Former Raymond chairman Vijaypat Singhaia died in Mumbai on Saturday evening, his family confirmed in a statement.
The 87-year-old’s son Gautam Singhania, the group’s current chairman and managing director, announced the death in a social media post on ‘X’.
Singhania passed away “peacefully” in Mumbai, and the last rites will be performed on Sunday, a Raymond Group spokesperson said.
Who Was Vijaypat Singhania?
Vijaypat Singhania was a recipient of the Padma Bushan, he helmed the Raymond Group as chairman for nearly two decades until 2000. Following his retirement, he passed on the leadership of the company to his son, Gautam Singhania, along with transferring his entire 37% stake.
Beyond his corporate achievements, Vijaypat Singhania was an avid aviator and even set a world record for reaching the highest altitude in a hot air balloon,
He had taken over as chairman and managing director of Raymond Group in 1980, well before India’s economic liberalisation in 1991 transformed the consumer landscape. His stewardship during this period enabled the company to remain stable and competitive at a time when many traditional brands struggled to adjust to the evolving economic environment.
Vijaypat Singhania Dispute With Son Raymond Group MD Gautam Singhania
Vijaypat Singhania believed he was securing the future of his billion-dollar Raymond Group by handing over control to his son, Gautam Singhania, a few years ago. However, their relationship deteriorated sharply, with the father accusing his son of denying him a promised luxury apartment and forcing him out of the company premises.
Vijaypat Singhania later expressed deep regret over his decision, claiming he was pressured into transferring his stake due to “emotional blackmail.” The dispute became one of the most prominent family feuds in corporate India.
Vijaypat Singhania and Son Raymond Group MD Gautam Singhania Legal Case
The conflict between Vijaypat Singhania and his son, Raymond Group MD Gautam Singhania, dates back to 2015, when he transferred his 37% controlling stake. As per a 2007 agreement meant to resolve an earlier family dispute, he was to receive a residence in the Singhania family’s JK House, a high-rise building in Mumbai’s upscale Malabar Hill. However, Gautam reportedly opposed the deal, citing concerns over selling a valuable company asset at a price significantly below market value.
As tension escalated, the Raymond board stripped Vijaypat of his “chairman emeritus” title, accusing him of using inappropriate language in official communication. He also alleged that he was forcibly removed from his office and that some of his belongings, including his Padma Bhushan, went missing.
He also said that he had not spoken to his son for two years, indicating plans to explore legal options under a 2007 law that allows parents to reclaim assets transferred to children if their basic needs are not met.
In 2024, when a photo of them together appeared, Vijaypat Singhania made it clear there was no reconciliation. The distance remained until the very end.
Vijaypat Singhania Net Worth
Vijaypat Singhania was one of India’s richest industrialists. In 2012, his net worth was estimated at nearly USD 1.4 billion. His wealth mainly came from his lucrative business, Raymond, along with real estate and other investments.
In 2015, Vijaypat Singhania’s life took a dramatic turn after his divorce from his wife, Madhuri, which led to a settlement of about USD 400 million.
Soon after, he transferred 37 percent of his Raymond shares worth Rs 1,000 crore to his son Gautam Singhania. In recent years, Vijaypat Singhania’s assets were worth around Rs 12,000 crore, but he was no longer living in the family-owned luxury residence.
Manisha Chauhan is a passionate journalist with 3 years of experience in the media industry, covering everything from trending entertainment buzz and celebrity spotlights to thought-provoking book reviews and practical health tips. Known for blending fresh perspectives with reader-friendly writing, she creates content that informs, entertains, and inspires. When she’s not chasing the next viral story, you’ll find her diving into a good book or exploring new wellness trends.
