Meet man who was once as rich as Mukesh Ambani, lived in luxurious house, owned Rs 120000000000 company, now living on rent, says his biggest mistake…
New Delhi: In business and life, you never know when something will happen. That's why it is said that no matter how much you earn, you should have a simple house to live in and enough money to sustain yourself for several years. Every person engaged in business should keep this portion of money completely separate for themselves.
Today's story is about a businessman who made his presence felt in every household across the country through his brand. He was so wealthy that he could overshadow today's Mukesh Ambani. But now, he is in need of every single penny.
The business was started in 1940 by Vijaypat Singhania, the owner of Raymond. In 1940, Kailashpat Singhania purchased a textile mill in Thane, Maharashtra, and renamed it Raymond Mill.
Focusing on fabric, he initially produced inexpensive clothing and opened Raymond's first showroom in Mumbai in 1958. Gradually, Raymond's business flourished to a worth of Rs 12,000 crore, and at least during wedding occasions, Raymond's fabric was found in every household across the country. In 1986, the company launched a perfume brand named Park Avenue alongside its fabric.
The Raymond Group played a significant role in becoming a global brand. The founder of the Raymond Group, Kailashpat Singhania, handed over the reins of the company to his nephew, Vijaypat, in 1980. Vijaypat Singhania was the former chairman and managing director of the Raymond Group. Vijaypat played a crucial role in turning the Raymond Group into a global brand.
A mistake by Vijaypat Singhania took everything away.
Having expanded the business internationally, Vijaypat Singhania transferred all shares of Raymonds to his son, Gautam Singhania, in 2015 when they were worth Rs 1000 crores. Handing everything over to his son proved to be a mistake.
After that, there was a dispute between Vijaypat Singhania and his son Gautam Singhania regarding a flat. Their relationship soured, and the dispute escalated to the point where Gautam made his father homeless.
Vijaypat Singhania left his luxurious home, the 37-storey JK House in Malabar Hills in Mumbai. Out of necessity, he is now living in a rented place in the Grand Paradi Society in South Mumbai. The facilities of a car and driver have also been taken away from Vijaypat Singhania.
He says he made biggest mistake by passing on all the property to his son.
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