Once owner of 12000 crores, today lives in a rented house, see the condition of this businessman

Who is Vijaypat Singhania? Raymond, a company that has made a name for itself in the country and abroad based on 'The Complete Man' to 'Feels Like Heaven', is again in discussion today. Raymond's founder Vijaypat Singhania, who built a small factory selling blankets into a brand like Raymond, lives in a rented house today. At one time he had more wealth than Ambani. Vijaypat Singhania, who once owned assets worth 12,000 crores, has made the biggest mistake by handing over all his assets to his son.

A brand like Raymond made a factory selling blankets

Raymond started his journey from Mumbai a hundred years ago. In the year 1900, there was a woolen mill in Thane, Maharashtra, where blankets were made. Later, uniforms for army personnel started to be prepared there. In the year 1925, a businessman from Mumbai bought the mill, but a few years later in the year 1940, Kailashpat Singhania bought the mill from him. He changed the name of the mill from Wadia Mill to Raymond Mill. The Singhania family, who had migrated from Rajasthan to Kanpur, ran a cotton spinning and weaving mills company.

Thus came Raymond - The Complete Man

Kailashpat Singhania started making cheap clothes by focusing on fabric. In 1958, the first Raymond showroom was opened in Mumbai. In 1960, he imported machines from abroad and started making clothes from them. In 1980, Vijaypat Singhania was entrusted with the responsibility of Raymond. In 1986, Singhania launched the perfume brand Park Avenue along with the fabric business. He focused on expanding domestically as well as abroad. In the year 1990, Vijaypat Singhania opened the first showroom outside India.

The relationship between father and son began to deteriorate

In 2015, Vijaypat Singhania handed over the reins of Raymond to his son Gautam Singhania. He transferred all his shares in the name of his son. At that time the price of that share was 1000 crore rupees. As soon as Gautam took charge of the company, the relationship between father and son began to deteriorate. There was so much dispute between the two regarding the flat that the matter reached the court and Gautam threw the father out of the house. Vijaypat Singhania built a luxurious house called JK House in a posh area of ​​Mumbai, but his son forced him out of the house and into a rented house.

Owner of 12000 crore property forced to live in rented house

Living in 6000 crore jk house in Mumbai and jk house is one of the most expensive houses in the world. Vijaypat Singhania's life has changed so much that he is now forced to live in a rented house. Raymond's founder Vijaypat Singhania believes his biggest mistake was handing over all his assets and the entire business to his son. The one-time owner of a Rs 12,000-crore company is today forced to live in a rented house in South Bombay's Grand Pardi Society. The son also took away the car and the driver from him.

Vijaypat Singhania gave advice to parents of children

Gautam Singhania and Nawaz Modi's father Vijaypat Singhania has supported his daughter-in-law regarding the divorce of Gautam Singhania and Nawaz Modi. Vijaypat Singhania holds his son responsible for his condition. Vijaypat Singhania said that he made a big mistake by handing over everything to his son. But fortunately he has some savings and his livelihood is going on otherwise he would have been on the street. He gave advice and said that he made a mistake by giving all the property to his son. Parents should be careful while handing over all their wealth to their children.