Bloomberg Billionaires Index

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#418 Prakash Hinduja $4.62B

Random fact: Family yacht named after late parents Parmanand and Jamuna.

Overview

Hinduja is chairman of the European arm of Hinduja Group, an industrial conglomerate established in 1914. It operates in the finance, media and energy industries, and has stakes in six publicly traded Indian companies, including IndusInd Bank, a Mumbai-based financial services firm with $27 billion in assets as of March 2017.

As of Oct. 17, 2017:
Last change -$28.2M (-0.6%)
YTD change +$859M (+22.9%)
Industry Diversified
Biggest asset IIB IN Equity
Citizenship India
Age 72
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Prakash Hinduja's net worth of $4.62B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Hinduja's fortune is derived from family-controlled Hinduja Group, a conglomerate established by his father, Parmanand Hinduja, in 1914. The closely held company controls more than 50 operating businesses and holding companies across India, the U.K., Switzerland, Luxembourg, the U.S. and Mauritius, according to data compiled by Bloomberg. The family also owns real estate in London, New York, Paris and Geneva, as well as across India. The assets are held as a collective fortune under India's Hindu Undivided Family tax law and credited to the founder's four sons.

The Hindujas owns stakes in six publicly traded Indian companies: vehicle manufacturer Ashok Leyland, petroleum companies Gulf Oil Corporation and Gulf Oil Lubricants, data services provider Hinduja Global Solutions, private equity firm Hinduja Ventures and Mumbai-based IndusInd Bank. Closely held assets include Hinduja Bank, PD Hinduja National Hospital, Mumbai Juhu Marriott and Houghton International.

The value of their cash investments is based on known asset sales and dividends. The family owns 1,970 acres of land in Mumbai, Bangalore, Delhi, Hyderabad, Chennai and Rourkela, according to company spokesperson Durga Patnaik. The land is valued debt-free using average per-acre prices provided by Cushman & Wakefield.

Residential properties in London, Geneva, New York and Washington D.C. are valued using information provided from real estate agents in those markets who asked not to be identified because the assets are private.

Biography

Birthdate: 6/19/1945
Family: Married, 3 children

Prakash Hinduja was born in India, the third son of Parmanand and Jamuna Hinduja. He chairs the European operations of the Hinduja Group. Elder brothers Srichand and Gopichand co-chair the larger conglomerate, while younger sibling Ashok runs the group's companies in India. Prakash joined the family business after completing his university education.

Parmanand, originally from Shikarpur, Pakistan, travelled to Mumbai to establish his business in trade and banking in 1914. He opened an office in Tehran, selling Indian movies dubbed into Persian, five years later. The headquarters of the group remained there until the 1979 Islamic Revolution and the overthrow of the Shah, when it was moved to London. Parmanand died in 1971, and eight years later sons Gopichand and Srichand left for London, while Prakash moved to Geneva and Ashok remained in Mumbai.

Since then, Hinduja Group has expanded to transport (Ashok Leyland), energy (Gulf Oil International), finance (IndusInd Bank), IT services (Hinduja Global Solutions), media (IndusInd Media & Communications), real estate (Hinduja Realty Ventures), healthcare (Hinduja Healthcare Surgical) and project development (AMAS Investment). The closely held company controls more than 50 operating businesses and holding companies across India, the U.K., Switzerland, Luxembourg, the U.S. and Mauritius, and has real estate holdings in London, New York, Paris and Geneva, as well as across India.

The billionaire is married to Kamal and lives in Geneva with his two sons, Ajay and Ramkrishan, and a daughter, Renuka.

Milestones
  • 1914 Father Parmanand Hinduja starts the family business.
  • 1919 The Hinduja Group is established in Iran.
  • 1971 Parmanand Hinduja dies.
  • 1979 Brothers Srichand and Gopichand move to London.
  • 1984 Hinduja Group acquires Gulf Oil.
  • 1987 Ashok Leyland added to the group.
  • 2005 Cleared of bribery charges in Bofors arm case.
  • 2006 Acquires Carlton House on the Mall from the Crown Estate.