Meet man who had more wealth than Mukesh Ambani, Gautam Adani, led Rs 9478 crore company, now lives in rented...

They say health and wealth do not remain constant. Most people, including rich businessmen, often witness the similar fate. In this article, we will tell you about one such person, who was once wealthier than India's first and second richest men -- Mukesh Ambani and Gautam Adani. His name is Vijaypat Singhania, former chairman of Raymond Group. He now lives in a rented apartment. His life took an unexpected turn after he stepped down as the chairman of Raymond Group in 2015 and handed over the charge to his son Gautam Singhania. He also gave his entire 37 per cent stake in the group to his son. 

In 2017, Vijaypat claimed that Raymond Ltd didn't give him a duplex in the family-owned JK House in Mumbai. The relationship between the father-son further soured and in 2018, the senior Singhania was also removed as Raymond's chairman emeritus. The company now has a market cap of Rs 9478 crore. A member of the prominent Singhania family, Vijaypat he is well-known as a textile magnate. The Indian government has given him two awards, the Tenzing Norgay National Adventure Award for his aviation exploits in 2001, and the Padma Bhushan for his achievements overall in 2006. He has also authored a book-length memoir, the story of his microlight flight, and his autobiography.

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Raymond is a diversified group with the majority of business interests in textile and apparel sectors and a presence across varying segments such as consumer care, realty and engineering in national and international markets.