Industrial tycoon and former chairman of Usha International Siddharth Shriram (76) passed away on Monday due to COVID-19, according to people close to the family. He was admitted to Medanta Hospital in Gurgaon for treatment of COVID-19.
The industrialist was prominent for his method of promoting the new games under the brand name of Usha International. With his promotional strategy, he built up companies including DCM and Citibank.
He was the man behind the joint ventures with Honda Motor Company to manufacture small engines and automobiles and was the Chairman of Honda Siel Cars India till recently.
He had led the Usha Internartional group in forming two joint ventures with Japan's Honda for passenger cars and power products. However, in August 2012, Usha International exited from its then joint venture Honda Siels Cars India, by selling its entire 3.16 per cent stake to the Japanese partner for Rs 180 crore.
Later, last year in April, Honda Motor Co and Usha International terminated their over two-decade-old joint venture -- Honda Siel Power Products, thus putting an end to their long relationship.
He was also the chairman of Delhi Policy Group, a think tank with a primary focus on international and strategic issues of critical national interest. Shriram had also held administrative positions in various sporting and industry associations. In sports, he was known for his support to golf in particular.