By: FPJ Web Desk | May 18, 2023
Hinduja Group Chairman Srichand Parmanand Hinduja (Centre) died in London at the age of 87 after being unwell for a while. He was the eldest of four brothers named as UK's richest Asians.
The eldest son of Hinduja Group's founder Parmanand Deepchand Hinduja, who had started the business in 1919, SP was first to join his father in the firm that operated from Iran till 1979.
As the business expanded into other sectors beyond textile, SP Hinduja shot to fame when he earned millions of dollars by distributing Raj Kapoor's blockbuster Sangam in the Middle East.
Along with his younger brothers Gopichand and Prakash, SP Hinduja was accused of receiving illegal commission in the Bofors scam, but all three were later exonerated.
With the acquisition of Ashok Leyland and Gulf Oil in the 1980s and the establishment of banks in Switzerland and India in the 1990s, Hinduja became one of India's top tycoons alongside Tata, Birla, and Ambani
SP Hinduja also conceptualised IndusInd Bank, which has now grown to become the fifth largest private lender in India.