S. P. Hinduja

Some Lesser Known Facts About S. P. Hinduja

• S. P. Hinduja is an Indian-born British billionaire businessman and investor, who together with his brother Gopichand Hinduja, is the second richest man in the United Kingdom. Since the 1990s, S. P. Hinduja has been a part of the UK and Asia’s wealthiest people.

• S. P. Hinduja was born in an affluent business family in Karachi, British India. In 1914, his father Parmanand Deepchand Hinduja traveled to Bombay (now Mumbai) to learn the basics of business and market, and in 1919, their business journey took off as they started their first international office in Iran. They operated in Iran till 1979 and then moved to Europe due to increasing tensions within the Iran government and religious leaders.

  

• After completing his education, S. P. Hinduja joined his father in his textile and trading businesses in Bombay, India, and in Tehran, Iran. One of the biggest wins for the Hinduja group was when S. P. Hinduja acquired the overseas distribution rights for the Indian blockbuster movie ‘Sangam’ (1964). Hinduja distributed the movie in the Middle-Eastern markets which helped him earn millions of dollars.

  

• In the 1960s, Indira Gandhi argued with the Shah of Iran over the high cost of Iranian oil to which Shah responded by saying that India should increase their goods exports to Iran to cover the costs. Amid this, the Hindujas took advantage of the opportunity as they bagged one of the biggest deals of that time- the iron ore project of Kudremukh for almost $10 million in commission. They also had two other trading companies- Sangam and Ashok Trading that were responsible for the importing of cars from a well-known German brand, an American aircraft company, several computer businesses, a trading company, an American airline, and many other products.

• Other successful ventures initiated by the Hindujas were the sales of food commodities such as onion and potatoes and iron ore from India to Iran.

• In the 1980s, the Hinduja group acquired a high stake in the Indian truck and bus manufacturer Ashok Leyland. Further, they also acquired the Gulf Oil International company from Chevron to supply oils and lubricants across different countries including India. By the 1990s, they managed to establish banks in Switzerland and India, which helped them become one of the best business tycoons in India alongside Tata, Birla, and Ambani.

  

• In May 1992, S. P. Hinduja’s son, Dharam Hinduja set himself and his wife on fire in a hotel room in Mauritius as a part of a suicide pact that he had made with his wife. However, he was taken to a hospital with 70% burns on his body, and later, he died because of the injuries. On the other hand, his wife survived the fire. It was reported that Dharam had married a Roman Catholic Australian, Ninotchka Sargon in January that year.

• In 1993, the Hinduja Group entered the banking sector with the formation of IndusInd Bank, and they started the media house IndusInd Media and Communications Ltd in 1994. For the inauguration ceremony, they invited the then Minister of Finance Manmohan Singh.

  

• In 1994, he founded the S. P. Hinduja Banque Privee, the only Indian-owned Swiss bank with its headquarters in Geneva. Over the years, the bank has expanded its branches to Switzerland, India, United Arab Emirates (UAE), and the United Kingdom (UK). The bank offers wealth management and investment advisory services to several big businessmen and entrepreneurial clients.

• In 2012, the Hinduja Group acquired the largest metal fluids manufacturer, the US-based firm Houghton International, for $1.045 billion with the director of Private Equity of JP Morgan, Ghouse Mohammed Asif, and Hank Paulson, who was a former United States Secretary of the Treasury.

• In October 2013, Forbes Life magazine estimated the value of Hinduja’s home in London’s Carlton House Terrace down the Mall from Buckingham Palace to be worth $500 million. This made their house the third most expensive private home in the world. They bought this home in 2006 for $58 million and spent the next five years on its repair work and renovations.

• S. P. Hinduja is a teetotaler and a strict vegetarian, and he even prefers traveling with his cook whenever he is traveling overseas, and he brings his vegetarian food whenever he is invited to the Queen’s banquets at the Buckingham Palace.

• In an interview with The Times of India, S. P. Hinduja revealed that the family follows certain rules and practices of their own, such as a person who is not a part of the immediate family is sent to another guest house or a posh hotel and they are not allowed to spend the night at home.

• S. P. Hinduja visits India every year with his brothers, and the whole family as their yearend retreat. This vacation is a tradition that is followed by all the brothers and their families to make their bond stronger.

• In 2010, a university in the UK offered S. P. Hinduja a doctorate which he refused saying that he would consider the honourary degree if all the brothers got the same. He said-
  

  I told them I will consider it only if all the four brothers get it. Everybody has contributed to the business, according to their age. I do not want any conflict in the family.”

  After this, the university decided to write the name of all the three brothers on the doctorate.

• The Hinduja brothers are together, however, they live in different parts of the world with Srichand and Gopichand living in London, Prakash living in Monaco, and Ashok handling the Mumbai-based operations.

