[2] The mining business he founded in 1941 has now grown to include interests in shipbuilding, minerals, foods, iron and steel, education, travels and construction.[3].

His family were awarded a barony in Goa as landholders in 1873 by Luís I of Portugal[6].

[7] Vasantrao Dempo Reflective Chair, an endowment professorship at the Tepper School of Business of the Carnegie Mellon University is named after him and is funded by the endowment of Dempo Group.

[8] Dempo Charities Trust, the philanthropic arm of the Group runs several educational institutions in Goa.[2][9].

The Government of India awarded him the fourth highest civilian honour of the Padma Shri in 1991.