Mumbai, March 30: Vijaypat Singhania, the former chairman of the Raymond Group, passed away on March 28 at the age of 87. He was a prominent figure in India’s textile industry and played a significant role in transforming Raymond into a modern industrial group. Singhania took the helm of the company in 1980 and launched the premium brand Park Avenue in 1986. Under his leadership, Raymond opened its first showroom in Oman in 1990 and set a world record in 2005 for the highest hot air balloon flight at 21,027 meters. He was awarded the Padma Bhushan in 2006 for his contributions to industry and society. Singhania handed over the reins of the business to his son, Gautam Singhania, in 2010. He had been in the news since 2017 due to family and property disputes. Raymond, known for its suiting and shirting, was established in 1925, with its first retail showroom launched in Mumbai in 1958.