Meet man who was once richer than Mukesh Ambani, lost Rs 12000 crore net worth, is now homeless, know his tragic story

Vijaypat Singhania (born 1938) is a businessman and aviator from India.

A member of the prominent Singhania family, he is well-known as a textile magnate, having been chairman and managing director of the Raymond Group from 1980–2000.

In flight, he holds the world record for highest altitude gained in a hot air balloon as of 2023, and also set a microlight endurance record in 1988 by flying from London to Delhi in 23 days.

He has authored a book-length memoir, the story of his microlight flight, and his autobiography.

In 1998, Singhania was weighing the possibility of dividing the Raymond Group between his two sons, Madhupati Singania and Gautam Singhania, who were both on the board of directors at that time.

As of the summer of that year, there was reportedly a tentative plan for Madhupati Singhania to relocate to Singapore with control of Raymond's international divisions, including J.K. England and Raymond Woolen Mills Kenya.

However, in December, Madhupati Singhania and his wife Anuradha instead signed an agreement with Singhania relinquishing their stake in Raymond, as well as some other family assets such as real estate holdings.

They then moved to Singapore with their four children, including Singhania's granddaughter Ananya, and cut ties acrimoniously with the Singhania family.

Reportedly Madhupati Singhania had disagreements with his father about management technique.

As of 2007 he had obtained Singaporean citizenship and was running a consulting firm.

In the wake of Madhupati Singhania's split with the family, Singhania instead chose to hand control of the Raymond Group wholly over to Gautam Singhania, staying on as Chairman-Emeritus.

Raymonds and Singhania's family have been making headlines since the announcement of Chairman and Managing Director, Gautam Singhania's divorce with wife Nawaz Modi.

As part of the divorce settlement, Modi has demanded 75 per cent of the Rs 11,660 crore property of Singhania.

Now, Gautam Singhania's father and former MD of Raymond, Vijaypat Singhania has come out in support of Nawaz instead of his own son Gautam.

85 years old Singhania said in an interview, "Under the Hindu Marriage Act as I know, 50% of the husband's holding automatically goes to the wife in a separation. A very simple lawyer can get her that under the Hindu Marriage Act. Why is she fighting for 75%? Gautam is never going to give in because his motto is to buy everybody and buy everything. That's what he did with me. I didn't have that kind of money left to fight him. He bought everything. He'll buy everything. By fighting like this, I don't think she'll get much," Vijaypat Singhania, at one time, ran the whole Raymond empire.

He was at that time one of the richest men in India.

But today he lives in a rented apartment.

He was once richer than Mukesh Ambani because Ambani was very young when Vijaypat was already the owner of Raymond Group.

But, his fate took a turn when his son ousted him from his house.

Vijaypat Singhania is struggling to maintain his life and is struggling to live a decent life.

Ref: Meet man who was once richer than Mukesh Ambani, lost Rs 12000 crore net worth, is now homeless, know his tragic story (dnaindia, wikipedia)

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