‘Vijaypat Singhania says I should get 50% of total wealth’: Nawaz Modi on divorce settlement with Gautam Singhania
Raymond Group Chairman and Managing Director (CMD) Gautam Singhania’s estranged wife Nawaz Modi said her father-in-law Dr Vijaypat Singhania supported her divorce settlement demand and said she should get 50% of the total wealth. However, Modi said she just wants a 25% share each for her daughters.
Speaking to India Today on Thursday, Modi said: “While Dr Vijaypat Singhania has said I should get 50% of the total wealth, while he should get 50% of it. I have maintained that I will take only half of it. I will take only 25% of it. 25% should rightly go to our daughter Niharika and 25% to our daughter Nysa.”
In January, the settlement talks between Singhania and Modi collapsed after it was reported that Modi asked for 75% of Gautam Singhania’s estimated $1.4 billion net worth following their separation. Gautam Singhania and Nawaz Modi had publically announced their separation in November last year, following which things took an ugly turn.
While Modi had levelled a series of serious allegations against Singhania, accusing him of assault, the Raymond chief had refrained from commenting on the situation.
Modi had alleged that she was “beaten up, smashed, and kicked” by her husband. She also claimed that Singhania “punched” his minor daughter Niharika for about 15 minutes.
She also alleged that company funds were being used for Singhania’s personal benefit (CEO excesses) — and that she was acting as a whistle-blower of sorts.
After 32 years of marriage, Singhania and Modi announced their separation. As per media sources, Singhania’s net worth at approximately $1.4 billion, a substantial portion of which is attributed to real estate holdings.
Among his properties, JK House in South Mumbai stands out as particularly valuable, with its estimated worth around Rs 6,000 crore. This impressive 30-story building encompasses an area of 16,000 square feet and includes dedicated floors for Singhania’s extensive car collection. Raymond’s 2023 annual report showed that the company has about 120 acres of land in Thane, with 24 acres under development. The real estate division reported sales of Rs 1,115 crore with an Ebitda margin of 25.7%.
On the other hand, Modi, besides being involved in the fitness industry with her chain of fitness centers called Body Art, is on the board of directors of Raymond Ltd.
Earlier, in an exclusive interview to Business Today, Vijaypat Singhania, former Raymond Chairman, said that his son Gautam would never agree to Modi’s demand 75 per cent of the total wealth for herself and her two daughters.
Shares of Raymond Ltd lost 20 per cent in 12 sessions in November last year after the divorce news broke out. Raymond’s market capitalisation fell Rs 2,500 crore in 12 sessions.
On Thursday (April 25, 2024), the shares of Raymond Ltd closed at Rs 2,106.90, up by 2.55%.
