Winning Bizness Desk

Mumbai. The Income Tax Department on Wednesday searched the offices of Hinduja Group's Hinduja Global Solutions in Mumbai and some other cities. Official sources said that the company's offices in Mumbai and some other cities were searched as part of the investigation into tax evasion. Under the Income Tax Act relating to search operations, such action can be taken only within the premises of the office. The Hinduja Group owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland). The group is diversifying its business and seeking to bridge the gap through acquisitions to have a complete offering in the BFSI sector with a new phase of advancement in new technology, digital and fintech sectors. Mail to the Hinduja Group seeking its reaction on the Income Tax Department's action, elicited no response.

Huge diversified business

According to sources, the Income Tax department's action is also related to the provisions of the 'General Anti-Tax Evasion Rules' (GAAR). Hinduja Global Solutions (HGS) provides strategic consulting, digital transformation, IT system integration services. Notably, Hinduja Group's business is spread across more than 38 countries which is involved in Truck-Bus, Banking, Power, Cable-TV and Entertainment businesses. Companies like Ashok Leyland, Gulf Oil, Hinduja Bank Switzerland, IndusInd Bank, Hinduja Global Solutions, Hinduja TMT, Hinduja Ventures, IndusInd Media and Communications are part of this group.

Net worth of $14 billion

According to the Forbes list, Hinduja Group had a net worth of $14 billion in 2022. Srichand Hinduja was the chairman of the entire group. Gopichand Hinduja is the co-chairman. The third brother, Prakash, is the chairman of the Hinduja Group in Europe. Ashok Hinduja is the Chairman of Hinduja Group in India.