Former Raymond Group chairman Vijaypat Singhania has transitioned from billionaire status to facing challenges while living in a rented apartment.
Under his guidance, the company transformed into a dominant force in the textile and fashion sector. Nevertheless, his path was fraught with difficulties, particularly concerning his family dynamics.
A once-prominent figure in the Indian business landscape, who surpassed the wealth of Mukesh Ambani, Gautam Adani, and Ratan Tata, now resides in a rented apartment. Vijaypat Singhania, the former chairman of the Raymond Group and a recipient of the Padma Bhushan, has experienced a significant decline in his fortunes.
A Business Luminary
Hailing from the esteemed Singhania family, Vijaypat helmed the Raymond Group from 1980 until 2000, transforming it into a global leader in the textile and fashion sectors. Nevertheless, his path was fraught with difficulties, particularly within his own family.
A Family Dispute that Altered His Fate
Reports indicate that Singhania encountered internal strife following the death of his uncle, as his cousins sought control of the company. The most significant conflict arose when he opted to split his business interests between his two sons, Madhupati and Gautam Singhania. While Madhupati relocated to Singapore, Vijaypat transferred his 37% stake in Raymond to Gautam in 2015. Unfortunately, their relationship deteriorated, resulting in Vijaypat being expelled from the family residence and facing financial hardship.
More than a Businessman
In addition to his business acumen, Singhania is an accomplished aviator, inspired by the legendary JRD Tata. He was awarded the Padma Bhushan, India’s third-highest civilian honor, in 2006, and was recognized as an Honorary Air Commodore by the Indian Air Force in 1994. Despite the challenges he has faced, Vijaypat Singhania’s legacy as the architect of Raymond’s success endures.
