London - Srichand Hinduja, the Indian-born billionaire and esteemed figurehead of a vast international business conglomerate, as well as the revered head of Britain's wealthiest family, has passed away at the age of 87, as announced by his daughters on Wednesday.

Recognized by his initials SP, Hinduja had been battling dementia, and his family shared that he had "peacefully passed away this morning."

As the chairman of the eponymous business group, Hinduja presided over a diverse portfolio of public companies in India, encompassing various sectors such as banking, chemicals, software, and commercial vehicles.

For the fourth time, Hinduja and his younger brother Gopichand, aged 83, secured the top spot on the Sunday Times Rich List in 2022. Their estimated net worth of £28.5 billion ($36 billion) encompassed valuable properties in central London worth millions.

"It is with profound sorrow that we inform you of our father's passing," expressed Hinduja's daughters, Shanu and Vinoo, in a statement. "SP was an extraordinary titan of industry and business, as well as a humanitarian and philanthropist. He left an indelible impact on numerous lives throughout his journey, and we will forever cherish the time we spent with him."

The Hinduja Group, a multinational conglomerate operating in over 30 countries and employing 200,000 individuals, was established in 1914 by Parmanand Deepchand Hinduja. Initially trading in carpets and dried fruit from Iran, the business later saw a shift in focus to Britain in the 1970s when Parmanand's sons, Srichand and Gopichand, relocated there.

In more recent times, the brothers have been engaged in a dispute concerning the future of their business empire. Gopichand contested the validity of a lasting power of attorney granted to Srichand's daughters, leading to a conflict within the family. While Gopichand and Srichand's daughters had seemingly reached a truce, a lawyer representing Srichand's interests informed a London court last month that the agreement was in jeopardy.

Hinduja's daughters expressed that Srichand's legacy encompasses significant contributions in promoting India's culture on a global scale through his philanthropic endeavors and notable achievements.