Man, who leads the company of Rs 9.478 crore owns more wealth than Mukesh Ambani, Gautam Adani, and now lives in…
His son still owns the company of Rs 9.478 crore, serving as chairman and managing director.
They say health and wealth don’t stay the same. Most people, including wealthy businessmen, often witness similar fates. In this article, we will tell you a man like this who was once richer than the first and second richest people in India, Mukesh Ambani and Gautam Adani. His name is Vijaypat Singhania, former chairman of the Raymond Group. He now lives in a rented apartment. His life changed unexpectedly after resigning as chairman of Raymond Group in 2015 and handing over the charges to his son, Gautam Singhania. He also handed over all 37% of the shares to his son.
Vijaypat claimed in 2017 that Raymond Ltd did not give him a duplex in the family JK House in Mumbai. The relationship between father and son has been further acidified, and in 2018, Sinhania’s senior Sinhania was also evacuated from Raymond’s honorary chairman. The company now has a market capitalization of Rs 9.478 crore. Vijaypat is a member of the famous Singhania family, who is well known as a textile giant. The Indian government presented him with two awards, the Tenzing Norgay National Adventure Award in 2001 for his aviation use, and the overall achievement of Padma Bhushan in 2006. He also wrote a long book memoir, his story of micro-flying, and his autobiography.
Read | Narayan Murthy’s Infosys hit again, the company lost Rs 44,226 crore in just 4 days.
Raymond is a diverse group that has a large portion of the commercial interests in the textile and clothing sectors and is present in various fields such as consumer care, real estate and engineering in national and international markets.
