Godfrey Phillips India Ltd is moving forward with its plan to exit the ’24Seven’ retail business. This decision follows a recent ruling by a New Delhi district court, which lifted an interim injunction that had previously blocked the company’s exit strategy. The court’s decision allows Godfrey Phillips to proceed with its plan to divest the retail division, which had been a point of contention.
The company’s board had decided to exit the retail sector on April 12, 2024, citing long-term business strategy and market conditions. The retail business contributed ₹403 crore to the company’s revenue for FY23-24 but had a negative net worth as of March 31, 2024.
The injunction had been requested by Samir Kumaar Modi, the company’s Executive Director, amid ongoing boardroom disputes with his mother, Bina Modi. Despite this legal setback, the company is now set to move ahead with its exit plans, focusing on its core operations.
