By Abiola Olawale
The story of Vijaypat Singhania, who was once among the wealthiest and most influential figures in India, has made the headlines, sending shock waves across many jurisdictions.
Singhania, a prominent contributor to the textile industry, made headlines due to a compelling narrative bordering on personal transformation from riches to poverty, and indeed homelessness.
His life, once characterized by considerable wealth and luxury, has undergone a notable shift, leading him to reside in a rented apartment, while his affluent billionaire son, lives in a multibillionaire home in the same city.
He started his journey in textiles and built a successful business that brought him respect and a lavish lifestyle across India. He was once one of the wealthiest men in India.
However, according to reports, as his success grew, family conflicts arose which eventually impacted his life negatively.
Singhania was the former chairman of Raymond Group, a prominent name in India’s textile and apparel industry. He took over the business empire after his uncle G.K. Singhania’s death and played a key role in transforming Raymond into a global fashion brand, making it one of India’s most successful companies.
In fact, records have it that Singhania was not just one of India’s wealthiest individuals, he also outpaced notable figures like Mukesh Ambani and Ratan Tata. Despite his success, he faced family challenges, particularly when he decided to divide the Raymond Group between his two sons.
His elder son, Madhupati, who would have ran the business, decided to move to Singapore, leaving his younger sibling, Gautam Singhania in control of the company.
However, as soon as his son took over, the father entrusted the company in his heir’s hands. He also transferred all his shareholdings in the company to the son for proper management. But that was an error. Their relationship soured after Gautam took charge of the Group.
This was said to have led to a dramatic fallout, with Gautam eventually pushing his father out of his own home. The rift between them marked the beginning of a series of personal and financial struggles for Vijaypat.
Speaking during a heartfelt interview with Business Today, an India newspaper, a visibly agitated Vijaypat revealed that he now faces difficulty sustaining himself and maintaining his once-luxurious lifestyle.
