In the midst of a publicised family disagreement between Gautam Hari Singhania, Chairman & MD of Raymond Group, and his estranged wife Nawaz Modi, Singhania reached out to the company’s board and employees to alleviate concerns regarding the impact on the company and its operations.
Singhania expresses unwavering commitment to generating value for shareholders and safeguarding the interests of employees, customers, and stakeholders. In response to media coverage of his personal life, he stated his decision to refrain from commenting and emphasised the importance of preserving his family’s dignity. Despite personal challenges, Singhania assures that Raymond is maintaining its regular business operations.
Singhania also assured the board of building on a steadily improving trend in performance over the previous nine quarters, they had the best quarter yet. With the acquisition of MPPL, they entered emerging markets such as aerospace, defence, and electric vehicle components, almost tripling the engineering business. In the Mumbai Metropolitan Area, the company was able to acquire two famous real estate projects, which strengthened the company’s position in this important sector.
The publicised dispute was when footage of Modi being turned away from a Raymond Diwali celebration went viral. This along with further allegations led to a decline in Raymond’s stock price, dropping from Rs 1,900 to under Rs 1,650 within two weeks.
On November 13, the billionaire industrialist Gautam Singhania publicly announced his separation from Nawaz Modi, who also serves as one of Raymond’s non-executive directors, with whom he shares two children. Modi has allegedly demanded a settlement that includes 75% of Singhania’s $1.4 billion wealth.
