Chennai: Veteran industrialist and founder of the Rs 10,000 crore business empire Chettinad Group, M A M Ramaswamy, died here Wednesday at the age of 84 following brief illness, his family said.


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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. 


Soon after the incident, Ramaswamy announced his decision


to disown his adopted son.


"He (Muthiah) is not my son. He will be neither my own son nor my adopted son. There is no relation between him and me. You have heard about (the phrase) blood is thicker than water. That is how he will be to me forever," Ramaswamy had said then.


He said his properties would go to the Dr M A M Ramaswamy Chettiar of Chettinad Charitable Trust and Dr M A M Ramaswamy Chettiar Trust which was formed and would comprise a trust members, including industrialist and SPIC Group Chairman A C Muthiah.


Last month, MAMR Muthiah had filed a police complaint against A C Muthiah, alleging that he had taken thumb impressions of Ramaswamy on blank papers in a bid to grab his properties.


However, A C Muthiah denied the charges and threatened to sue MAMR Muthiah if he did not withdraw the complaint.


Meanwhile, TNCC President EVKS Elangovan condoled Ramaswamy's death.


In a statement, he recalled his social service and described his death as an "irreparable loss."