NRI businessmen Hindujas have retained their position as the richest Asians in the UK in 2017 with an estimated wealth of 19 billion pounds, an increase of 2.5 billion pounds over last year, according to an annual ranking of the richest Asians in Britain.
The Hinduja Group is an Indian conglomerate company headquartered in London, United Kingdom.The company was founded in 1914 by Parmanand Deepchand Hinduja,who was from a Sindhi Hindu family based in India. Initially operating in Mumbai,India, he set up the company’s first international operation in Iran in 1919. The headquarters of the group moved to Iran where it remained until 1979, when the Islamic Revolution forced it to move to Europe.
Srichand Hinduja and his brother Gopichand moved to London in 1979 to develop the export business; Prakash manages the group’s finances in Geneva,Switzerland while the youngest brother, Ashok, oversees the Indian interests. The brothers are all devout Hindu,vegetarian and teetotallers, and dress in similar ways, with a preference for black suits and round glasses.
Under the leadership of its chairman, Srichand, today the Hinduja Group has become one of the largest diversified groups in the world. The group employs over 70,000 people and has offices in cities of the world and all the major cities in India.
According to the list, the Hinduja brothers – Srichand and Gopi in London, Prakash in Geneva and Ashok in Mumbai – have seen sharp increases in profitability in Ashok Leyland, InduSind bank, Gulf Oil, energy and real estate.
Steel tycoon Lakshmi N Mittals secured the second place with a fortune of 12.6 billion pounds – up from 6.4 billion pounds last year – in the Eastern Eye Asian Rich List, Britains 101 Wealthiest Asians 2017, released last night.
According to the list, the recovery in the European steel market has enabled the Mittal family to double its net worth during the year.
Mayor of London Sadiq Khan, who was the Chief Guest at the 20th Annual Asian Business Awards organised by the Asian Media & Marketing Group, presented the first copy of the Rich List to G P Hinduja, Co-Chairman of the Hinduja Group.
Prakash Lohia, Chairman of the Indorama Corporation (Petrochemicals) is the 3rd richest in the list with a fortune worth 4 billion pounds – up 1 billion pounds over last year.
Anil Agarwal, executive chairman of Vedanta Resources, one of the fastest growing mining and metals group in the world, is fourth in the list along with Arora brothers – Simon, Bobby and Robin who own a chain of retail stores.
Leading NRI industrialist Lord Swraj Paul is 14th in the list with an estimated wealth of 800 million pounds as against 300 million pounds last year.
At the awards ceremony, Surinder Arora, founder and Chairman of the Arora Group, collected the prestigious Asian Business of the Year Award. The Arora Group is one of the UK’s largest private owner operator of – ‘Hotels.’
Other winners included Young Entrepreneur of the year Aly Esmail, CEO of SME Group, Entrepreneur of the year Subodh Agrawal, Chairman of Euromax Capital and the Business Personality Award winner Prakash Lohia, Founder and Chairman of Indorama Group.
Speaking at the event, London mayor Sadiq Khan said: “London is home to one of largest, and most diverse South Asian communities in the world, which contributes a huge amount to our city’s success socially, culturally and economically. Nowhere is that clearer than in the business community.”
“From retail and pharmacy to tech and innovation, the UK’s Asian business leaders are at the forefront of their respective industries. The Asian Business Awards recognises the incredible success of these leaders and I was delighted to join them and the Asian Media and Marketing Group for another fantastic evening.”