The billionaires who want to fly Jet Airways are also the world's largest bus manufacturers

Advertisement
The billionaires who want to fly Jet Airways are also the world's largest bus manufacturers
  • Jet Airways had caught the attention of Srichand and Gopichand Hinduja, who are worth $16 billion.
  • Jet may not be the biggest bet Hindujas ever made. Their first major acquisition was Ashok Leyland in 1987.
  • The Hindujas are one of the wealthiest families in the UK

Last week, Jet Airways stock suddenly jumped 6.9%, even as the airline was grounded for seven months. The stock started buzzing after Indian-born Hinduja brothers, who run the London-based group worth $50 billion, are showing interest, yet again.

In May 2019, Hindujas emerged as prominent bidder for the airline but the deal fell apart. Months later, they said that they want to bid only if they were protected from legal liabilities.

It is safe to say that Jet Airways has caught the attention of Srichand and Gopichand Hinduja, who are worth $16 billion.
Advertisement




{{}}

​Hinduja brothers are the wealthiest billionaires in UK

​Hinduja brothers are the wealthiest billionaires in UK

The Hinduja family has four siblings — Srichand, Gopichand, Prakash and Ashok. They run the London-based conglomerate - HInduja Group - which generates an annual revenue of $50 billion.

The journey started when P D Hinduja founded a merchant bank and trading company in 1914. Now, its trading operations are spread across every commodity except tobacco, alcohol and meat. It also expanded to other sectors including energy, and foundries.

The group which now wants to touch the sky is no stranger to transportation business. Their Ashok Leyland is the fourth largest bus manufacturer in the world.

The Hinduja brothers are the wealthiest family in the UK . The family’s net worth saw an increase of over three billion pounds in a year, said the Asian Rich List.

Here is another indication of how influential they are. Their Carlton House Terrace mansion is located near Buckingham Palace in London.

​Hindujas led one of the biggest acquisitions in India

​Hindujas led one of the biggest acquisitions in India

Jet may not be the biggest bet the Hindujas ever made.

Hindujas went on an acquisition spree in the late eighties. They purchased 39% stake in Ashok Leyland, which had a market value of ₹400 crore, in 1987. It marked Hindujas’ entry into Indian listed business. The automaker went to become a $2.5 billion company and remains one of its major revenue generators. In the same year, it also bought 59% shares in Ennore Foundries.

Advertisement

​Their wealth soared after Boris Johnson won U.K’s general election

​Their wealth soared after Boris Johnson won U.K’s general election

A part of Hindujas success can be credited to their strong political connections — both in the UK and India. They weren’t a household name like the Tatas, Ambanis or Birlas but have happened to win deals in mysterious manner.

They were one of the accused in Bofors defence scandal that had rocked the nation for decades. They were accused of acting as a middle man to carry out the scandal of

bribing top politicians and defence members for the sale of 400 howitzers worth $1.3 billion.

The family which is accused of gains from politics also had an unexpected surprise as Boris Johnson’s victory in the UK's general election in 2019.

Their wealth increased by $116 million since then, mainly because Johnson’s opponent Jeremy Corbyn lost. Corbyn had vowed to bring new taxes to target wealthy people.


All in all, the family has been minting money for the last two decades. The Hinduja brothers’ net worth increased by 1,590%, from $1 billion in 1999 to $16.9 billion in 2019, according to Forbes.