Walchand Hirachand - Legacy

Legacy

In 1949, he suffered from a stroke and retired from business in 1950. He died in 1953 at Siddhapur. However, his legacy remains important. By 1947, when India became independent, the Walchand group of companies was one of the ten largest business houses in the country. The first Indian ship SS Loyalty made its maiden international voyage on 5 April 1919 by sailing from Mumbai to London. Walchand Hirachand was personally present on the ship. After India became independent, 5 April has been declared the National Maritime day to honour that voyage. While Walchand pioneered a role for India in several industries, his dependence on excessive leverage and nationalisation seem to have taken the sheen off his contributions. The car factory, while the first in India, trailed the Birlas’ Hindustan Motors in terms of market share. Among the other companies he pioneered were the Walchandnagar Industries Limited, located at Walchandnagar, an industrial township near Pune and Ravalgaon Sugar, now a confectionery giant of India. Absence of direct male heirs may also have had a role in the nature of the businesses left behind by him. For Walchand, industry was probably not just a place to make money but also to have adventure. For example, a visit to Hollywood inspired him to construct a huge studio now known as Walchand Studio in India and he was in talks with the famous Bollywood producer-director V. Shantaram without a tangible result. However, for years to come, he would probably be remembered as the man who dared to dream.

As Walchand Hirachand died without any heirs, his business is now run by descendants of his brothers like Gulabchand Hirachand, Lalchand Hirachand, Ratanchand Hirachand, who worked together till they were alive.