Vijaypat Singhania, a name that once echoed in India’s elite business circles, was the former chairman of the Raymond Group—a company he transformed into a global leader in textiles. At the peak of his career, Singhania was wealthier than business titans like Mukesh Ambani, Gautam Adani, and Narayana Murthy. His estimated fortune and the value of the Raymond Group crossed Rs 10,000 crore, making him one of the richest industrialists in India.
But as the saying goes, health and wealth are never permanent. Today, the same man lives in a rented apartment in Mumbai, far removed from the grandeur he once commanded.
The Glory Years of Raymond Group
Born on October 4, 1938, Vijaypat took charge of the Raymond Group in 1980 after the death of his uncle, G.K. Singhania. Despite internal family conflicts and resistance from his cousins, who allegedly attempted to take control of the business, Vijaypat emerged victorious and expanded Raymond’s empire.
Under his leadership, Raymond grew from a domestic woolen fabrics company to an international name in fashion and apparel. His strategic vision and commitment to excellence turned the group into a force to be reckoned with, boasting a wide presence across India and abroad.
An Adventurer at Heart
Vijaypat Singhania was not just a businessman; he was also an adventurer. His fascination with flying took him to new heights—quite literally. In 2001, he was honored with the Tenzing Norgay National Adventure Award for his contributions to adventure sports.
Then in 2005, he made headlines across the globe when he set a world record by flying a hot-air balloon to a height of 69,852 feet. This feat earned him international recognition and cemented his image as an adventurous spirit.
Accolades and Honors
For his numerous contributions to industry and society, Vijaypat was awarded the Padma Bhushan in 2006—India’s third-highest civilian honor. He also received an honorary Ph.D. from the London Institute of Technology & Research.
He has authored books, including a memoir of his microlight flight journey and an autobiography that delves into his personal and professional life.
The Turning Point: 2015
The turning point in Vijaypat’s life came in 2015, when he decided to step down as the chairman of Raymond Group after 35 years at the helm. He handed over control of the company—and his entire 37% stake—to his son, Gautam Singhania.
Many saw it as a father passing on his legacy. But things didn’t go as expected.
A Bitter Father-Son Feud
What should have been a smooth transition turned into a bitter feud. In 2017, Vijaypat alleged that Raymond Ltd had failed to deliver on its promise to provide him with a luxurious duplex apartment in JK House—a family-owned high-rise in Mumbai.
Instead, he found himself locked in legal and personal battles with his son. By 2018, tensions had escalated so much that Vijaypat was stripped of his title as Chairman Emeritus of Raymond.
In media interviews, Vijaypat publicly expressed his regret over transferring his stake in the company to his son. He even described himself as “living like a beggar,” despite having once owned a fortune.
Life in a Rented Flat
From owning a multi-crore empire to living in a rented apartment, Vijaypat Singhania’s story took a tragic turn. Despite his achievements and once-flourishing wealth, he now lives a modest life—a stark contrast to the life of luxury he once led.
He has spoken out about how the family rift has affected him deeply, both financially and emotionally. It serves as a reminder that relationships and legacies are just as fragile as fortunes.
Raymond Today: Under Gautam Singhania’s Leadership
While the personal chapter between father and son soured, Raymond Group continues to grow under Gautam Singhania. The company, currently valued at around Rs 9,478 crore, has diversified interests in:
- Textiles and Apparel
- Real Estate
- Consumer Care
- Engineering
It remains one of India’s most respected and enduring business empires, even as the man who built its foundation watches from the sidelines.
A Cautionary Tale of Legacy and Trust
Vijaypat Singhania’s journey is a powerful story about the fleeting nature of wealth, the dangers of blind trust, and the emotional costs of fractured relationships. He built an empire with vision and grit, soared high in the skies as an aviator, and earned the nation’s respect. Yet, in the twilight of his life, he finds himself fighting for dignity and recognition.