Veteran industrialist and founder of the Rs 10,000 crore business empire Chettinad Group, M A M Ramaswamy, died here today at the age of 84 following brief illness, his family said.
The former Rajya Sabha MP was admitted to a hospital here following heart and kidney related ailments and breathed his last around 4.30 pm, they said.
"He was suffering from heart and kidney related ailments. His last rites would take place in Tiruvottiyur here on December six noon," a family member said.
An avid horse race enthusiast and recipient of several awards, including Padma Shree, Ramaswamy bagged top honours in winning 500 Classic races, considered a rare feat.
He 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, approved him of being elected as "Chairman Emeritus" of the Group.
But a controversy erupted subsequently at his 125-acre Chettinad Palace in posh M R C Nagar when 14 alleged henchmen of an assistant of Ramaswamy were arrested for locking a room of M A M R Muthiah, his adopted son, allegedly in connection with a property dispute.
