The estranged wife of Raymond Chairman and Managing Director Gautam Singhania, Nawaz Modi Singhania, is reportedly seeking 75% of the billionaire industrialist’s $1.4 billion (approx. Rs 11670 crore) net worth for herself and their two daughters, Niharika and Nisa. This comes after Gautam Singhania announced his separation from his wife, stating that they will follow different paths in the future.
According to a report by Economic Times, Gautam Singhania is said to have agreed to most of Nawaz Modi Singhania’s demands. He has, however, proposed establishing a family trust, transferring the family’s wealth and assets, and serving as the only governing trustee of the trust.
Meanwhile, Nawaz Modi Singhania finds it unacceptable as Gautam Singhania wants his other family members to inherit the properties, the ET report added, quoting people familiar with the matter.
Gautam Singhania and Nawaz Modi Singhania have appointed Haigreve Khaitan, a senior partner at Khaitan & Co., and Rashmi Kant, a Mumbai-based law firm, as their legal advisors, respectively.
Furthermore, Shardul Amarchand Mangaldas & Co Managing Partner Akshay Chudasama has reportedly been attempting to mediate between the couple in hopes of a potential reconciliation or a mutually agreeable outcome, the report mentioned.
The report also added that Gautam Singhania and Nawaz Modi Singhania are both working hard to ensure their daughters’ futures.
On November 13, Gautam Singhania officially announced his divorce from his wife after 32 years of marriage on X (formerly known as Twitter). However, his post did not go into detail about the reasons for the separation.
Gautam Singhania announced his split on X, saying, “This Diwali is not going to be the same as many in the past. 32 years of being together as a couple, growing as parents and always being a source of strength to each other… we traversed with commitment, resolve, and faith as along came the two most beautiful additions of our lives.”
He further said that though he and his wife part ways, they will continue to do what is best for their two daughters, Niharika and Nisa.
Nawaz Modi Singhania is a director of Raymond Ltd and she also runs Body Art, a chain of premier fitness centres.
Raymond And Its Market Value
Raymond, a diverse company worth about Rs 11,900 crore, is best recognised for its textile, clothing, denim, and consumer care products. The firm recorded consolidated annual revenue of Rs 8214.7 crore and profit after tax (PAT) of Rs 536.9 crore in FY23.
Apart from Gautam and Nawaz, the Singhania family has substantial stakes in Raymond through a number of different organisations. Through family members, trusts and promoter firms, Gautam Singhania, owns 49.11% stake in the company.
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