Veteran industrialist and founder of the Rs 10,000-crore business empire Chettinad Group, MAM Ramaswamy, died in Chennai on Wednesday. His family said he was suffering from kidney and heart ailments. He was 84.
The former Rajya Sabha MP was admitted to a hospital in Chennai and breathed his last around 4.30 pm, the family said.
“His last rites will take place in Tiruvottiyur on December 6 noon,” a family member said.
An avid horse race enthusiast and recipient of several awards, including the Padma Shree, Ramaswamy was credited with adeptly steering one of South India’s famous business conglomerates, the Chettinad Group, which has presence in various verticals, including cement, education and hospitality.
Widely known for his philanthropic activities, Ramaswamy’s final years witnessed a downward spiral as he was not elected as director of the group’s flagship company, Chettinad Cement Corporation, at its AGM last year.
The board, however, appointed him Chairman Emeritus of the group.
But a controversy erupted subsequently at his 125-acre Chettinad Palace in posh MRC Nagar when 14 alleged henchmen of an assistant of Ramaswamy were arrested for locking a room of MAMR Muthiah, his adopted son, allegedly in connection with a property dispute.