The country’s veteran industrialist and former chairman of Raymond Group, Vijaypat Singhania, died on Saturday evening in Mumbai at the age of 87. His family has confirmed this news. His son and current Chairman and Managing Director of Raymond Group, Gautam Singhania shared this information on social media platform ‘X’. According to a Raymond Group spokesperson, he died in Mumbai and his last rites will be performed on Sunday.
37% stake was transferred to son
In the year 2015, Vijaypat Singhania transferred his entire 37 percent stake in Raymond Group to his son Gautam Singhania. Since then, the command of the company is completely in the hands of Gautam.
Took command of the company for two decades
Vijaypat Singhania took over the leadership of Raymond Group from 1980 and served as Chairman for nearly 20 years. By the year 2000, he included the company among the major clothing brands of the country.
Left behind property worth about Rs 12 thousand crores
According to media reports, Vijaypat Singhania has left behind assets worth about Rs 12 thousand crores. However, he handed over a major stake in his company to his son during his lifetime. He had prepared the company for competition even before the economic liberalization of 1991, due to which Raymond remained firmly in the changing market.
There was a dispute between father and son
A few years ago, a legal dispute regarding property and company also came to light between Vijaypat Singhania and Gautam Singhania. However, later an agreement was reached between the two and the matter was resolved.
Awarded with Padma Bhushan, was a skilled pilot
Vijaypat Singhania was awarded the Padma Bhushan. He was also a skilled pilot and an adventure-loving person. In 2005, he created a world record by reaching a height of about 69,000 feet in a hot air balloon. Earlier in 1988, he had set a record by flying solo from London to New Delhi in a microlight aircraft.
Big loss for the industry
The demise of Vijaypat Singhania is being considered a big loss for the Indian industry. He not only achieved success in business but also made a name for himself with his adventurous exploits.