• All the brothers follow the same ideology i.e. ‘Service with devotion’ and ‘willingness to see the fulfillment of one’s self-interest in the active promotion of the interest of the collective.’

• In May 2019, Hinduja stood first in the Sunday Times Rich List with a net worth of $27.7 billion. In 2021, the Hinduja brothers stood 133 in the Forbes’ ‘The Richest People in the World’ list with a net worth of $14.9 billion. ^[5]Forbes

• In June 2020, the Hinduja brothers fired up controversy when Gopichand, Prakash, and Ashok filed a case with Srichand over the ownership of the Hinduja Bank in Switzerland. His older daughter Shanu and her son Karam Hinduja are the chairman and chief executive of the bank respectively. The four brothers signed a declaration in 2014 stating that assets belonging to one brother were also owned by the rest of them. However, Srichand disagreed and said that the assets should be separated. In a court in the U.K., Srichand’s daughter Vinoo argued that the letter signed by the brothers cannot be used as a will or a power of attorney. The brothers also said that Srichand is suffering from a form of dementia.

• S. P. Hinduja and his daughter, Vinoo Hinduja take care of the P. D. Hinduja Hospital & Medical Research Centre, in Mumbai.

• Hinduja Group collectively started their non-profit organization, Hinduja Foundation. Fulfilling the dream of their father, the Hinduja brothers have started this foundation to help out the poor by providing them quality medical facilities, education, and other things of basic necessity. The organization is funded by the Hinduja Group companies as well as the family itself. The foundation has been operational for the last 48 years, and the operations in India work in coordination with the foundations in the UK and USA.

• The family has business in 48 different countries coming from different sectors like automobiles, telecommunications, healthcare, defense, financial services, and others. The firms collectively have more than 150,000 employees working under their guidance.

• The Hinduja brothers are known for following their father’s ideologies in business. Their father used to treat their staff as their extended family and he used to make the servants sit along with him while eating. The brothers work together and even while taking any decisions, there are no disagreements but they have different views.

• The four brothers communicate with each other daily and talk about the business. In the early days, since the brothers were living in different countries, they used to talk over phone calls despite the time-zone difference and they used to take several serious decisions while talking on the phone.

• In an interview, when asked about how he ensures he keeps on learning, S. P. Hinduja talked about how his father would bribe him and his brothers to come work with him during the summer holidays. He further added that-
  

  I often feed the squirrels on my walks in St James Park and I always notice how if you throw two peanuts at them, they will always take only one and save the other. They finish the first, and only then come back for the other.”

• When asked about his two bits on the idea of philanthropy, S. P. Hinduja said-
  

  You work to earn, and earn to give. But I don’t believe in donating for charity sake. Always link philanthropy to economic growth.”

• During the interview, S. P. Hinduja recalled an incident when in 1998, BJP leader Atal Behari Vajpayee sent his Principal Secretary Brajesh Mishra to London to meet the Labour government. He further recalled the incident and said-
  

  I got a phone call when he arrived asking me whether I have good relationships with the labour government. I said we have good relationships, whether Labour or Tory and that I’d do my best. Within two hours I took him to meet with Blair who was leaving for Manchester to meet Bill Clinton. But we don’t do this for publicity.”

• The Hinduja brothers are very neutral when it comes to politics or religion. In an interview with The Economic Times, S. P. Hinduja said-
  

  We are not pro or anti any government whether Congress or BJP, Labour or Tory. We don’t do anything political, just whatever’s in the interest of the mother country. That’s our basic principle on which we do good business. Even in the Islamic world we are respected despite our name Hinduja which can be misleading. We’re not products of religion. We’re products of nature. Still I don’t criticise any religion.”

• S. P. Hinduja is a disciplined man who follows a strict routine to stay healthy and keep things working systematically. He talked about his daily routine and said-
  

  I sleep for four hours between midnight and 4 am. When I wake up I meditate for an hour, then go for a walk for an hour. The morning is the best time for being creative and innovative. I refuse to go for late parties; people are just fighting against what is natural for the body.”

• The Hinduja family is known for their Diwali parties as they invite the most elite as well as the most influential people of the world. From the foreign secretary, Boris Johnson, to the Indian High Commissioner Yash Sinha, all the top officials were invited for the Diwali party, along with the cream of London’s Indian society. The family had been hosting the Diwali party since 1980, and every year it got bigger and bigger.

  

• In November 2020, amid the COVID-19 pandemic, the Hinduja brothers continued the years-long tradition of hosting a Diwali party, only this time, the event was held online through virtual meetings. The event was inaugurated by the Duke of Cornwall Prince Charles by lighting up the Diwali lamp. The Vice President of India, Governor of Maharashtra, and the Indian High Commissioner to the UK sent their warm wishes to the Hinduja family. Many artists like Anup Jalota, Sonu Nigam, Shankar Mahadevan, Rahat Fateh Ali Khan, and more were invited to perform for the live event.