Bloomberg Billionaires Index

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#420 Srichand Hinduja $4.62B

Random fact: Known as "SP" in business circles.

Overview

Hinduja is co-chairman of Hinduja Group, a closely held 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 business 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 United Kingdom
Age 81
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

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

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troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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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: 11/28/1935
Family: Married, 2 children
Education:

Srichand Hinduja was born in India, the oldest son of Parmanand and Jamuna Hinduja. He co-chairs the Hinduja Group with his London-based sibling Gopichand. His two other brothers, Prakash and Ashok, run the conglomerate's operations in Europe and India. Srichand joined the family business after he completed his education in 1952.

Parmanand, originally from Shikarpur, Pakistan, travelled to Mumbai in 1914 to establish his business in trade and banking. He opened an office in Tehran, selling Indian movies dubbed into Persian, five years later. The headquarters of the Hinduja 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 sons Gopichand and Srichand left for London eight years later, while Prakash moved to Geneva and Ashok remained in Mumbai.

Since then, the 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 a non-resident Indian, chairman of the Hinduja Group, Hinduja Foundations and Hinduja Bank of Switzerland. He became a British citizen in March 1999, after applying twice for citizenship. He is married to Madhu and lives in London with his daughters Shanu and Vinoo, both of whom are involved in the family business.

Milestones
  • 1914 Father Parmanand Hinduja starts the family business.
  • 1919 The Hinduja Group is established in Iran.
  • 1971 Parmanand Hinduja dies.
  • 1984 Hinduja Group acquires Gulf Oil.
  • 1987 Ashok Leyland added to the group.
  • 1999 Receives his British passport.
  • 2005 Cleared of bribery charges in Bofors arm case.
  • 2006 Acquires Carlton House on the Mall from the Crown Estate.