Former Raymond chairman Vijaypat Singhania died in Mumbai on Saturday evening at the age of 87, his family confirmed in a statement.
Singhania led the Raymond Group as chairman for two decades till 2000 and was a recipient of the Padma Bhushan.
He was also a keen aviator and held a world record for the highest altitude gained in a hot air balloon.
Singhania took charge of Raymond Group as chairman and managing director in 1980 and oversaw its expansion beyond textiles into sectors such as synthetic fabrics, denim, steel, industrial files, and cement.
He handed over the reins of the Raymond Group to his son Gautam Singhania in 2000 but remained active in public life for years after.
Singhania's achievements in business and adventure brought him national recognition, including the Padma Bhushan and the Tenzing Norgay National Adventure Award.
