Meet The Man Who Went From Billions To Zero
the Raymond founder's story
Congratulations! You made it to Friday! 🎉
“Celebrate your wins, no matter how small, because progress is progress.” And today, your progress includes staying informed and inspired with Bharat.Inc.
End your week on a high note with fun, fresh stories, actionable takeaways, and a challenge to brighten your mood. Ready for a fantastic finish to your week? Dive in!
But first…
Top headlines of the day
📌 Former Prime Minister Manmohan Singh passes away
We would like to take a moment to honor Dr. Manmohan Singh, one of India's most distinguished statesmen and the architect of the country’s economic liberalization in the early 1990s.
He passed away at the age of 92 on December 26, 2024. As Prime Minister from 2004 to 2014, he led India through transformative economic reforms, including the historic India-US Civil Nuclear Agreement. His legacy as a visionary, advocate for inclusive growth, and a symbol of integrity will forever impact the nation. His passing marks the end of an era in Indian politics.
📌 Bharat surges to third-best market performer globally
Bharat's market capitalization surged 18.4% to $5.18 trillion in 2024, adding $806 billion, making it the third-best performing major market globally, both in percentage and absolute terms.
Bharat is now set to end the year as the fifth-largest global market.
📌 This smallcap stock has skyrocketed 458% in six months
Vantage Knowledge Academy’s shares rose by 4.98% to Rs 220 following the announcement of plans for bonus shares and an interim dividend. Over the past year, its stock surged 1,878%, significantly outperforming the BSE Sensex. The company will meet on January 7, 2024, to discuss the dividend and bonus share proposal. Despite a 33% drop in net profit and a 30% decline in revenue for Q2FY25, its stock remains highly valued, with a market capitalization of Rs 2,481.39 crore.
📌 Bharat Petroleum Corp plans $11 billion refinery project in southern Andhra Pradesh
The project will have a capacity of 9 million metric tons per year and include an ethylene cracker, with 35% petrochemical intensity. BPCL aims to reduce dependence on fuel imports and increase production as India’s economy expands. The company is also pursuing clean energy goals, targeting 10 GW of renewable projects by 2035 and has invested in a Mozambique LNG project.
From Riches to Rags
Vijaypat Singhania, once a titan of the Indian textile industry, is the former chairman of Raymond Ltd., the brand that millions of Indians associate with quality clothing. He was one of the wealthiest men in India, and under his leadership, Raymond became a household name. His famous tagline, "The Complete Man," helped cement the brand's spot as a symbol of sophistication and style.
But despite his incredible success in business, aviation, and adventure sports, Vijaypat's life has taken a tragic turn. Today, he lives in a modest rented apartment in South Mumbai’s Grand Pardi Society, a far cry from the luxurious lifestyle he once enjoyed. The reason for this drastic shift? A bitter and ongoing feud with his son, Gautam Singhania, who now heads Raymond Ltd.
It all started with a property dispute. In 2015, Vijaypat transferred ownership of the company to Gautam, expecting to receive a flat in the luxurious 36-story JK House as part of the deal. But despite an arbitration ruling, Gautam allegedly failed to follow through with his father’s expectations. This led to years of legal battles and deepened the divide between the father and son. What was once a close relationship has now soured, leaving Vijaypat hurt and betrayed.
The rift goes deeper, though. Vijaypat’s eldest son, Madhupati, also cut ties with the family years ago, moving to Singapore and distancing himself from the family business and property disputes. The breakdown in family relations has added an extra layer of tension and pain to the already strained dynamics between the Singhania family members.
Vijaypat has always been a man of bold moves. He wasn’t just a successful businessman - he was also an accomplished aviator and adventurer. He set numerous records and earned prestigious awards like the Federation Aeronautique Internationale Gold Medal of Honour and the Tenzing Norgay National Adventure Award. He also helped Raymond grow and diversify, launching new brands like Park Avenue and turning Raymond into one of India’s most respected companies.
But now, much of his legacy has been overshadowed by this ongoing family drama. In 2015, Vijaypat was removed from his title of chairperson-emeritus by Raymond Ltd., citing "abusive and unparliamentary" behavior in his letters. This public humiliation only deepened the rift with Gautam and led to even more legal battles, including a court injunction preventing Vijaypat from publishing a memoir.
The Singhania family saga isn't just about business anymore. It’s about broken family bonds, legal struggles, and lost respect. Gautam has continued to push Raymond forward, but the tension between father and son has cast a dark shadow over what was once a proud family legacy.
Vijaypat’s story serves as a harsh reminder of how fragile family relationships can be, and how quickly things can unravel when they break down.
So, that’s it from me today!
See ya 👋
