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