St. James¡¯s Park.

indiatimes

The Family Dispute That Caught The Public's Eye

The dispute spilled out into the public in 2020 over claims that his three brothers were trying to take control in a power grab. SP¡¯s 32-year-old grandson, Karam, is chief executive officer of Geneva-based Hinduja Bank, while his daughter, Shanu, is the chair.

Shanu and Vinoo, 56, who led the recent legal fight for SP¡¯s branch of the family, said in a statement Wednesday that Srichand had died peacefully that morning. ¡°We will continue to uphold SP¡¯s legacy and values,¡± they wrote, as per the report.

The four Hinduja siblings¡¯ father, Parmanand, founded the business in 1914 in the Sindh region of British India. SP and his brothers all joined what started out as a commodities-trading and carpet-importing firm and rapidly diversified its investments, with early success distributing Bollywood films outside India.

Parmanand, who died in 1971, instilled in his sons a mantra they pledged to follow: ¡°Everything belongs to everyone, and nothing belongs to anyone.¡±

Also Read: This Man Was World's First Ever Person To Become Billionaire

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here