Srichand Paramanand Hinduja: An Instance of Unity
Hinduja Group, a time tested organization, has evolved magnificently over a century. It started as a merchant banking and trade business in Sindh in 1914. Past four years, the company intending to spread internationally inaugurated an office in Iran that was later moved to Europe in 1979. With time, the company ventured into other sectors making Hinduja Group a conglomerate company. Today the company has sealed its seat across sectors including information technology, automotive, infrastructure, project, oil & specialty, power, real estate, healthcare, chemical, entertainment, media and many more. From a merchant banking & trade company, Hinduja has risen to be a conglomerate today with a net worth approximating to $ 31.7 billion. Today, Srichand Paramanand Hinduja, the eldest scion of Hinduja Group, leads the empire from the front. He entered his dad’s business empire post graduating in Commerce from Davar’s College of Commerce. In the initial days of his career, Srichand acquired the overseas rights for an Indian blockbuster movie Sangam, which is considered as the business masterstroke. It even earned him millions.
Over a century, the Hinduja Group further boarded and diversified its business through several social and charitable works under the leadership of Chairman Srichand Paramanand Hinduja, who is assisted by his beloved brothers Gopichand, Prakash and Ashok. At present, the group has spread across the world among all the continents. Srichand practices a traditional and opportunist business approach along with free market reforms, which enables him to navigate through several markets especially the new markets to capitalize on the new economic opportunities. He further channelizes these newly fetched revenues into the old economy sectors, which in turn helps to improvise that particular sector further.
Srichand along with his brother Gopichand shifted to London in 1979 to expand his business in exports and they still continue to reside there managing the UK affairs, while Prakash manages the Groups finance operating from Geneva, Switzerland. Ashok, the youngest of four brothers manages the business in India. Under Srichand’s Chairmanship the group entered into Indian banking sector with IndusInd Bank in 1993 and the following year, it ventured into television through the launch of Indusind Media and Communication Ltd. Srichand has initiated several acquisitions; Ashok Leyland from British Leyland followed by the acquisition of Gulf Oil from Chevron were the most prominent ones. Presently, under Srichand’s leadership, the group is operational in more than 50 countries across the globe. The company witnesses about $11 billion annual turnover.
Srichand’s Persuading Philanthropic Journey
The Hindujas have charitable interest right in their blood. It was initiated by their parents by setting up the two major philanthropic projects namely Hinduja Hospital and Hinduja Foundation. Srichand has took it ahead not just as a charitable work but has inculcated it along with his business. The Hinduja Foundation addresses the problems commonly faced by the weaker sections of the society such as providing mobile medical unit, as every individual deserves a quality healthcare. It even aims to offer standard education and focuses on social welfare by undertaking rural development scheme in the underdeveloped areas. Furthermore, the foundation also contributes in preserving and nurturing the culture and heritage of the country; Hinduja Antiquity Collection has been set up to display the rich art, culture and heritage of the country.
Awards and Appreciations
Srichand has been honoured with several awards along with his brother Gopichand, as they operate together. In 2015, the brothers Srichand and Gopichand together were honoured with the prestigious Lifetime Achievement Award for their influential leadership in the business sector. They also won the Asian Business Leader of the Year 2015 award at the fifth Asian Awards for their outstanding achievements.
In 2019, The Sunday Times Rich List 2019 announced Srichand as the UK’s wealthiest person. This was the third consecutive time. In addition to this, Forbes has ranked Srichand and Gopichand as the 65th richest in the world, with a net worth of $16.9 billion. This marks him as the fourth richest business tycoon in India. Alongside, the October 2013 Forbes life edition estimated his home in London to be $500 million worth, and makes it the third most expensive private home worldwide.
Following his father’s footsteps, Srichand has taken the legacy ahead with the motto stating, “In the mission to promote business and humanitarian activities in India and abroad, our aim is to help build bridges between the past and the present, between India and the world, and between the generations that are and the generations that are yet to come”.
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